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An asphalt driveway costs between $3,150 and $7,400, depending on the size of the driveway and the depth of the asphalt. Expect to pay between $2 and $6 per square foot for materials and $5 to $7 per square foot for labor. Although installing asphalt yourself will save you on labor costs, it might ultimately cost you more when you make a mistake.

Whether you should resurface or replace your asphalt driveway heavily depends on its condition. If the foundation is solid and the damage is minor, resurfacing is your best bet because it’s more affordable and faster than replacing the driveway. But if your driveway has foundational problems and/or severe damage, like large, deep cracks and potholes, then it makes more sense to replace it. 

Driveways last 25 to 50 years, but you’ll notice cracks and possible missing pieces during this time. Regular maintenance, such as filling cracks, reapplying sealer, and ensuring that water does not erode the base material, can help extend the lifespan of your driveway. Gravel driveways should be regraded to fill in uneven areas every year or two, depending on how frequently it is needed.

Gravel driveways are significantly more affordable than asphalt driveways, making them an enticing financial decision when choosing your next driveway material. On average, gravel driveways are $5.75 to $13 per square foot cheaper than asphalt driveways. 

It's not just their price that makes gravel driveways more economical. Gravel driveways also can last up to 100 years with minimum maintenance, whereas asphalt driveways only last for 15 to 30 years with proper maintenance. But if you’re looking for the best driveway material for cold weather, asphalt may be a better choice.