This is What it Costs to Own a Car

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%.

**Based on Driving 15,000 miles annually