ORLANDO, Fla. (AP) — It will cost U.S. drivers an average of $8,776 to own and maintain their cars this year, up 3.4 percent from last year, according to a study released Tuesday by AAA.
The travel organization said rising gas prices, more expensive tires and depreciation costs are the main culprits. It estimates that maintenance and insurance costs will actually be lower in 2011.
AAA calculates the cost of a year of ownership at 58.5 cents per mile for 15,000 miles. Owning a small car costs an estimated $6,758, while owning a large sedan costs $10,982. A mid-size sport utility vehicle costs an estimated $11,239.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
