Thanks to a decline in gas prices and finance charges, the annual cost to own and operate a vehicle in our area has fallen to $8,698 — two percent lower than last year. Drivers of minivans and SUVs can enjoy a four percent drop to $9,372 and $10,624 respectively.
This AAA research, published in the 2015 Your Driving Cost’s study, examines the charges typically associated with driving a sedan 15,000 miles each year. These charges include:
- License and Registration
The study says that drivers in the US can expect to spend 58 cents for each mile driven, a total of $725 per month, to account for these costs in 2015.
The drop in gas prices we’ve seen lately plays a big role in this cost reduction. Although gas prices have risen slightly over the past few weeks, Philadelphia drivers are still paying $1 less per gallon than they were at this time last year. The following explains how the other average costs associated with car ownership have changed from 2014 to 2015.
- Fuel – Down 13.77% to $1,681.50 per year
- Finance Charges – Down 21.02% to $669 per year
- Depreciation – Up 4.1% to $3,654 per year
- Insurance – Up 8.99% to $1,115 per year
- Maintenance – Up .99% to $766.50 per year
- License/Registration/Taxes – Up 3.74% to $665 per year
- Tires – Up 1.03% to $147 per year
For more about your driving costs, see the full AAA article.