$8,487 per year to drive!

[rickaren]

Study Finds It's Costing You More to Drive

Apr. 12, 2010

Automakers may be offering record deals and incentives on new cars, but according to a recent study by AAA, the price of driving a car is steadily increasing.

The 2010 study, aptly named “Your Driving Costs,” found that the average cost to operate a sedan has risen 4.8 percent since last year. That’s an increase to 56.6 cents per mile or $8,487 per year (based on an annual average of 15,000 miles driven per year).

According to AAA, “Increases in the costs of fuel, tires and insurance were the primary factors causing a rise in all categories of vehicles. At the time of the ‘Your Driving Costs’ calculations, the AAA Fuel Gauge Report listed the national average cost of regular unleaded gas as $2.603 per gallon, 12.7 percent higher than the cost of fuel in last year’s study. The average costs of full coverage insurance on sedans also rose 5.7 percent over last year, while tire costs increased an average of 8.7 percent.”

Compared to other classes, AAA found that owners of small cars experienced the lowest increase in driving costs. Since last year, the cost of driving a small sedan has increase by 2.9 percent to 43.3 cents per mile or $6,496 per year. “The minimal increase was primarily due to the increased popularity of small sedans led by higher fuel prices,” says AAA. “It resulted in the small sedan category being the only one where depreciation costs were lower than last year, falling 1.9 percent.”

On the other hand, large sedans, SUVs and minivans were hit hard by an increasing rate of depreciation. “The SUV category experienced the largest increase with yearly depreciation rising 10.7 percent, or $484, to $5,003 yearly, based on driving 15,000 miles annually,” reports AAA. “Large sedans had a depreciation jump 6.1 percent to $4,828 yearly, while minivan depreciation increased 4.6 percent to $3,995 yearly.” AAA says that the increase in depreciation is due to the rising cost of gasoline coupled with the poor fuel economy rating of these large vehicles.

AAA’s study is based on the average driving costs of five best selling vehicles in five categories: small sedans, medium sedans, large sedans, SUVs and minivans.

LINK: Study Finds It's Costing You More to Drive - U.S. News Rankings and Reviews