AAA recently released a study about the cost of owning a car. I love this kind of stuff because I love cars, but hate owning them. In fact, I haven’t owned a car since 2005. Do I mooch a lot of rides? Yes, but this isn’t about me. This is about the report, which affirmed what I already knew. Cars are beautiful, fun to drive, AND costly to own. Let’s explore the increases, shall we?
The cost to drive a mile rose to 60.8 cents…
Which includes, of course, an increase in gas prices (+1.93% to 14.45 cents)
But also an increase in maintenance costs (+11.26% to nearly 5 cents)
And insurance (+2.76% to $1029 annually)
And — possibly worst of all — depreciation (.78% to $3,571 annually)
BUT not tires because that cost held steady.
So that’s something…
All these increases add up to over $9,000 a year. So you’re literally rolling in it.
Are you surprised by these findings? Does the data impact your thoughts about car ownership? Weigh in.