According to AAA’s 2016 Your Driving Cost Study, American drivers’ annual cost to operate a motor vehicle has fallen to $8,558 which is a six-year low, due to low gas prices.
In 2016 a driver can expect to spend $0.57 per mile driven (approximately $713 a month) to cover the costs associated with owning and operating car.
Some of the expenses factored into the study are fuel, insurance, depreciation, licensing, registration, and taxes.
Fuel went down 24.62% to 8.45 cents per mile ($1,267.50 per year)
Insurance went up 9.6% ($1,222 per year)
Depreciation went up 2.87% ($3,759 per year)
Maintenance went up 3.33% to 5.28 cents per mile ($792 per year)
License, Registration, and Taxes went up 3.31% ($687 per year)
Finance Charges went up 2.09% ($683 per year)
Tires went up 2.04% to 1 cent per mile ($150 per year)
For more information on this study visit: http://newsroom.aaa.com/auto/your-driving-costs/
Is your teen getting ready or has just earned their driver’s license? We can provide some great points to think about regarding insurance, safety and saving money.
Understand the Facts and Risks of Teen Driving
Many actions can help keep your teen minimize accidents while learning how to handle themselves behind the wheel of a car. As a parent, you play an important role in educating and making sure your child understands the risks and responsibilities of driving solo. You can learn more details on these actions.
- Use a seat belt
- Driving for Weather Conditions
- Peer Pressure
- Distracted Driving
- Alcohol Use
- Poor Visual Scanning
- Difficulty Judging Space and Time
Insurance & Vehicles
You need to consider 3 things when you teen starts to get their drivers license.
You can learn more on how to save money on car insurance.
Teen Driving Distractions
Distracted driving is one of the most dangerous temptations for a newly licensed teen driver. You can learn more on the State Driver Distraction Laws and how parents can discuss with their teen how cell phone usage affects driving capabilities.
Keys2Drive is a great resource to help parents discuss with their teens about important safety and cost saving facts about driving.