The Car Ownership Price Creep

Via LearnVest By Jacqui Kenyon ~

the cost of owning a carAnyone who owns an automobile can testify to the expense of maintaining a set of wheels gas, repairs, inspections and insurance costs can quickly consume a significant chunk of your paycheck.

A recent study by AAA reveals that the expense of owning a car is only continuing to grow. This year, people who have a basic sedan like a Toyota Camry or a Ford Fusion can expect to pay $9,122 for its upkeep, which is up 2% from last year.

The cost comes out to about 61 cents per mile driven, assuming that the vehicle clocks the average 15,000 miles in a year.

You may jump to the conclusion that the price increase is due to the outrageous cost of gasoline, but it actually has more to do with maintenance expenses which increased a whopping 11.26% since last year. Thanks to upticks in the cost of labor and replacement parts, maintenance now averages 5 cents for every mile driven.

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