Car ownership costs $1,000 a month regardless of the loan payment

Owning a car costs an average of $1,000 per month. This figure includes depreciation, fuel, insurance, maintenance, registration fees, and taxes. According to AAA, the annual cost of ownership is roughly $12,000. Depreciation is the largest single expense, averaging $4,680 per year and accounting for 38% of annual costs. Fuel costs average $2,000 per year. Auto insurance costs an average of $1,715 per year. Maintenance and repairs average $1,200 per year. Registration fees and taxes add an average of $815 per year. These totals result in a monthly average of $1,000.