Researchers conducted a life-cycle cost analysis that compared stone matrix asphalt overlays with conventional hot-mix asphalt overlays, taking into account required maintenance and performance. On low-volume asphalt pavements, researchers found that SMA overlays were more cost-effective (but not substantially) than HMA overlays. On moderate- to high-volume jointed reinforced concrete pavements, conventional HMA overlays were more cost-effective. However, because the SMA overlays studied were likely placed on more deteriorated pavements, they would be expected to have shorter service lives and higher life-cycle costs. Researchers recommend that designers select overlay materials on a case-by-case basis.