Posted By RichC on May 10, 2014
According to AAA, the cost to own a car has actually gone down … although with gas prices up, it may not feel like it.
The average cost per mile is now 59.2 cents a mile, down 1.64 cents or down 4.7%. That puts the yearly cost at $8,876 a year in the annual Your Driving Costs study. (The study assumes 15,000 miles of annual driving including costs of fuel, maintenance and repairs, tires, insurance, license and registration fees, taxes, depreciation and finance charges. Costs broken down based on vehicle for the 2014 study are:
- 46.4 cents per mile and $6,957 per year for a small sedan
- 58.9 cents per mile and $8,839 per year for a medium-size sedan
- 72.2 cents per mile and $10,831 per year for a large sedan
- 73.6 cents per mile and $11,039 per year for a four-wheel-drive SUV
- 65 cents per mile and $9,753 per year for a minivan