Six Year Low Overall Costs for Motorists

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/