US: cost of vehhicle ownership going down in 2015 image

While our earnings are not always on par, we have gone used to having the cost of life continuously on the rise – paying each year more for food, clothing, housing and, of course – our cars.

US consumers will be happy to find out that in 2015 the associated cost of owning a vehicle is actually on a descending trend – on average by 2 percent for the full year. The report on the cost comes from AAA’s yearly edition of the “Your Driving Costs” study – with the drop credited to the lower gasoline prices and loan-rate costs. On the other hand, some of the expenses are still expected to go up f or the year – such as auto insurance, maintenance and tire expenses. For the year AAA also warns that trade-ins will yield a lower quota, translating into higher depreciating costs. “Car owners can look forward to saving approximately $178 this year,” concluded John Nielsen, AAA’s managing director of Automotive Engineering and Repair. The motoring club also said the costs are going down faster if the owner drives a large vehicle – such as minivans, pickup trucks and sport utility vehicles.

The study took into account an average vehicle, which would be driven 15,000 miles each year – the AAA concluded it would consume 58 cents for each mile, or around $725 each month. Going down to the average small sedan, the associated costs will drop to 44.9 cents per mile and a total of $6,729 per year. A bigger sedan would grow to 71 cents per mile and a total of $10,649; a minivan would go for 62.5 cents or $9,732 each year and the all-wheel drive sport utility vehicle will run for 70.8 cents a mile.