You pay much more to own a vehicle than just the sticker price. Gassing up at the pump, replacing a headlight, renewing your tabs – all these little expenses add up. So what is the real cost of operating your vehicle each year?
The American Automobile Association (AAA) says it comes out to about 70.7 cents per mile on average. The infographic below shows you how they arrived at this figure.
Here’s a quick summary of the facts. If you drive your car 10,000 miles annually, five of the average yearly costs you’re looking at include:
- $1,009 in fuel costs
- $456 in maintenance and repair
- $567 in license, registration, and taxes
- $976 in auto insurance
- $779 in financing charges
Once you factor in the value depreciation of your vehicle, your average yearly cost comes out to $5,925 each year.
Check out the whole infographic here:
Infographic by: Go Bank Rates.