In its annual Your Driving Costs study, AAA says the cost of owning and operating a vehicle has fallen on the back of lower fuel prices, though its findings leave a little to be desired with current fuel costs.
USA Today reports the methodology behind AAA’s study uses fuel prices from the final three months of the outgoing year. In 2013, prices were beginning to peak during the collection period, peaking earlier this year before falling to current levels. The club’s manager of technical services, Michael Calkins, acknowleged as much during this year’s announcement, but stated that AAA uses its preferred methodology “for consistency in the results.”
Other factors in lowered O&O costs in this year’s study include the increased fuel efficiency in newer vehicles — a result of increasing CAFE targets — as well as lower tire costs. Also noted: Insurance costs remained stable while depreciation fell 1.71 percent to $3,510 per year for the first five years, and maintenance costs climbed 2 percent to 5.06 cents per mile.
As for the cost of ownership for 2014, sedan owners will see a 2.7 percent decrease overall, with an average cost of 59.2 cents per mile and $8,876 per year based upon 15,000 miles driven annually.