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According to the American Automobile Association, costs related to car ownership in North America have fallen greatly in 2014. Dubbed "Your Driving Costs", the AAA study shows that most vehicle operating expenses are headed downwards.
Let's start with the most important results: on average, car owners in the United States are saving more than one and a half cents for every mile driven compared to last year. Specifically, it fell by 1.64 cents to 59.2 cents per mile. That teeny-weeny difference adds up to $8,876 in your pocket if you rack up 15,000 miles on a yearly basis.
John Niesel, managing director of automotive engineering and repair at the AAA, declared: "Despite increases in maintenance and registration fees, American motorists are experiencing an overall decrease in the cost to own and operate a vehicle." According to John, a large decrease in fuel costs, lower expenditures on tires and insurance, as well as better depreciation rates are the key factors for this favorable turn of events.
In the study, expenses related to fuel costs decreased by 10.4 percent compared to 2013. Paired to a 6 percent drop in the average price of a gallon of regular gas and improved fuel economy on newer cars thanks to more drastic Corporate Average Fuel Economy standards, gas currently accounts for just 13 cents per mile driven.
Sedan owners will be happy to find out that the average depreciation for a new car over the first five years of ownership sits at $3,510 per year. Even though insurance rates may vary widely by driver and record, insurance company and region, the AAA notes that yearly expenses on car insurance fell down to a $1,023 average.
John Niesel, managing director of automotive engineering and repair at the AAA, declared: "Despite increases in maintenance and registration fees, American motorists are experiencing an overall decrease in the cost to own and operate a vehicle." According to John, a large decrease in fuel costs, lower expenditures on tires and insurance, as well as better depreciation rates are the key factors for this favorable turn of events.
In the study, expenses related to fuel costs decreased by 10.4 percent compared to 2013. Paired to a 6 percent drop in the average price of a gallon of regular gas and improved fuel economy on newer cars thanks to more drastic Corporate Average Fuel Economy standards, gas currently accounts for just 13 cents per mile driven.
Sedan owners will be happy to find out that the average depreciation for a new car over the first five years of ownership sits at $3,510 per year. Even though insurance rates may vary widely by driver and record, insurance company and region, the AAA notes that yearly expenses on car insurance fell down to a $1,023 average.
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