Cost of Owning a Car Drops: Study

Luke Vandezande
by Luke Vandezande

The cost of owning a car will be lower in 2015 than it was a year ago.

AAA released the results of its annual Your Driving Costs study today. The results suggest that the cost of owning and operating a vehicle in 2015 will be roughly 2 percent lower than they were in 2014, or $8,698 on average thanks in large part to lower gas prices and cheap financing.

“Fortunately, reduced gasoline and finance costs more than offset rising costs in other areas,” AAA managing director of automotive engineering and repair John Nielsen said . “As a result, car owners can look forward to saving approximately $178 this year.”

The study calculates the overall cost of owning a vehicle driven over 15,000 miles including tires, fuel, insurance, maintenance, depreciation, taxes, financing charges and registration fees. All in, AAA says drivers should expect to spend about 58 cents per mile driven or $725 per month. According to the study, small sedans come with the lowest average operating cost and large sedans tend to be the most expensive, followed closely by four-wheel drive SUVs.

Finance charges are down by 21 percent in 2015 to an average of $669 per year, marking a $178 drop compared to 2014. Gasoline is 13.77 percent less expensive at an average of 11.2 cents per mile. Tires, depreciation, licensing fees, depreciation and maintenance all went up.

Luke Vandezande
Luke Vandezande

Luke is an energetic automotive journalist who spends his time covering industry news and crawling the internet for the latest breaking story. When he isn't in the office, Luke can be found obsessively browsing used car listings, drinking scotch at his favorite bar and dreaming of what to drive next, though the list grows a lot faster than his bank account. He's always on <A title="@lukevandezande on Twitter" href="http://twitter.com/lukevandezande">Twitter</A> looking for a good car conversation. Find Luke on <A title="@lukevandezande on Twitter" href="http://twitter.com/lukevandezande">Twitter</A> and <A title="Luke on Google+" href="http://plus.google.com/112531385961538774338?rel=author">Google+</A>.

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  • Smartacus Smartacus on Apr 28, 2015

    "cost of owning and operating a vehicle in 2015 will be roughly 2 percent lower than they were in 2014, or $8,698 on average thanks in large part to lower gas prices and cheap financing." -The signature indicator of a bubble forming.

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