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
ENERGY LEADS THE PACK OF RISING COSTS IN THE DETROIT AREA
* 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%.