Tuesday, April 16, 2013

The cost of owning your car? $9,000 a year

The cost of owning your car? $9,000 a year

"A new AAA reports shows, on average, the cost of driving 15,000 miles a year rose 1.17 cents to 60.8 cents per mile, or $9,122 per year. Overall, that's a roughly 2% increase on the cost of operating a car last year."

The biggest percentage increase this year was in maintenance costs, which grew by 11.26% to 4.97 cents per mile, on average, for sedan owners.

The second biggest increase: Insurance costs, which rose 2.76%, or $28, to an annual average of $1,029. AAA's insurance cost estimates are based on a low-risk driver with a clean driving record.

Fuel costs rose 1.93% to 14.45 cents per mile for the average sedan owner. The actual average cost of regular gas went up 3.84% to $3.49 per gallon

Depreciation costs, which had dropped in last year's study, ticked upward slightly, by .78% to $3,571 a year.