U.S. Vehicle Ownership Costs Average $6,800 Annually, Insurance Key Factor

Owning a vehicle in the U.S. involves significant ongoing costs beyond the purchase price, averaging about $6,800 annually. These expenses include insurance, maintenance, repairs, fuel, and taxes, with insurance costs approximately $575 monthly on top of payments for leases or loans. Potential buyers are advised to obtain insurance quotes for various vehicle options to ensure affordability within their budget. Gasoline expenditures average $1,600 per year, while maintenance and repair costs total around $1,400 annually. Upcoming tariffs may increase the costs of vehicle parts, potentially driving repair expenses higher by 2026. Regular vehicle maintenance is recommended to extend vehicle life and manage ownership costs effectively. Consumers should prioritize researching vehicles with lower repair needs and maintain routine care such as oil changes and tire checks to mitigate expenses. These strategies can support cost control and contribute to longer vehicle usability in the market.