You're correct, but most people don't keep their vehicles that long (I'm one who buys (often used) then drives it until it won't work - so the cost is amortized over 10-15 years, at least). As Consumer Reports notes, the best way to buy a car is 1-3 years old, used, so somebody else takes that initial depreciation hit, with average miles or less, then drive it until only the junkman would want it.

The AAA piece is more like: if you buy a car new this year, what's it going to cost you, this year, including the hidden pieces like depreciation, but not including finance cost (highly variable), if driven an average number of miles. It's pretty obvious from their numbers why so many vehicles are leased these days.