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.