The cost of driving

A new study from AAA found that the average yearly cost to own and operate a new vehicle has jumped to $12,863. Depreciation ends up being the single largest expense, wiping out an average of over $4,400 in vehicle value every year. And if you think you can escape the high cost of driving by purchasing a used car, think again. Used car prices have climbed to pandemic levels once again. The average used price hit $27,239 in the month of August — which is the highest it’s been since December 2022 when the industry was facing serious COVID-related shortages.