AAA Study: Cost of Vehicle Ownership on the Rise
April 16, 2013—AAA recently revealed the results of its annual “Your Driving Costs” study, citing a 1.96 percent increase in the cost to own and operate a sedan over the previous year.
On average, cost rose 1.17 cents to 60.8 cents per mile, or $9,122 year, based on 15,000 miles of annual driving.
Maintenance accounted for the single largest percentage increase from 2012 to 2013, growing 11.26 percent to 4.97 cents per mile for the average sedan owner.
Driving this growth is a significant increase in labor and parts costs for some models, as well as an increase in the price of extended warranty policies due to high loss ratios by underwriters, according to AAA.