Buying a car can be one of the biggest purchases many people make. But do you know just how expensive owning and operating a car can be?

According to a new study by AAA, the cost of owning and operating a car has increased 3.4 percent.

AAA's research reveals the average cost of owning and operating a new car here in the U.S. is 58.5 cents per mile or $8,776 per year. That's based on 15,000 miles of driving a year.

There are several factors AAA says are to blame for the spike.

"The 2011 rise in costs is due to relatively large increases in fuel, tire and depreciation costs as well as more moderate increases in other areas," said Tom Chestnut, President/CEO of AAA Western and Central New York. "Recent climbs in gas prices have many concerned, and motorists in the market for a new vehicle can use the 'Your Driving Costs' guide to determine operational costs based on current fuel prices."

On average, the study finds a small sedan like a Chevrolet Cobalt, Ford Focus, Honda Civic, Nissan Sentra and Toyota Corolla cost $6,758 per year to own and operate. A medium sedan like a Chevrolet Impala, Ford Fusion, Honda Accord, Nissan Altima and Toyota Camry cost about $8,588 a year. Large sedans like the Buick Lucerne, Chrysler 300, Ford Taurus, Nissan Maxima and Toyota Avalon cost $10,982 per year. Four-wheel drive SUV's like the Chevrolet Traverse, Ford Explorer, Jeep Grand Cherokee, Nissan Pathfinder and Toyota 4Runner cost about $11,239 a year. And minivans like the Dodge Grand Caravan, Kia Sedona, Honda Odyssey and Toyota Sienna will run you about $9,489 a year to own and operate.

AAA says despite increases in fuel economy, it's not enough to offset the constant spike in gas prices. When the study started, the average price for gas was $2.88 per gallon. Now it's well over $3 a gallon.

The cost of tires also rose 15.7 percent on average for sedan owners, caused by a rise in the costs of raw materials, energy and transportation.

And if you didn't think depreciation was a real factor, think again. According to AAA, depreciation continues to be the largest cost for vehicle owners, and yet it is frequently the most overlooked by consumers determining the cost of owning and operating a vehicle.

There is a silver lining when it comes to maintenance and insurance costs which have dropped. Maintenance costs dropped 2.2 percent per mile on average for sedans. Average insurance costs for sedans fell 6.1 percent to $968 a year.

Read the full report in detail by clicking here.