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The Cost of Car Ownership is Rising

THE COST TO OWN A CAR IS RISING INCREASE IN MAINTENANCE, INSURANCE AND FUEL DRIVE UP AVERAGE COST FOR SEDANS TO $9,122 YEARLY, 60.8 CENTS PER MILE. AS FUEL AND MAINTENANCE INCREASES, SO IS THE TOTAL COST OF OWNING CAR. STEADY RISE IN COST According to AAA, In just one year the cost of car owner ship rose from of 59.63 cents per mile to 60.8 cents per mile based upon 15,000 miles of annual driving. 2012 ANNUAL COST 2013 ANNUAL COST VS S8,944.50 59,120 DIFFERENCE = $175.5 INCREASE PER YEAR In 10 years, we will be paying over 10 thousand dollars per year to own a car. That's over $900 per month by the year 2023. YOUR DRIVING COSTS' Based on Driving 15,000 miles annnually AVERAGE SUV 4WD SMALL SEDAN MEDIUM LARGE MINIVAN SEDAN SEDAN SEDAN COST PER MILE 49.4 Cents 61 Cents 75 Cents 60.8 Cents 77.3 Cents 65.3 Cents COST $6,967 $9,151 $11,248 $9,122 $11,599 $9,795 PER YEAR "This year, changes in maintenance, fuel and insurance costs resulted in the increase to just over 60 cents a mile." - John Nielsen, AAA Director of Automotive Engineering and Repair CAR OWNERSHIP COSTS: STATE TO STATE. For example driving a car in Georgia, the nation's costliest state to own a car, is about $2000 more expensive than driving the exact same car in Oregon, the nation's cheapest state, according to a new report from, a personal finance website. HIGH LOW VS Bankrate found that drivers in Georgia California, Wyoming, Rhode Island and spend double the amount Oregonians spend annually. (*Not including depreciation) Nevada round out the top five states for car ownership costs. NYC New York ranks No.20 in the country as New Yorkers don't drive much, despite its high "Georgia has the highest car sales tax and registration fees in the country," said Claes gas and insurance prices. Bell, senior analyst at "Taxes and fees are the most important factors that lead to different costs." YOUR STATE TAXES AND FEES ASSOCIATED WITH BUYING A CAR ARE A LARGE FACTOR INTO THE COST OF CAR OWNERSHIP. THERE'S MORE THERE'S MORE TO THE COST OF OWNING A CAR THAN JUST PAYING THE STICKER PRICE! The total cost of ownership (over five years) includes six factors 46% 26% 15% DEPRECIATION FUEL COSTS INTEREST Accounts for 46 percent of TCo mount up quickly -- especially for SUVS -- constituting 26 percent. Interest varies according to vehicle price, but in a typical case (a five-year loan, 15 percent down, 6.4 percent interest), it accounts for 12 percent of TCO. (the average model depreciates 65 percent). 11% 4% 4.9% INSURANCE COSTS MAINTENANCE AND REPAIRS SALES TAX Vary according to age, location, Maintenance and repairs constitute 4 percent of TCO on average. Costs owners about as much as driving record, vehicle make and model but on average account for 11 percent. maintenance and repair, assuming the national average of 4.9 percent. CAR COST SAVING TIPS DEPRECIATION PURCHASE MOVE CLOSER TO SHOP FOR SMALLER VEHICLES WHERE YOU WORK INSURANCE BROUGHT TO YOU BY PREMERE AUTO DETAIL PREMEREAUTODETAIL.COM SOURCES MUNW abel5 com remere

The Cost of Car Ownership is Rising

shared by PremereAutoDetail on Oct 30
The cost to own a car is rising. In just one year the cost to own a car rose $175. At that rate, in 10 years, it will cost over $10,000 per year to own a car. This infographic also shows you some ways...


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