Blog

AAA 2017 Study

Here is a quick overview of  AAA’s 2017, Your Driving Costs study. It shows the cost of fuel, maintenance, tires, insurance, license and registration fees, taxes, depreciation and finance charges associated with driving a typical sedan 15,000 miles annually. The cost has gone down overall from last year. This year AAA added new segments to include hybrids and electric vehicles.  Based on the information below the average cost (owning and operating) for a new vehicle this year is $8,469 per year.

Cost to own/operate annually                        

  • Electric - $8,439                                  
  • Hybrid - $7,687
  • Pickup Truck - $10,054
  • Small Sedan - $6,354
  • Medium Sedan - $8,171
  • Large Sedan - $9,399
  • Small SUV - $7,606
  • Medium SUV – $9,451
  • Minivan - $9,146

Depreciation

Most people do not consider depreciation when purchasing a vehicle but just in case you are one who does, it is interesting to note that electric vehicles depreciate at $5,704 annually, followed by minivans at $3,839. SUV’s depreciate $2,840 annually and small sedans at $2,114.  Overall, vehicles depreciate $15,000 over a five-year period.

Items to Keep in Mind When Purchasing a New Vehicle:

  • The cost to maintain and repair a new vehicle on average is $1,186 per year.
  • The fuel cost annually for a new vehicle is about $1,500 on average.

If you are in the market for a new vehicle, we hope you find this article helpful.

Automotive images: Powered by izmocars © Homestar Systems, Inc., 2012

Automotive Images, Copyright [2000 – 2012] Homestar Systems, Inc. All Rights Reserved. The automotive images contained herein are owned by Homestar Systems, Inc. and are protected under United States and international copyright law. Access to and use of these images is restricted by terms and conditions of a separate license agreement. Any unauthorized use, reproduction, distribution, recording or modification of these images is strictly prohibited.

2739 W Medlock Dr. Phoenix, AZ 85017 (602) 242-1545