July | August 2006 Volume 80 Issue 4 |
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AutoTalk How much are you paying to drive your vehicle? The 2006 edition of AAA's Your Driving Costs study shows the national average is a total cost of 52.2 cents per mile, which equals $7,834 per year based on 15,000 miles of driving. The study calculates the average costs of all expenses associated with owning and operating a vehicle—payments and finance charges, fuel, tires, licensing and registration, taxes, insurance, routine maintenance and more—based on the results for five top-selling passenger cars in each of three vehicle size categories. Some figures from the study: • From the end of 2004 to the end of 2005, the average price of fuel increased by 15.8%, raising the average driver's fuel costs from 8.2 to 9.5 cents per mile. • The average retail price of tires works out to 0.7 of a cent per mile. • AAA estimates the average new car will depreciate $3,392 per year of ownership. • Full insurance coverage averages $926 per year nationally. • Maintenance, including the manufacturer's recommended normal servicing, is estimated to cost 4.9 cents per mile, or $552. • Annual finance charges, computed on a national average basis, are estimated at $716 this year. The finance numbers are based on a five-year loan at 6% interest, with a 10% down payment. Because many of these cost factors will vary greatly from one person to another, the study and brochure are intended as a starting point to show the average driver how to calculate the full costs of owning and operating his or her specific vehicle. Only by factoring in all of the costs of car ownership can consumers accurately budget for their future expenses and determine whether a different vehicle may produce worthwhile savings. For example, a vehicle with a high resale value and moderate insurance costs can help offset other costs. Selecting a model that is more fuel-efficient than others in its size class will also help consumers contain their driving expenses. Cars used in the study: Small: Chevrolet Cobalt, Ford Focus, Honda Civic, Nissan Sentra, Toyota Corolla. Medium: Chevrolet Impala, Ford Fusion, Honda Accord, Nissan Altima, Toyota Camry. Large: Buick Lucerne , Chrysler 300, Ford 500, Nissan Maxima, Toyota Avalon. Though not part of the AAA composite average, SUV and minivan information is also included in Your Driving Costs to help drivers estimate operating costs for these types of vehicles. Selected models include: SUV: Chevrolet Trailblazer, Ford Explorer, Jeep Grand Cherokee, Nissan Pathfinder and Toyota 4Runner. Minivan: Chevrolet Uplander, Dodge Caravan, Ford Freestar, Honda Odyssey and Toyota Sienna. Copies of Your Driving Costs are available from AAA club offices and online at www.aaa.com/publicaffairs.
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