Archive for May 10th, 2011

10
May
11

Costs of owning & operating a vehicle have gone up

It probably isn’t a surprise to most of us that the cost of owning and operating a vehicle in the U.S. has gone up this year according to AAA’s 2011 “Your Driving Costs” study. What might be a surprise is that gas wasn’t the cost leader. Even though it seems like gas prices are constantly on the rise the biggest cost culprit this year: tire costs with an increase of 15.7%. Gas prices came in second with an increase of 8.6%. Although we have many more cars in the market and on the road that aim for fuel efficiency, it’s still not enough to truly offset what seems to the be the ever-increasing price of gas. The one factor that had the highest cost this year that many consumers often forget about is depreciation. Every year sedans depreciate by approximately $3,728 and that is up by 4.9% from last year. There is a bright side to all of these rising costs;  maintenance and insurance costs are both down for this year. And as you probably could have guessed; if you own a small car it costs less to own and operate, $8,776 per year versus a SUV that can cost up to $11,239 for the year.

AAA does this study every year. To read the entire article in AAA Newsroom, please click here.




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