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An asphalt overlay or top coat costs between $3 and $7 per square foot. For a standard, single-car driveway that’s 10 feet wide and 20 feet long, that’s a total of between $600 and $1,400. For a two-car driveway, you’re looking at a total of between $1,200 and $3,000.

In terms of durability, concrete driveways can last more than 50 years when properly maintained, compared to the typical 30 years for an asphalt driveway. However, the durability depends on the climate, base material and thickness, and thickness of the concrete or asphalt used. The longevity of concrete or asphalt driveways also depends on how well it’s maintained and the amount of wear and tear it endures.

The three most common types of asphalt are hot asphalt, MC cold mix, and UPM asphalt. Hot asphalt is used most often for paving and patching roadways while it’s hot and workable. MC cold mix asphalt cures more slowly than hot asphalt, but it can be used for temporary patches and repairs in low-traffic areas. UPM is also used cold, but it can be used as a longer-term fix, usable in almost any conditions at almost any temperature.

New asphalt typically needs 24 to 72 hours to dry before it can handle light foot traffic and careful driving. Although it may appear solid after a few days, the full curing process, where the asphalt reaches its peak strength, takes much longer—generally from 30 days to a year.

During this extended curing time, the surface remains relatively soft and can be damaged by heavy vehicles, sharp objects, or high temperatures. To protect your investment, it's best to avoid parking heavy machinery on the asphalt until it has fully cured.

The exact time required for drying and curing depends on several factors, including the weather, the specific asphalt mix, and its thickness. For the most accurate advice tailored to your situation, consult with your asphalt contractor.