If you’re a car owner, get ready to dig deeper into your pockets for the privilege. According to a recent report published by the AAA auto club, the cost of owning a car – not the cost of buying a car, but the cost of having and maintaining and operating that vehicle – just took another jump. If you drive about 15,000 miles a year, own and operate a sedan, you’re now paying 60.8 cents per mile or about $9,122 per year, on average.
The AAA study shows the costs involved with maintaining a vehicle had the largest increase over last year’s figures. The cost to maintain a vehicle grew to 4.97 cents per mile, an 11.26 percent increase. The study bases its estimates on the cost to maintain and repair a vehicle for five years and 75,000 miles. This includes labor expenses, replacement parts and extended warranty policies. Parts and labor costs have risen year over year, which is contributing to the increase on a cost per mile basis.
Before you freak out and list your car for sale through the local classifieds, here are a few things to take into consideration that might make you feel less taxed about the cost of owning a car.
Although maintenance costs took the biggest jump, you’ve still got options. Start with Openbay. Compare pricing and book service from quality local shops with the click of a button. Openbay is car repair for today’s world.
Source: AAA
