AAA: Cost of owning, driving car remains steady

By Jean Reid Norman

Wednesday, April 8, 2009 | 4:24 p.m.

The annual cost of owning and using a car has held steady over the past year, even as fuel prices have dropped according to AAA driving club.

Gasoline prices dropped from $3.01 nationally in late 2007 to $2.30 a gallon in late 2008, when the data was gathered, according to the study. However, costlier insurance premiums, finances, fees and taxes and depreciation countered the gains in fuel costs.

“If there’s a silver lining, it’s that the cost hasn’t escalated,” AAA Nevada Michael Geeser said. "I think the message is that when people think about driving, they think about the sticker and not the cost of operating it.

“Owning and operating a car costs a lot of money, and that has nothing to do with how much you paid for it.”

It costs an average $8,095 to drive a new sedan 15,000 miles per year, the study shows. That is 54 cents per mile, or one-tenth of a cent per mile less than last year.

In 2007, AAA researchers estimated it cost $8,121 to own and drive a new sedan for 15,000 miles. That was an increase of 1.9 cents per mile over 2006, largely because of gas prices.

The costs are calculated by averaging what it costs for fuel, maintenance and tires as well as insurance, registration, license, taxes, depreciation and financing.

The analysis covers vehicles equipped with standard and optional equipment on the five top-selling models selected by AAA.