Car Ownership Reaches All-Time High image

Gas, maintenance and insurance prices have increased, which led to hikes in overall prices for vehicles, with the SUV owners the most affected.

If the average costs to own and operate a vehicle reached $9,000 per year, SUV owners have to pay more than $11,000 annually to own and operate their large vehicles. Vehicle ownership and operation costs have reached the highest levels ever. AAA reported in the annual “Your Driving Costs” study that costs for maintenance and insurance for an average sedan have increased with $176 since 2012.

“Many factors go into the cost calculation of owning and operating a vehicle,” John Nielsen, AAA Director of Automotive Engineering and Repair said in a statement. “This year, changes in maintenance, fuel and insurance costs resulted in the increase to just over 60 cents a mile. This year is the highest year we’ve ever seen it.”

Owners of small sedans driving 15,000 miles annually pay 46.4 cents per mile, while SUV owners pay 77.3 cents for the same mileage. SUV owners pay $11,599 per year, while average sedan owners pay $9,122. AAA says that the main factor for this increase is not the gas price, which is up only 1.93% from 2012, but maintenance costs which rose 11.26% and insurance costs which increased 2.76%.