Find the Best Car Deals Near You ⤵
This is What it Costs to Own a Car
May 15, 2014
Here's some good news for car owners -- the overall price of vehicle ownership has actually gotten a little cheaper, according to a recent study conducted by AAA.
Each year, AAA takes a look at total cost of ownership through its "Your Driving Costs" study, which looks at a number of factors including the cost of fuel, maintenance, repair, tires, insurance, taxes and fees, and other finance costs.
The 2014 study found that the cost to own and drive a sedan in the United States dropped 2.7% compared to last year. This amounts to a cost of about 59.2 cents per mile, or $8,876 per year, based on 15,000 miles of yearly driving. AAA experts say the decrease is due to lower fuel, tire, insurance, and depreciation expenses.
The study also found that fuel costs have lowered by more than 10% from 2013, maintenance costs are up about 1.81%, and depreciation costs have fallen 1.71%.
Small Sedan | Medium Sedan | Large Sedan | Sedan Average | SUV 4WD | Minivan | |
---|---|---|---|---|---|---|
Cost Per Mile (Cents) | 46.4 | 58.9 | 72.2 | 59.2 | 73.6 | 65 |
Cost Per Year | $6,957 | $8,839 | $10,831 | $8,876 | $11,039 | $9,753 |
**Based on Driving 15,000 miles annually
Signup for The Weekly Newsletter
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
About The Author
Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.Latest Weekly Car Buying Tips
March 2024
- Top 100 Cheapest Lease Deals Mar 14, 2024
- Best Car Deals Around the Country Mar 14, 2024
- Cars With the Largest Rebates Mar 14, 2024
- Real Prices of Pickup Trucks Mar 14, 2024
- Best 0% Finance Deals March 2024 Mar 07, 2024
- Best Bang for Your Buck Lease Deals Mar 07, 2024
- Best Electric, Hybrid Lease Deals Mar 07, 2024
- Biggest Discounts on New Cars Mar 07, 2024
- Real Prices of New Compact SUVs Mar 07, 2024
February 2024
- Best Car Deals by Category Feb 29, 2024
- Worst Cars to Lease Right Now Feb 29, 2024
- Price Comparison of Subcompact SUVs Feb 29, 2024
- Cheapest Luxury Lease Deals Feb 29, 2024
- Real Prices of Large SUVs Feb 22, 2024
- New Cars You Should Wait to Buy Feb 22, 2024
- Real Prices of Midsize Cars Feb 15, 2024
- New Cars with the Most Available Inventory Feb 08, 2024
- Top 100 Cheapest New Cars for 2024 Feb 08, 2024
- Real Prices of Midsize SUVs Feb 08, 2024
- Real Prices of Compact Cars Feb 01, 2024
- Which Cars Better to Lease or Buy Feb 01, 2024
- Largest Hidden Dealer Rebates Feb 01, 2024
I welcome your car buying questions. Email Me and I'll be glad to answer them!