Annual cost to own and operate a car is down

Annual cost to own and operate a car is down

Thanks to a drop in gas prices and finance charges, the annual cost to own and operate a vehicle has fallen to $8,698, a savings of about $178 from last year, according to the American Automobile Associationês 2015 study of driving costs.

The research looks at 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. Fuel costs fell 13.7 percent and finance charges plunged by 21 percent. All other costs rose.

In the U.S., a driver can expect to spend 58 cents for each mile driven, nearly $725 a month, to cover the fixed and variable costs of owning and operating a car. Annual cost ranges from $6,729 for a small sedan to $10,624 for a four-wheel-drive SUV.

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