Here at Adopt-A-Highway, we like to help keep you informed about all things transportation and we think these are interesting statistics for all drivers & car buyers out there!
Cars are an important part of our lives – how we get to and from work, play and school. They are an expensive component of our annual budget – but just how much does your car actually cost you each year?
The average owner will spend $8,698 in 2015 to own and operate a sedan, down 2% from 2014, according to AAA. This includes the cost of fuel, maintenance, tires, insurance, license and registration fees, taxes, depreciation and finance charges associated with driving a typical sedan 15,000 miles annually.
In the United States, a driver will to spend approximately 58 cents for each mile driven, nearly $725 per month, to cover the fixed and variable costs related to owning and operating a car. Fuel and insurance are the two largest expenses; however, depreciation makes up a big chunk of overall vehicle cost. The numbers also don’t include the cost of parking, which if you live in a city, you know they can be very expensive.
Of course, the numbers for every driver and every car will be different, but the point to note here is that the true cost to operate a vehicle is much higher than just the gas you put in it. Something to consider when you are buying a new or used car.