The cost to own and drive a vehicle has slightly decreased in 2014, AAA’s study showed.
In its 2014 Your Driving Costs Study, the automobile club AAA found that the average annual cost to own and operate a sedan in the U.S. went down by 2.7 percent to $8,876. This translates to 59.2 cents per mile, a 1.64 percent decline from 2013, based on 15,000 driven miles.
Several factors helped the overall driving cost to go down. AAA Managing Director of Automotive Engineering and Repair said, “A large decrease in fuel costs and lower tire, insurance and depreciation expenses are saving owners more than one and a half cents on every mile they drive.”
Fuel costs contributed a lot as it dropped ten percent to 13 cents per mile this year. An average grade fuel now costs $3.278 per gallon from $3.486 last year.
Vehicle depreciation has also declined by 1.71 percent from $3,571 in 2013 to $3,510.
Tires are also cheaper by three percent.
Insurance premiums, though essentially unchanged and seeing just a 0.58-percent decline, still helped lower the total driving cost for 2014, AAA said.
But driving costs vary depending on the size and type of a vehicle. The study showed that driving and operating a minivan is more expensive at $9,753 a year or 73.6 cents per mile.
Here is a table from AAA showing the average annual driving costs in other categories:
The AAA has been publishing the Your Driving Costs study since 1950 to give consumers insights on vehicle ownership costs and help them make better decisions when purchasing a vehicle.