What Are You Paying to Drive?

Share

By By Herb Weisbaum

Summary

According to AAA’s 2006 edition of Your Driving Costs, the overall average cost of owning and operating a passenger vehicle is 52.2 cents per mile.

Story Published: Apr 19, 2006 at 1:37 PM PDT

Story Updated: Aug 31, 2006 at 8:24 AM PDT

What Are You Paying to Drive?
SEATTLE - According to AAA’s 2006 edition of Your Driving Costs, the overall average cost of owning and operating a passenger vehicle is 52.2 cents per mile, which equals $7,834 per a year based on 15,000 miles of driving.

Here's how AAA breaks expenses down into the following categories:

  • Depreciation - The average is an estimated $3,392 per year during 5 years of ownership
  • Maintenance – An estimated $552 is taken into account – including the manufacturer’s recommended normal service operations
  • Full Coverage Insurance – Averages $926 a year
  • Finance Charges –Based on a 5 year loan at 6 percent interest with a 10 percent down payment, you could pay $716 this year
  • Additional Expenses – Costs such as licensing, registration, and taxes average $535 per year
AAA’s study gives consumers the chance to understand and calculate the actual costs of owning and operating their vehicles. Only by factoring all of the related costs can consumers accurately budget for their future expenses.

Find out more at www.aaawin.com