Study reveals which cars have the most and least expensive ongoing costs — see how popular models stack up

Most people don't realize it, but the average American spends over $6,000 a year just to keep their car running. 

That's on top of paying a hefty price at the dealership. It's easy to focus on the sticker price, but the real expenses come from things like fuel, maintenance, insurance, and taxes, which can really add up over time.

A report from Self — using analysis and data from multiple outlets, including Forbes Advisor — breaks down the most and least expensive cars to own, showing how different models can affect your budget in the long run.

If you were going to purchase an EV, which of these factors would be most important to you? Cost 💰 Battery range 🔋 Power and speed 💪 The way it looks 😎 Click your choice to see results and speak your mind.

What is the cost of car ownership?

There are ongoing costs like gasoline or diesel, electricity, maintenance, insurance, and registration fees. On average, it costs around $6,462 a year to keep one of America's best-selling cars on the road, according to Self's analysis. But that number can change a lot depending on the make, model, and power source the car uses.

Electric cars can save you money in the long run. Take the Tesla Model 3, which costs about $5,061 a year to own, per Self. Compare that to the Chevrolet Tahoe, a larger gas-powered vehicle that can cost up to $8,644 annually. That's a pretty big gap, mostly due to differences in fuel usage and how often each car needs repairs.

Why is the cost of car ownership important?

Ongoing costs add up quickly. Fuel alone accounts for roughly 35% of what you spend each year to keep your car running, per the report. For gas-powered cars, that's about $2,364 annually. Electric cars, on the other hand, cost around $676 a year to charge. 

The U.S. Department of Energy says EVs account for less pollution overall than gas-powered cars, even when you factor in mining for battery materials and how the electricity used to power them is made. 

Plus, with more charging stations showing up and more EV competition on the market, owning an EV is getting easier and more affordable. A mindset that prioritizes long-term perks is behind the growing interest in energy-efficient upgrades, like solar-powered domestic energy systems.

How EVs can help your wallet and give you a feel-good boost

Cars like the electric Tesla Model 3 and hybrid Hyundai Elantra are cheaper to run every year, which makes them smart choices if you're trying to save while helping keep the planet on a healthy track. 

Meanwhile, even though bigger gas-powered vehicles like the Chevrolet Tahoe might initially be appealing for their space, they'll hit you hard with fuel and maintenance costs. 

Whether you're thinking about buying a new car or reconsidering the one you have, knowing the full cost of ownership can help you make choices that are better for both your budget and the environment.

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