Driving costs nearly two cents more per mile this year, AAA reports
According to the AAA, driving now costs nearly two cents more per mile than it did in 2007. AAA's 2008 edition of "Your Driving Costs" shows the cost of driving a passenger vehicle in the United States has increased 1.9 cents per mile in the last year and now averages 54.1 cents per mile. "While the cost of some driving expenses declined since the start of 2007, higher gasoline prices have more than offset these savings and pushed the overall cost of vehicle ownership and operation higher this year," says John Nielsen, director of AAA's Approved Auto Repair network. In 2008, AAA estimates it will cost $8,121 to own and operate a new passenger car driven 15,000 miles per year. This compares to $7,823 per year in 2007, or 52.2 cents per mile. Costs for maintenance, full-coverage insurance and depreciation are all slightly lower this year, while the costs for fuel, tires, financing, license, registration and taxes showed increases. AAA's study calculates the average costs of owning and operating five top-selling models in three popular size classes: small, medium and large sedans. The results clearly show that consumers have an opportunity to save substantial sums of money by switching from larger models to smaller vehicles. For example, AAA's research shows the annual average cost of driving a small sedan is $6,320 per year, while a large sedan costs $9,769 per year. Driving a minivan, instead of a larger and less-fuel efficient SUV can realize similar savings. AAA estimates the annual expense of owning and operating a typical minivan at $8,644 per year versus $10,448 for a four-wheel-drive mid-size SUV. AAA's study calculates the average costs of all expenses associated with owning and operating a vehicle over five years and 75,000 miles of driving. Driving costs in each category are based on the average expenses for five top-selling models selected by AAA. By size category they are: • Small sedan - Chevrolet Cobalt, Ford Focus, Honda Civic, Nissan Sentra and Toyota Corolla. Though not part of the AAA composite average, SUV and minivan information has been included to help buyers estimate operating costs for these types of vehicles. SUV models include the Chevrolet Trailblazer, Ford Explorer, Jeep Grand Cherokee, Nissan Pathfinder and Toyota 4Runner. Minivan models are the Chevrolet Uplander, Dodge Grand Caravan, Kia Sedona, Honda Odyssey and Toyota Sienna. Upon request and subject to availability, AAA clubs can provide members with this year's "Your Driving Costs" brochure. The brochure can also be downloaded from the Internet on AAA's public affairs Web site, www.aaaexchange.com. |