Have you ever estimated what your car costs you every month? Your thoughts may immediately turn to your loan payment, and you might even tack on the cost of your car insurance payment and what you pay for gas. Although these are among the major, and most tangible, costs associated with your vehicle, these expenses do not take into account the total cost of car ownership.
If you aren’t sure what your current vehicle costs you, it may be difficult to compare the cost of replacing your current car with a different type of vehicle. For example, have you ever wondered if a minivan is really cheaper to own than an SUV? Can you really save enough with a compact to make it pay for itself over a larger, more luxurious model? Would you walk to the store or the post office to save a dollar? How about five dollars?
Fortunately, the American Automobile Association (AAA) compiles this information for you. The AAA analyzes the operating cost of a sample of vehicles, averages the cost and breaks them down for you on an annual and cost-per-mile basis for easy comparison. While not model-specific, it is valuable information for comparing different classes of cars.
To accurately reflect the true cost of ownership, the AAA considers:
To determine an average cost per mile for each category, the top-five selling cars in that category were analyzed. This chart shows the data for three sedan categories.
|
AAA Average Costs Per Mile |
|||
|
miles per year |
10,000 |
15,000 |
20,000 |
|
small sedan |
56.4 cents |
43.3 cents |
36.6 cents |
|
medium sedan |
72.9 cents |
56.2 cents |
47.6 cents |
|
large sedan |
92.6 cents |
70.2 cents |
58.6 cents |
|
composite average* |
73.9 cents |
56.6 cents |
47.6 cents |
The AAA also provides cost of ownership and cost of operation for small, medium, and large sedans, 4WD Sport Utility Vehicles, and minivans. There is a handy chart and instructions so you can determine your own vehicle’s cost per mile.
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