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04-18-2013, 11:43 AM | |
In Search of a Life
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AAA: The average cost of your car per year: $9100
http://www.usatoday.com/story/news/n...costs/2070397/
The average owner of a sedan has to shell out nearly $10,000 a year to own and operate that car, according to auto club AAA. A new AAA reports shows, on average, the cost of driving 15,000 miles a year rose 1.17 cents to 60.8 cents per mile, or $9,122 per year. Overall, that's a roughly 2% increase on the cost of operating a car last year. Auto club AAA studies five cost categories – maintenance, fuel, tires, insurance and depreciation – for its annual "Your Driving Costs" study. The biggest percentage increase this year was in maintenance costs, which grew by 11.26% to 4.97 cents per mile, on average, for sedan owners. Average costs in all categories are lower for smaller vehicles and higher for bigger ones. The maintenance cost estimates are based on the cost to maintain a vehicle and perform needed repairs for five years and 75,000 miles, including labor expenses, replacement part prices and the purchase of an extended warranty. "As a vehicle gets older you tend to encounter more significant repair costs," says Michael Calkins, AAA's manager of technical services. Since last year's study, there were substantial increases in labor and parts costs for some models, and a significant rise in the price of extended warranties. "People are keeping cars longer," Calkins says. "Extended warranties are seeing a bit of an increase in claims. That's where the costs have gone up." The second biggest increase: Insurance costs, which rose 2.76%, or $28, to an annual average of $1,029. AAA's insurance cost estimates are based on a low-risk driver with a clean driving record. Fuel costs rose 1.93% to 14.45 cents per mile for the average sedan owner. The actual average cost of regular gas went up 3.84% to $3.49 per gallon; but several of the vehicles in the AAA study had small improvements in fuel efficiency, which partially offset the fuel cost increase. Depreciation costs, which had dropped in last year's study, ticked upward slightly, by .78% to $3,571 a year. That might be because, as new vehicle sales recover, more used cars are available, which has softened the resale value of clean older models, Calkins says. "The length of time people keep cars has been going up for the past several years, since the real estate crash," he says. "The average age of the vehicle on the road now is 11.1 years. It's not just for financial reasons that people are keeping cars long. The quality of the cars is also improving." Tire costs did not change from last year, remaining at about one cent per mile, on average, for sedan owners. AAA has published "Your Driving Costs" since 1950. That year, gas cost 27 cents a gallon, and it cost about 9 cents a mile to drive 10,000 miles a year AAA report: http://newsroom.aaa.com/wp-content/u...gCosts2013.pdf |
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04-20-2013, 10:30 PM | #76 |
The Maintenance Guy
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As I mentioned earlier, we paid $10,200 for a 5 yr old Camry that originally stickered for around $25k. So that's what, around 40%? And it's a Toyota that generally holds better resale value than other cars. While I think 30% for a 4 yr old car is pushing it, it's not that far off. CarMax isn't exactly the best place to go looking for good deals either.
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04-20-2013, 10:33 PM | #77 |
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My expenses:
Depreciation: $2000 Insurance: $750 Gas: $1100 Tires and Maintenance: $500 I'm under $4500. |
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04-20-2013, 10:47 PM | #78 |
The Maintenance Guy
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So exactly how are you supposed to calculate depreciation? When I figured up my cost per year I just spread the cost of the vehicle over the time I owned it, but that still doesn't take into account what I'd get for the vehicle when I sold it. But I don't see how you could accurately calculate depreciation without knowing what you'd get for it either.
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04-20-2013, 10:49 PM | #79 |
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Depreciation on my last vehicle was around $600 per year. If you buy new and drive it for a long time the depreciation doesn't hurt you that badly.
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04-20-2013, 10:52 PM | #80 |
The Maintenance Guy
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And if you buy a few years old and drive it for a long time, it hurts you even less badly. The numbers R8ers posted may be whack but the strategy isn't.
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04-20-2013, 10:53 PM | #81 | |
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Quote:
For my last vehicle, I bought a brand new stripped down F-150 for under $11K in 1994. I drove it for 18 years and sold it for $500. That works out to about $600 of depreciation per year. |
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04-20-2013, 10:55 PM | #82 |
The Maintenance Guy
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I couldn't imagine driving the same vehicle for 18 yrs. That's incredible.
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04-21-2013, 07:13 AM | #83 | |
Molôn Labé
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Quote:
You can think of it like this though New 30k CAR Payments 400 per Insurance Bump say 50-100 per month more Depreciation - at least 100 bucks a week for the first 4 years That new car cost is around 900 bucks a month not including maintenance Only way to determine the actual depreciation is by how long you drive it after the payment book is empty. Trade it before it's paid off at fair market value and you just took a high hard one in |
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04-21-2013, 07:22 AM | #84 |
The Maintenance Guy
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If you're talking trade-in values then I'd believe that 70% over 4 yrs.
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04-21-2013, 07:27 AM | #85 | |
Molôn Labé
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Quote:
Yup.................. Private sale is always a different beast... Suckers can be found everyday. Something is worth what someone is willing to pay for it but I be damned if I will buy a 2008 pickup on CL with 180k for 50% of the original sticker... Oh they like to say "Highway Miles" **** that... People get ripped everyday |
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04-21-2013, 07:30 AM | #86 |
Molôn Labé
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Best deal I have gotten is the 1994 Mazda I have
I bought it with 148k on it for 1000 dollars 6 or 7 years ago, I drive it to work and to haul mulch and stuff... It has almost 204k on it now and still driving it to work and back round trip of 60 miles most days. |
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