$7,967 a year, or roughly 52.2 cents per mile. That's how much a person driving a new-model, medium-sized sedan such as a Toyota Camry 15,000 miles a year can expect to pay annually. And that doesn't even include loan payments.
In coming up with this estimate, the American Automobile Association figured in average fuel costs, routine maintenance, tires, insurance, license and registration, loan finance charges, and depreciation costs. AAA has been conducting the annual analysis since 1950, when driving a car 10,000 miles annually cost nine cents a mile, and gasoline sold for 27 cents per gallon.
Was AAA surprised by the results? “No, but we do think many consumers would be surprised to discover the full cost of owning and operating an automobile,” said Geoff Sundstrom, spokesperson for AAA. “That's why we publish the study.”
He went on to recommended several tips for drivers to keep costs to a minimum. “The most important thing for the consumer to understand is the full cost of driving any car or truck they might want to purchase,” said Sundstrom. “Don't look only at the monthly payment or even the sticker price. It's important to know things such as what kind of financing is available, the insurance costs, and the fuel economy of the car.”
A silver lining to the costs: Adjusted for inflation, nine cents per mile to drive in 1950 would translate into 70 cents per mile today.
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