Cost of driving up to 52.2 cents a mile.
AAA has released its 2006 Your Driving Costs, a detailed look at what Americans really spend while driving their cars each year.
For instance, a person driving a medium-sized sedan 15,000 miles a year can expect to pay $7,967, not including loan payments on the car.
The overall average cost of owning and operating a passenger vehicle is 52.2 cents a mile, which equals $7,834 a year based on 15,000 miles of driving.
AAA's study continues to calculate the average costs of all expenses associated with owning and operating vehicles, such as licensing, registration and taxes, which total $535 when "hidden" costs such as personal property and ad valorem taxes are factored in.
AAA estimates the average new car will depreciate $3,392 a year of ownership. Full insurance coverage will average $926 a year. Routine maintenance is estimated to cost 4.9 cents a mile, or $552.
Annual finance charges, computed on a national average basis, are estimated at $716 this year. The finance numbers are based on a five-year loan at 6 percent interest with a 10 percent down payment. Here's how AAA's estimates work:
How Much Does It Cost to Drive? 2006 Vehicle 10,000 15,000 20,000 Miles/Year Miles/Year Miles/Year Small Sedan * 50.5 cents 41.7 cents 37.6 cents Medium Sedan * 62.4 cents 53.1 cents 48.8 cents Large Sedan * 72.9 cents 61.9 cents 56.5 cents 4WD SUV * 79.0 cents 65.4 cents 58.9 cents Minivan * 71.3 cents 59.2 cents 53.5 cents Source: AAA's 2006 Your Driving Cost Survey. Fuel costs based on the late-2005 average gas price of $2.405 a gallon. * Small Sedan--Chevrolet Cobalt, Ford Focus, Honda Civic, Nissan Sentra and Toyota Corolla. * Medium Sedan--Chevrolet Impala, Ford Fusion, Honda Accord, Nissan Altima and Toyota Camry. * Large Sedan--Buick Lucerne, Chrylser 300, Ford Five Hundred, Nissan Maxima and Toyota Avalon.
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|Title Annotation:||estimated by AAA|
|Comment:||Cost of driving up to 52.2 cents a mile.(estimated by AAA)|
|Date:||Apr 3, 2006|
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