Cruise Control: Why Owning a Car Has Become Cheaper
But rest assured, you’ll be cut a slight break in at least one big area of your budget this year.
According to the latest AAA study, the cost of owning a car is down in 2014—a whole 2.7% from 2013. Sure, that may sound relatively minimal, but compare this decline to last year, when the average price of ownership actually crept up 2% from 2012.
Of course, your set of wheels still doesn’t come cheap. The study, “Your Driving Costs,” found that the average American will shell out roughly $8,876 this year to maintain and operate their vehicle.
So what’s the reason for this year’s price drop? A few main factors are at play, explains the AAA report. For one, the cost of filling up took the biggest dip this year, falling a full 10% to just 13 cents per mile in 2014. (That’s a result of not only cheaper prices at the pump, but also the improved fuel economy of today’s cars, AAA notes.) Along with it, the price of tires shrunk 3%, and car depreciation costs eased up almost 2%.
If you appreciate the 2.7% break, but are itching to save more on your vehicle this year, start here.