Increasing prices at the gas pump hurt your wallet in more ways than one. According to a study by AAA Auto Repair, the more it costs to fill your tank, the less you’re likely receive for your car if you decide to sell it. Midsize sedans considered relatively efficient just a few years ago now look like gas-guzzling relics. That’s just one way unexpected expenses can cause your car’s cost-per-mile to drift north.
Since 1950, AAA has published its annual “Your Driving Costs”
- buying and installing replacement tires
- paying for regular oil changes or other routine maintenance
- covering the costs of finance charges
- lumping the effects of depreciation into auto loans
- insuring vehicles in high-theft categories
It’s easy to look at the giant numbers on your local roadside gas station signs and worry about the growing cost of owning a car. But the AAA report reminds us that owning a car also means paying for all the small things that add up to the total American driving experience. Driving 15,000 miles every year can cost you over 70 cents per mile in your large sedan, while an economy car will set you back just under 44 cents per mile.
Right after Hurricane Katrina, my wife and I endured sudden gasoline price spikes while living in the southeastern United States. One gas station in our neighborhood boosted regular unleaded to over $5 per gallon. Even though gas costs came back down, we vowed to save money by making our next car a hybrid.
Our insurance company rewarded our choice with a lower rate. The only downside: we love our car so much, we’re driving it more. Our per-mile cost may have gone down, but our annual costs stayed the same. At least we’re spending more money on tires than gas.
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