Unveiling the True Cost of Car Ownership: From Hybrids to Gas Guzzlers

by AutoExpert   |  21 January, 2025

Share :

When we talk about the true cost of owning a car, we're diving way deeper than the price tag at the dealership. Sure, that initial cost stings, but what about the monthly digs to your wallet for upkeep, insurance, and all those trips to the gas station? On the other hand, while something like a Tesla Model Y might look pricey upfront, it's supposed to be cheaper to keep running... in theory, right?

Alright, let’s break it down with some findings from a recent study by Self Financial. They crunched the numbers on the fifty top-selling cars in the States and figured out which ones are the kindest to your bank account and which ones just keep taking.

Cost of Car Ownership

Here’s a snapshot: Running the average popular car will set you back about $5,485 to $6,544 each year. Not a small chunk of change, right? And it turns out, hybrids generally ask for less from your wallet compared to their gas-guzzling cousins and even the techy electric cars, mainly because insuring an EV can be pretty pricey. Apparently, if something goes wrong with an EV, it costs a pretty penny to fix.

So, what are the actual figures? Well, hybrids come in cheapest with yearly costs around $5,485, followed by electric rides at $5,517, and gas vehicles, which are the most expensive, hitting about $6,544 a year. That’s considering everything from fuel and maintenance to insurance and various fees.

Cost of Car Ownership

But why are EVs so costly to insure? It might be because even though they have fewer parts to break down, the parts they do have are expensive to replace. Plus, the upfront cost of EVs is generally higher, which bumps up the insurance cost.

The most аffordable set of wheels, аccording to the study, is the Tesla Model 3, costing аbout $5,061 a year to run. Surprisingly, only one hybrid made the top ten list for affordability, sharing space with a couple of EVs and a bunch of gasoline cars. So, when it's time to buy, don't just consider the sticker price. Look at what it'll cost you every year to keep that car running.

Cost of Car Ownership

Now, let's talk about the heavy hitters, the ones that’ll make your wallet wince. Topping the list is the Chevy Tahoe—a beast in size and fuel consumption, costing an average of $8,644 a year to run. Most of the priciest cars to maintain are big trucks and SUVs, thanks to their thirst for fuel.

Bottom line: Those big, burly vehicles might look cool and feel roomy, but they’re going to demand more from your bank account in the long run. Whether it’s the Chevy Traverse at $7,431 or the Ford F-Series, which can vary based on the model, running costs can stack up fast.

Cost of Car Ownership

So, what can you do to keep your car costs reasonable? Start by learning some basic car maintenance—you'd be surprised how much you can save by doing simple things like oil changes yourself. Also, keep an eye on your insurance plan; shopping around could snag you a better deal. And remember, every little bit you shave off your car expenses adds up, giving you more to spend (or save!) elsewhere.

Recomended:

Everyone Says Pop-Up Headlights Were Banned, but That Is Not What Actually Happened - Photo
Others
Everyone Says Pop-Up Headlights Were Banned, but That Is Not What Actually Happened

Few automotive features can make a parked car look as alive as pop-up headlights. Turn the switch and two neat sections of bodywork rise from the hood, pause with theatrical precision and reveal the l

AutoExpert
This Talking Datsun Hid a Tiny Six-Track Record Player Beneath the Dashboard - Photo
Others
This Talking Datsun Hid a Tiny Six-Track Record Player Beneath the Dashboard

A new car speaking to its driver no longer feels remarkable. Navigation systems issue directions, safety assistants complain about lane markings and voice controls wait patiently for somebody to remem

AutoExpert
Honda Built Navigation Before GPS Using Helium, Transparent Maps and a Glowing Green Dot - Photo
Others
Honda Built Navigation Before GPS Using Helium, Transparent Maps and a Glowing Green Dot

There was a time when getting lost required some commitment. A driver would unfold a road map across the steering wheel, locate two towns that appeared to be printed directly on top of one another, th

AutoExpert
Your Front Brakes Do Most of the Work, So Why Did the Rear Pads Wear Out First? - Photo
Others
Your Front Brakes Do Most of the Work, So Why Did the Rear Pads Wear Out First?

The usual explanation sounds perfectly logical. When a car slows down, its weight moves toward the front. The front tires carry more load, so the front brakes provide more of the stopping force. That

AutoExpert
Rubber Is Naturally Pale, So Why Did the Automotive World Make Every Tire Black? - Photo
Others
Rubber Is Naturally Pale, So Why Did the Automotive World Make Every Tire Black?

A bright red car, a metallic blue car and a taxi painted the color of a highlighter will normally leave the factory with exactly the same footwear. Black tires. The color seems so inevitable

AutoExpert
A Fatal Hand-Crank Accident Helped Change the Way Every Car Starts - Photo
Others
A Fatal Hand-Crank Accident Helped Change the Way Every Car Starts

Starting a modern car requires so little effort that the action barely registers. Turn a key, press a button or let the vehicle recognize that its driver has climbed aboard. A second later, the engine

AutoExpert
You Installed the Correct Battery, but Your Car May Still Think the Old One Is There - Photo
Others
You Installed the Correct Battery, but Your Car May Still Think the Old One Is There

Changing a car battery used to be one of the cleaner bargains in home mechanics.Remove two terminals, undo the clamp, lift out the old battery and fit the new one. The clock might need resetting a

AutoExpert
Highway Rumble Strips Are Designed to Sound Awful, but Making Them Quieter Could Save Lives Too - Photo
Others
Highway Rumble Strips Are Designed to Sound Awful, but Making Them Quieter Could Save Lives Too

One tire wanders across the painted line and the previously quiet cabin erupts with a harsh mechanical growl. The steering wheel trembles, the seat vibrates and, for half a second, it feels as if some

AutoExpert
People Once Wanted Car Radios Banned Because Listening While Driving Seemed Far Too Dangerous - Photo
Others
People Once Wanted Car Radios Banned Because Listening While Driving Seemed Far Too Dangerous

A dashboard without a radio now looks unfinished. Even the most basic car is expected to provide music, news and something to fill the silence when traffic has stopped moving but the clock has not.

AutoExpert
The Seatbelt That Chased You Across the Door Was America’s Cheaper Alternative to an Airbag - Photo
Others
The Seatbelt That Chased You Across the Door Was America’s Cheaper Alternative to an Airbag

Open the door of certain 1980s or early 1990s cars and a small buckle begins travelling along the roofline. Sit down, close the door and the shoulder belt glides toward the B-pillar, hopefully passi

AutoExpert