As I try unsuccessfully to sell my 2006 Honda Civic – a great car with an ugly car loan – I’m reminded and motivated of why I decided this in the first place. AAA, the always-reliable network for travelers in trouble, recently released their yearly statistics on the cost of driving. Bringing me to a crippling halt is a figure that may cause a heart attack: The true cost of car ownership for one year is $9,122.
This statistic is based off of 15,000 driven miles in an average size sedan. They calculate that with gas, maintenance, tires, insurance, and depreciation, you spend about 60.8 cents per mile.
Gas saw a 1.93% increase, which amounts to 14.45 cents per mile. Maintenance escalated a staggering 11.26%, which is about 4.97 cents per mile. Tires didn’t fluctuate is prices. Insurance rose a modest 2.76 percent. Depreciation is a silent budget killer; only increasing 0.78%, but equating to $3,571 per year in losses.
If I didn’t have reason to sell my car before, I certainly do now.
AAA Link: http://newsroom.aaa.com/2013/04/cost-of-owning-and-operating-vehicle-in-u-s-increases-nearly-two-percent-according-to-aaas-2013-your-driving-costs-study/