How to save on driving expenses
April 7th, 2008, 12:37 pm · Post a Comment · posted by Ed Taylor
Motorists can save $3,000 or more a year by switching from a large model to a smaller vehicle, according to a study by AAA.
The auto club has released the 2008 edition of its annual report called Your Driving Costs, which compares the operating costs of different vehicle makes and models to help consumers budget for annual auto expenses.
The study found that not only are gasoline prices higher, but other driving related costs also have increased, including tires, financing, licenses, registration and taxes. The average cost to own and operate a vehicle is 54.1 cents a mile or $8,121 per year, an increase of nearly two cents per mile and $300 from last year, the association said.
According to the study, a small sedan driven 10,000 miles a year cost $5,512 to operate vs. $8,583 for a large sedan. At 20,000 miles, the cost difference was $7,146 vs. $10,960.
Separately the association also calculated the costs of driving a four-wheel drive SUV and a minivan. Those costs range from $7,492 to drive a minivan 10,000 miles a year to $11,815 to drive an SUV 20,000 miles.
The study makes clear that motorists can save substantial amounts of money by simply downsizing and driving less, AAA said.
A copy of the 2008 study can be accessed at www.aaaaz.com/news/documents/DrivingCosts2008.pdf