Vehicle Cost of Ownership Up Two Percent in 2013: Study

Vehicle Cost of Ownership Up Two Percent in 2013: Study
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Driving is expensive, and it’s getting worse according to a new study released today by AAA suggesting annual cost of ownership increased two percent this year. 

The latest version of the group’s annual study suggests cost of ownership is 60.8 cents per mile for an average-size sedan, or $9,122 based on driving 15,000 miles annually. Those estimated costs are higher for larger sedans, minivans and four-wheel drive SUVs — which were the most expensive at a projected $11,599 per year.

“Many factors go into the cost calculation of owning and operating a vehicle,” said John Nielsen, AAA Director of Automotive Engineering and Repair. “This year, changes in maintenance, fuel and insurance costs resulted in the increase to just over 60 cents a mile.”

Maintenance costs rose 11.26 percent — the most of any category examined in the study  and something AAA attributes to rising labor and parts costs on certain new vehicles. Gas is 1.93 percent more expensive, but tires cost the same as they did in 2012. Insurance rose 2.76 percent to an annual average of $1,029.