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Monday, April 21, 2008

AAA Study Shows Increase In Driving Costs

The increase in the cost of driving a passenger vehicle in the U.S. has increased by 1.9 cents per mile in the last year and now averages 54.1 cents per mile.

While the cost of some driving expenses declined since the start of 2007, higher gasoline prices have more than offset these savings and pushed the overall cost of vehicle ownership and operation costs higher this year.

In 2008, it will cost an estimated $8,121 to own and operate a new passenger car driven 15,000 miles. This compares to $7,823 in 2007, or 52.2 cents per mile.

Costs of maintenance, full-coverage insurance and depreciation are all slightly lower this year, while costs for fuel, tires, financing, license, registration and taxes showed increases.

The study calculated the average costs of all expenses associated with owning and operating a vehicle over five years and 75,000 miles of driving

The annual average cost of driving a small sedan is $6,320 per year, while a large sedan costs $9,769 per year.

Similar savings can be realized driving a minivan, instead of a large and less fuel efficient SUV

IRS Business Standard Mileage Rates: 2008: 50.5 Cents Per Mile, 2007: 48.5 Cents per mile

Fox Business



* Inflation rate rose 0.9% during March

* Energy costs increased 6% in March - Increased 17.5% over past year, following a decline of 1.45% during previous 12-month period

Largest contributor to energy costs was gasoline which rose 7.1% from Feb. to March

* Food & Shelter costs remained relatively tranquil in recent months

The cost of grocery food fell 1.1% during March. Over the year, prices were up just 0.4%.

Detroit News


Anonymous crash courses said...

When you look at the costs it's not so surprising that new car sales are so low.
Here in the UK I guess the cost in pounds is the same as it is in $s so driving costs us around twice as much as it does in the US.
Average annual mileage in the UK is 12,000 miles, what's the average in the US?

9:48 AM  
Blogger credit savvy said...

average in us is at least twice as that

credit repair

12:06 PM  

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