AAA Reports a Two-Percent Increase in Sedan Ownership Costs

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Owning and operating a sedan in the U.S. has become a tad more expensive, AAA reports. In its annual "Your Driving Costs" survey, costs jumped two percent compared to last year.

Source: AAA

The report also includes average annual costs for other types of vehicles including SUVs ($11,599), minivans ($9795), small sedans ($6967), medium sedans ($9151), and large sedans ($11,248).

The second largest jump reported is the cost of insurance. AAA says low-risk drivers with a clean record must fork up 2.8 percent (or $28) more per year to insure their car for an average annual cost of $1029. Next are fuel costs, which is up 2 percent. AAA points out that the price of gas is up 3.9 percent (from $3.36 to $3.49 per gallon), but was partially offset due to cars achieving better mileage. Finally, AAA says depreciation costs are up 0.8 percent and tire costs remain unchanged.

For an owner of an average sedan, the increase equates to 60.8 cents per mile (up $0.0117), or $9122 annually. These numbers are based on 15,000 miles driven per year. The report considers a number of factors, but maintenance costs saw the biggest increase, rising 11.3 percent (to $0.05 per mile) from 2012 to 2013. AAA says maintenance costs are based on five years and 75,000 miles of ownership and have risen due to a number of reasons including an increase in the price of labor, parts, and extended warranties.

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