It is always nice to hear that you are saving money. So, allow us to give you the good news. According to the American Automobile Association’s 2015 “Your Driving Costs” study, the cost of driving is at its lowest level in four years.
The study shows that the annual cost of driving an automobile fell two percent from last year to $8,698. To arrive at this figure, the study factored in driving-related costs such as fuel, insurance, taxes, tires, maintenance, and title and registration fees associated with driving a typical sedan 15,000 miles per year. Dropping costs are largely attributable to lower gasoline prices and finance rates, which offset increases in the cost of insurance, tires, depreciation, and maintenance.
TIP: According to the automobile ownership cost study mentioned above, owners of minivans and sports utility vehicles saw even bigger savings than owners of sedans.
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