The American Automobile Association has released its annual ‘Your Driving Costs’ study. The study shows a 1.9 percent increase in the cost of owning a car. This translates to an average cost of $8,946 per car per year, which includes things like fuel, maintenance, insurance, and finance repayments.
This news is not entirely surprising, given the rise in fuel costs over the last year. Pump prices are up almost 15% since last year’s report. The cost of tires has also risen 4.2%, an increase mainly caused by a rise in the cost of raw materials.
The findings in the AAA report were based on a driving cycle of 15,000 miles a year.