Vehicle ownership costs include fuel and insurance

Owning a vehicle involves significant ongoing expenses that extend beyond the initial purchase price. For many drivers, particularly those with their first car, managing fuel costs and maintenance becomes a primary concern of independence.

Data from the Energy Information Administration indicates that regular gasoline prices have fluctuated significantly, averaging $2.14 a gallon in 2016 and reaching $3.10 in 2025, with a peak of $3.95 in 2022. Additionally, insurance remains a major component of driving costs. Experian projects the national average for full-coverage car insurance to be $2,262 in 2026, which averages to approximately $188 per month. These costs vary based on factors such as age, location, and driving history.