AAA Releases Results Of Driving Costs Study
The amount of money it takes to own and operate a car is going up.
The results of Triple A's annual "Your Driving Costs" study shows a 3.4 percent increase to own and maintain a mid-sized sedan. This means that that the average costs rose 1.9 cents to 58.5 cents a mile, or over $8,000 a year.
Tire costs rose 15.7 percent due to an increase in the costs of raw materials and energy.
The report also explains that, while our fuel economy has improved, it hasn't been enough to offset rising gas prices, which has caused fuel costs for an average sedan to increase over 8 percent to 12.34 cents a mile.
In spite of these factors, maintenance and insurance costs have dropped. Maintenance expenses decreased 2.2 percent to an average of 4.4 cents a mile, and insurance costs fell an average of $63 a year.
Triple A published their first "Your Driving Costs" study in 1950, when gasoline sold for an average of 27 cents a gallon.