AAA has issued their annual report on car ownership costs, titled Your Driving Costs, and this year it once again shows a drop. Most years, the cost of ownership goes up or down by small numbers, though for the past decade the report’s findings are usually showing a drop as vehicle ownership costs and longevity improves.
For 2013, going into 2014, the AAA report found that improvements in fuel economy, continued lower tire costs, lower insurance overhead, and dropping fuel prices (roughly 6%) meant an average savings of about $300 per year for most car owners. As usual, the cost of depreciation for a new vehicle is the largest drain on ownership value.
AAA says that the average cost to own a small sedan for a year is about $7,000 and for a large sedan it’s $8,900.
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