Favorable prices at the fuel pump have helped to bring the annual costs to own and operate a vehicle to a six-year low, according to a AAA report released Thursday.
The auto club said that drivers, on average, can expect to pay $8,558, or 57 cents per mile, for driving-related costs such as fuel, insurance, maintenance and taxes. In , the annual driving costs were $8,698.
That annual average ranges from $6,579 for a small sedan to $10,225 for a four-wheel drive sport utility vehicle to $10,492 for a large sedan, AAA said.
nearly 25 percent from last year to 8.45 cents per mile, or $1,267.50 per year.
“Fortunately, this annual ($414) savings more than offsets the moderate increases in maintenance, insurance, finance charges and other costs associated with owning and operating a vehicle,” John Nielsen, AAA’s managing director of automotive engineering and repair, said in a statement.
Insurance costs are up 9.6 percent to $1,222 per year, a gain likely triggered by people driving their vehicle more amid the lower fuel costs, AAA said.
drove up depreciation expenses by 2.87 percent to $3,759 per year. Higher new car prices also resulted in higher finance charges, which increased 2.09 percent to $683 per year.
Maintenance costs and tires had modest increases as well, 3.33 percent to $792 per year and 2.04 percent to $150 per year, respectively.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or @aliciawallace
Annual driving costs
AAA’s estimates of the yearly costs associated with owning and operating a vehicle
2016: $8,558
2015: $8,698
2014: $8,876
2013: $9,122
2012: $8,946
2011: $8,776
2010: $8,487
