AAA: The average cost of your car per year: $9100
http://www.usatoday.com/story/news/n...costs/2070397/
The average owner of a sedan has to shell out nearly $10,000 a year to own and operate that car, according to auto club AAA. A new AAA reports shows, on average, the cost of driving 15,000 miles a year rose 1.17 cents to 60.8 cents per mile, or $9,122 per year. Overall, that's a roughly 2% increase on the cost of operating a car last year. Auto club AAA studies five cost categories – maintenance, fuel, tires, insurance and depreciation – for its annual "Your Driving Costs" study. The biggest percentage increase this year was in maintenance costs, which grew by 11.26% to 4.97 cents per mile, on average, for sedan owners. Average costs in all categories are lower for smaller vehicles and higher for bigger ones. The maintenance cost estimates are based on the cost to maintain a vehicle and perform needed repairs for five years and 75,000 miles, including labor expenses, replacement part prices and the purchase of an extended warranty. "As a vehicle gets older you tend to encounter more significant repair costs," says Michael Calkins, AAA's manager of technical services. Since last year's study, there were substantial increases in labor and parts costs for some models, and a significant rise in the price of extended warranties. "People are keeping cars longer," Calkins says. "Extended warranties are seeing a bit of an increase in claims. That's where the costs have gone up." The second biggest increase: Insurance costs, which rose 2.76%, or $28, to an annual average of $1,029. AAA's insurance cost estimates are based on a low-risk driver with a clean driving record. Fuel costs rose 1.93% to 14.45 cents per mile for the average sedan owner. The actual average cost of regular gas went up 3.84% to $3.49 per gallon; but several of the vehicles in the AAA study had small improvements in fuel efficiency, which partially offset the fuel cost increase. Depreciation costs, which had dropped in last year's study, ticked upward slightly, by .78% to $3,571 a year. That might be because, as new vehicle sales recover, more used cars are available, which has softened the resale value of clean older models, Calkins says. "The length of time people keep cars has been going up for the past several years, since the real estate crash," he says. "The average age of the vehicle on the road now is 11.1 years. It's not just for financial reasons that people are keeping cars long. The quality of the cars is also improving." Tire costs did not change from last year, remaining at about one cent per mile, on average, for sedan owners. AAA has published "Your Driving Costs" since 1950. That year, gas cost 27 cents a gallon, and it cost about 9 cents a mile to drive 10,000 miles a year AAA report: http://newsroom.aaa.com/wp-content/u...gCosts2013.pdf |
And that's why I don't buy new cars. It's like lighting your money on fire.
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wut?
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love the car. |
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I bought my current car new, JUST because I wanted to at least go through the process of buying a new car and losing a bunch of money on depreciation once in my life. Every car I get from now on will probably be a couple years used.
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might be off though. it's significant I know that. |
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I think the best way to go is let someone else eat that and pick it up at a cheaper price 2 or 3 years down the line. |
Happiness is a new car smell /Don Draper
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got it for 10k 3 years later |
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I've never bought new. Years back when I was considering a brand new vehicle, a buddy bought a brand new ford escort. It was nice , for a while, then began to have frequent mechanical problems. i bought a beater toyota corolla for $600.00 and it outlasted the escort by two years with no real problems. Not a slap against U.S. autos, I drive a Ford Windstar now. But I decided brand new was not worth it.
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Let's see here, 4 years ago we bought that Camry for $10,200.
In that time we've paid $2880 for insurance, roughly $3500 for fuel, $600 in repairs, and around $1200 in licensing/taxes for a total of $18,380, which averages out to $4595/yr so far. And that is going to go down every additional year we have the car. If we keep it another 4 years with no major repair costs we're looking at $3320/yr. Even better was my Caravan I just retired. I paid $2000 for it, drove it nearly four years, probably spent around $5,000 in gas over that time, around $3000 for licensing/insurance and $400 in repairs. Total operating costs=$2600/yr. |
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