The American Automobile Association has compiled annual statistics for its “Your Driving Costs” study, and the numbers show that operating a car will hit your pocketbook harder than previous years.
The study focused on the cost of operating a sedan, and AAA estimated a total cost of $8588 per year, while an SUV would see costs of $11,239 per year. Among the reasons cited for the increased costs are rising prices for tires and gasoline, while costs for maintenance have gone down, partly due to the trend of car companies throwing in free oil changes and servicing for the first few years of the car’s life.
The big killer overall was actually depreciation, with a $3728 loss cited for a sedan that drives 15,000 miles per year. While most people don’t often consider how much this can affect the “cost-per-mile” statistic, the AAA cites that more than any other factor as the main driving force for the rise in vehicle ownership costs.