Vehicle ownership is expensive, at least compared to public transportation. But a
new study from AAA has some surprising news; it's actually cheaper to own a car than last year. The main reason for the drop in cost of vehicle ownership is the cost of gas, which AAA based on a price of $3.278 per gallon for this year, as compared to $3.486 per gallon last year.
The study determined that the average cost to own and drive a typical sedan was $8,876 for this year, compared to $9,122 for last year, a drop of $246, or 2.7 percent. Aside from gas being cheaper, the other reasons for the drop in price were lower costs for tires, cheaper insurance, and less depreciation than in the past, according to John Nielsen, managing director of automotive engineering and repair for AAA.
AAA has been publishing the report, called "Your Driving Costs" since 1950, at which time driving a car 10,000 miles cost .9 cents a mile and gas sold for .27 cents a gallon. It takes into account vehicle car maintenance, tire replacement, vehicle depreciation, taxes, registration, licensing, financing costs, and car insurance. The costs will vary depending on the vehicle size and type, but it assumes that the insurance and gas costs based on a 47-year-old married male, with a clean driving record, and a daily commute of 3-7 miles in a small city.
The AAA study also emphasized the importance of vehicle maintenance in reducing the cost of vehicle ownership, saying "Driving costs are also affected by how well your vehicle runs. Performing regular maintenance can ensure more efficient vehicle operation and help prevent costly repairs down the road." Among some of the regular maintenance recommended are fluid checks (engine oil, coolant, brake fluid, transmission fluid, power steering fluid, and gasoline). The other recommended areas of focus on maintenance were belts, air filters, hoses, tires, and the battery.
Here is a breakdown of the different vehicle types and their cost per year. The cost per year assumes 15,000 miles driven.
Small Sedan: $6,957
Medium Sedan: $8,839
Large Sedan: $10,831
SUV: $11,039
Minivan: $9,753
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