Americans will spend an average of $320,000 during the course of their driving lifetimes on owning and operating motor vehicles.

This represents a 28 percent increase since 2003, according to the American Institute for Economic Research (AEIR), a nonprofit research and educational organization.

According to AIER president Charles Murray, the more than 25 percent increase in costs since 2003 is being driven by four factors--depreciation, insurance, taxes, and, not surprisingly, oil and gas.