Infographic by AAA
By Kim Kalunian, WPRO News
The cost of owning and operating a vehicle is up to $9,122 per year, according to AAA’s annual “Your Driving Costs” study, compared to $8,946 per year in 2012.
The $9,122 is based on 15,000 miles of annual driving at 60.8 cents per mile for an average sedan. For SUVs, the cost is $11,599; while for small sedans, the cost is roughly $7,000.
So what ramped up the cost this year? An increase in maintenance, fuel, insurance and depreciation costs.
Maintenance costs saw the single largest percentage increase ever from 2013 to 2013, rising a whopping 11.26 percent. An increase in labor and part costs, as well as the price of extended warranty policies are behind this big hike.
Fuel costs are also up from $3.36 to $3.49, and though several vehicles showed an improvement in their fuel economy ratings, these only partially offset the fuel cost increase.
Insurance costs rose 2.76%, up to an average of $1,029 per year.
Depreciation costs also showed a small hike after a drop in 2012. AAA surmises the change may be a consequence of recovering new car sales, which means more used cars are available in the marketplace. The average cost of depreciation was $3,571 peryear.
Tire costs were the one factor that remained unchanged, staying at one cent per mile on average.
When the “Your Driving Costs” study began in 1950, driving a car 10,000 miles a year cost 9 cents per mile ($900 annually), and gas was 27 cents per gallon.
