The Car Ownership Price Creep

The Car Ownership Price Creep

Anyone who owns an automobile can testify to the expense of maintaining a set of wheels—gas, repairs, inspections and insurance costs can quickly consume a significant chunk of your paycheck.

A recent study by AAA reveals that the expense of owning a car is only continuing to grow. This year, people who have a basic sedan—like a Toyota Camry or a Ford Fusion—can expect to pay $9,122 for its upkeep, which is up 2% from last year.

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The cost comes out to about 61 cents per mile driven, assuming that the vehicle clocks the average 15,000 miles in a year.

RELATED: 12 Cars With the Cheapest Repairs

You may jump to the conclusion that the price increase is due to the outrageous cost of gasoline, but it actually has more to do with maintenance expenses—which increased a whopping 11.26% since last year. Thanks to upticks in the cost of labor and replacement parts, maintenance now averages 5 cents for every mile driven.

 

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