Friday, March 30, 2007

Driving Costs To Average 49 Cents A Mile This Year

It is expected to cost North Carolina motorists 49 cents for every mile they drive their sedan in 2007, if the price of gasoline in the state maintains its current average price of $2.52 a gallon for self-serve, unleaded. Gasoline costs would total $1,335 for the year or 8.9 cents a mile driving 15,000 annual miles. The price of gasoline is the most volatile factor in predicting vehicle operating costs and is the most expensive component of operating a vehicle. Depreciation is the single most expensive component of owning a vehicle. “In today’s mobile society, driving a vehicle is essential for work, play and everyday living,” said David E. Parsons, president and CEO of AAA Carolinas. “Our annual driving cost analysis allows motorists to determine just how much it costs to own and operate a vehicle in the Tar Heel State.” Based on driving 15,000 miles a year, the owner of a car would, on average, spend a total of $7,530 for insurance, maintenance, gasoline, tires, taxes, registration, depreciation and finance charges. For the first time, a calculation was also done for sport utility vehicles, which would cost $9,615 a year to own and operate – $2,085 more than the average sedan.


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