Cheaper to own a vehicle today than in the past - Tucson News Now

Cheaper to own a vehicle today than in the past

TUCSON, AZ (Tucson News Now) -

Those who own a car know the costs to maintain it can add up pretty fast.  A new study, however is saying that price is going down. 

AAA released its annual "Your Driving Costs" study, which aims to give motorists a realistic idea of the cost to own and operate a vehicle.

According to AAA Arizona the average cost to own and operate a sedan today is down nearly three percent, this translates to $8,876 per year, a decrease of $246 from 2013. One thing to keep in mind, this study is based on only 15,000 miles of annual driving. 

AAA Arizona officials are saying there are five factors that shaped the cost of vehicle ownership.

-Gas prices had the single largest decrease, from 10 to 13 percent between 2013 to 2014.

-Increased federal fuel standards have also led to more fuel efficient vehicles.

-Tire prices are also down by three percent.  Vehicles are also not losing their value as fast anymore, that statistic is down by two percent. 

-Insurance costs are also down by nearly one percent, saving drivers about $3 a year.  This depends on the driver's record though. 

-Higher maintenance costs are the one downplay of cheaper vehicle ownership. The maintenance cost has increased by about two percent, a five cent per mile jump from 2013.  This cost is often offset by longer service intervals or reduced labor times, while some owners experienced an increase in labor and part prices that led to the increase in maintenance costs.

For more information on AAA Arizona's study go online to http://www.AZ.AAA.com 

For the 2014 edition of Your Driving Costs click the following link: http://publicaffairsresources.aaa.biz/wp-content/uploads/2014/05/Your-Driving-Costs-2014.pdf This includes a worksheet to help motorists determine their automotive expenses, based on their personal driving habits. 

Copyright 2014 Tucson News Now All rights reserved.

 

 

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