AAA has just released its 2012 “Your Driving Costs” study that says the cost of owning and running a vehicle in America increased by 1.9 percent in the first quarter of this year.
To most drivers in the U.S., learning that costs have increased is not a surprise. However, hearing that the three-month increase was less than two percent most likely came as a surprise to many. According to the poorly-named report, 59.6 cents per mile is now the average cost of vehicle ownership for drivers covering 15,000 miles of road a year. The report said that most of this cost comes from angry tire and fuel costs. However, slowing vehicle deprecation rates helped make up for the increasing costs. That’s at least some good news for people want to trade in their vehicle on a new car – they should get a bit more equity.
Year-over-year fuel costs increased from 2011 to 2012 by a tear-inducing 14.8 percent. Tire costs for the same period, rolled to a kinder increase of 4.2 percent. Maintenance costs, meanwhile, were very stable, only rising by 0.7 percent. Depreciation saved the year by dropping a cool 4.9 percent. Here is the link to the original press release: AAA ‘Your Driving Costs’.