The Real Cost of Owning Your Car: $9,000!

by Gerri Willis

 

If you thought your home was expensive, wait until you hear how much owning a simple car is costing you.

According to a new report from AAA, the cost of owning a car is up roughly 2% from 2012.

That breaks down to an increase of more than a cent for every 15,000 miles to nearly 61 cents a mile... or more than $9,000 a year.

This covers everything from maintenance, gas, insurance and depreciation.

The report shows maintenance costs had the biggest jump, more than 11%, to five cents a mile on average.

Insurance costs are also skyrocketing. They are up nearly 3%, or $28, to more than $1,000 a year and that's only if you have a good driving record.

Gas prices are actually on the decline, and an increase in fuel efficiency is helping to keep fuel costs from rising year after year.

In fact, the price for an average gallon of gas today is $3.52, and just a year ago it was $3.91.

Depreciation costs ticked up just slightly.