Americans seriously underestimate how much cars really cost as the true price of driving is double what you might think

The price of driving in America is far higher than most people realize. 

Many drivers think running a car only costs a few thousand dollars a year.

However, a new study shows the real number is much bigger.

In fact, the true price of driving may be more than double what people expect.

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Why the price of driving is much higher than most Americans think

Synchrony’s Cost of Car Ownership study asked drivers to estimate what they spend keeping their vehicles on the road.

On average, people believed the yearly cost was around $2,738.

However, when the same expenses were calculated using real spending data, the number came out far higher. 

The study found the typical driver actually spends about $7,303 per year operating their car.

That gap means the real price of driving is roughly 167 percent higher than many drivers think.

Fuel and insurance are responsible for a large chunk of that spending. 

Drivers average about $1,956 per year on gasoline and roughly $1,730 on insurance, which together account for a big portion of the yearly bill.

However, a lot of the difference comes from the smaller costs people rarely think about.

Routine servicing averages around $622 annually, while repairs add roughly $659. 

Tires contribute about $377 per year, and replacement parts or accessories add another $240.

Then there are everyday expenses like parking, toll roads, and the occasional car wash. 

None of them seem like a big deal on their own, but over the course of a year, they can quietly push ownership costs much higher.

Younger drivers are feeling it even more

The study also found that younger drivers are spending noticeably more.

Millennials reported yearly vehicle costs averaging about $10,101, while Gen Z drivers spend roughly $9,984.

Both groups also reported higher maintenance and repair bills than the general average. 

Gen Z drivers spend close to $976 a year on maintenance and about $983 on repairs, while Millennials report roughly $768 and $931, respectively.

And fuel spending follows a similar trend. 

Millennials average around $207 per month on gasoline, while Gen Z drivers spend about $193, compared with the overall average of $163.

So while many drivers underestimate the price of driving, younger motorists are often paying the highest bill.

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