2013 Cost of Car Ownership up 2 percent – AAA

Surprisingly, a recent study conducted by AAA revealed that owning and maintaining a new sedan in the U.S. will see a 2 percent hike in 2013, which equates to an additional 1.17 cents per mile. Among the various factors contributing to this increase, maintenance costs stand out as the primary driver of the rise.

A new AAA study indicates that total car ownership costs will increase by 2% in 2013.

Every year, AAA gathers real-world data to calculate the 5-year (75,000 miles) cost of driving a new car. The study takes into account numerous elements such as annual fuel costs, vehicle repair expenses, insurance rates, taxes, licensing fees, depreciation rates, and average financing charges, as mentioned in a Kickingtires.com article.

"Owning and operating a vehicle involves many variables," John Nielsen, AAA's director of automotive engineering and repair, stated in a press release. "This year, changes in maintenance, fuel, and insurance costs have led to an overall increase to just over 60 cents per mile."

AAA has categorized the cost increases into the following areas:

• Maintenance costs surged by 11.26 percent. This encompasses the agency's estimated labor, parts, and extended warranty expenses.
• Insurance costs rose by 2.76 percent. The study analyzed rates for a low-risk driver with a clean driving record; however, it's important to note that rates can vary significantly depending on the driver and location. For this study, AAA used data from five insurance companies across seven states.
• Fuel costs increased by 1.93 percent. Despite advancements in fuel efficiency, the higher cost per gallon contributed to this rise in fuel expenses.

In practical terms, the current cost to operate a car is now 60.8 cents per mile, amounting to $9,122 annually. In comparison, the initial study conducted in 1950 reported an average cost of only 9 cents per mile.

As consumers continue to adapt to these rising costs, it becomes increasingly vital to stay informed about potential savings strategies. Whether it's opting for more fuel-efficient vehicles or shopping around for better insurance rates, small adjustments can make a significant difference in long-term expenses. With the average cost of car ownership on the rise, it's essential for drivers to remain proactive and resourceful in managing their transportation budgets.

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