AAA Study Reveals Increasing Cost of Vehicle Ownership
Phoenix, Ariz.,
April 7, 2008 – Consumers looking to save money need look no further than their driveway, according to AAA. The auto club recently released its 2008 edition of Your Driving Costs, which compares the costs of different vehicle makes and models in order to help consumers make informed purchases and budget for annual automotive expenses.
“AAA wants motorists to understand that the total financial impact of their vehicle goes far beyond the sticker price, especially with the current downturn in the economy and rising gas prices,” said Don Nunnari, vice president of membership products and services for AAA Arizona. “Your Driving Costs provides them with the tools they need to estimate how much they are actually paying to own and operate their vehicle each year.”
According to the report, gas prices are not the only driving-related cost on the upswing. The costs of tires, financing, license, registration and taxes also showed increases over last year. The average cost to own and operate a vehicle is 54.1 cents per mile or $8,121 per year, an increase of nearly two cents per mile and $300 from last year, respectively. The report also reveals that motorists can save as much as $3,000 per year by switching from a large model to a smaller vehicle.
To conduct its study, the auto club used detailed driving costs, including national fuel averages, routine maintenance, tires, insurance, license and registration, loan finance charges and depreciation costs for five top-selling 2007 models of small, medium, and large sedans. Here is what the study found, according to how many miles driven per year:
| Vehicle |
10,000 Miles/Year |
15,000 Miles/Year |
20,000 Miles/Year |
| Small Sedan |
$5,512 |
$6,320 |
$7,146 |
| Medium Sedan |
$7,190 |
$8,273 |
$9,369 |
| Large Sedan |
$8,583 |
$9,769 |
$10,960 |
Though not part of the composite average, the auto club also calculated the costs to own and operate a sport utility vehicle and a minivan. The comparison between these two vehicles also demonstrates that savings can be achieved by driving a minivan as opposed to a less fuel efficient sport utility vehicle:
Vehicle |
10,000 Miles/Year |
15,000 Miles/Year |
20,000 Miles/Year |
4WD SUV |
$9,095 |
$10,448 |
$11,815 |
Minivan |
$7,492 |
$8,644 |
$9,811 |
“Once a motorist realizes the overall costs associated with owning and operating the vehicle, it is easy to see how they can save a substantial amount of money by simply downsizing or driving less,” said Nunnari.
A copy of Your Driving Costs 2008 can be accessed by visiting www.aaaaz.com/news/documents/DrivingCosts2008.pdf. The process used to estimate annual driving costs incorporates standardized criteria designed to model the average motorist’s use of a vehicle for personal transportation over five years and 75,000 miles of ownership. Actual driving costs will vary based on individual driving habits, location, operating conditions and other factors.
AAA has published Your Driving Costs since 1950, when driving a car 10,000 miles annually cost only nine cents per mile and a gallon of gasoline cost just 27 cents.
AAA Arizona, the Arizona affiliate of AAA, provides automotive, insurance and auto travel services to nearly 800,000 Arizona members. Annually, AAA’s Emergency Road Service responds to more than 450,000 calls for help on the streets and highways of the state as well as providing insurance, travel, and financial services to AAA members and motorists. Since its founding in 1927, AAA Arizona has been a leading advocate for the safety and security of all travelers. AAA can be visited on the Internet at www.AAAAZ.com. |
