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Yes, asphalt is less expensive than concrete. Asphalt prices range between $7 and $15 per square foot, whereas concrete costs $3 to $18 per square foot. When considering asphalt versus concrete driveways, you’ll want to weigh more than just the costs. While concrete costs more, it costs less to maintain. On the other hand, asphalt has the advantages of a quick installation and shorter drying time.

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.

If you notice minor cosmetic problems with your driveway, you should seal it. Look out for cracks and holes on the surface, faded asphalt or concrete, and stains from oil and other chemicals. Replacing your driveway may be necessary if you’re dealing with significant problems—¼-inch cracks, large potholes, and puddles from drainage issues. The cost to install an asphalt driveway typically ranges between $4,200 and $9,000, significantly more than resealing. Consider talking to a professional to discuss whether resurfacing your driveway—a midway project between resealing and replacing—is a better option for you.

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.