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The Cost of Owning a Car

Apr 24, 2013

As I’m sure everyone has noticed owning a car is not cheap! AAA recently released a new study detailing how much it really does cost to own a car. It appears that drivers today can pay in excess of $10,000 a year! Obviously this number varies based on what kind of car and how often you drive it, but it is a good estimate for someone who drives on average 15,000 miles per year. The cost to own a car always seems to increase, from rising insurance premiums to increasing gas prices; it is not cheap to own a car.

Own an SUV or thinking about buying one? Your cost per year to own an SUV is $1,600 more than the average sedan, ringing in at $11,600 a year. This price increase really speaks to what we all know to be true; gas mileage on an SUV is not as good as most sedans.

Don’t have $10,000 a year to spend on a car? A small eco-friendly vehicle can help you save as much as $3,000 a year! Next time you are car shopping you might think twice about buying an SUV and pocket more money by opting for a smaller car.