According to AAA’s 2015 Your Driving Costs study, annual driving costs costs fell 2 percent to an average of $8,698 in 2015.
The annual study, which looks at the associated costs in owning and maintaining a typical sedan driven 15,000 miles a year, found that fuel costs fell nearly 14 percent to 11.2 cents per mile, while finance charges came down 21 percent to just $669 per year. The former is due to a combination of falling gas prices at the pump and improved fuel economy, the latter due to low finance rates amid rising sales and heavy dealer competition.
However, vehicle depreciation climbed 4.1 percent to $3,654 as new-car sales help push used and off-lease models back onto the lot. Insurance trickled up nearly 9 percent to $1,115/year for an average policy, mainly because of higher-cost modern features linked to safety, use of lightweight materials, and newer connected-vehicle systems.
Maintenance costs barely rose to just over 5 cents/mile in 2015 – though owners are behind on routine maintenance – while licensing, registration and taxes totaled $665 a year on average, thanks to slightly higher prices on the showroom floor. Tires held their ground as a result of the dynamics and competitiveness of the market, with costs rising to just 98 cents/mile.
Among the vehicle types factored into the annual average, owners of minivans and SUVs will continue to fare well at the pump and in financing their vehicles, as those vehicles average 0.625 cents and 0.708 cents per mile in 2015. Owners of large sedans face the highest average cost at 0.710 cents/mile, while midsize and small sedan owners pay 0.581 cents and 0.449 cents for every mile driven, respectively.
[Image credit: AAA]