Study finds annual cost of car ownership has increased
Posted on Wednesday, May 2, 2012 at 7:48:28 PM
According to a new study conducted by AAA, the average U.S. car owner now pays $8,946 a year on gas, tires, maintenance, registration fees, financing and other expenses. These figures were based on a midsized sedan that traveled an average of 15,000 miles per year, equating to 59.9 cents per mile – up 1.9 percent from 2011, reports USA Today.
"We knew the gas prices had increased from the prior year's study," Michael Calkins, AAA’s manager of approved auto repair, told the news source. "What we didn't see coming was that used cars would retain so much of their value. What a lot of people don't think about is that depreciation is the biggest single cost of owning a vehicle."
If you’re in the market for a used car, consider finding ways to reduce annual ownership costs. While the biggest reason for the price increase in 2012 was high gasoline prices (which added 14.8 percent to the average cost of ownership), there are ways to reduce auto financing costs to balance the books.