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The cost to own and operate an average sedan has risen 4.8 percent to 56.6 cents per mile, or $8,487 per year, based on 15,000 miles of annual driving, according to the latest edition of AAA’s annual “Your Driving Costs” study. AAA’s research set the following costs to own and operate the following vehicle categories at:
• Small sedan: 43.3 cents per mile/$6,496 per year
• Medium sedan: 56.2 cents per mile/$8,436 per year
• Large sedan: 70.2 cents per mile/$10,530 per year
• 4WD SUV: 73.9 cents per mile/$11,085 per year
• Minivan: 62.0 cents per mile/$9,301 per year.

Rising fuel prices were a key factor. Rising tire and insurance costs also contributed to the increase in overall costs.

“Paying more at the pump is not only increasing the operational costs of vehicles, but it’s also affecting depreciation values,” explained John Nielsen, director of AAA auto repair and buying. “With the growing appeal of more fuel-efficient vehicles, small sedans are experiencing less depreciation and holding their value longer, while we’re seeing notable rises in depreciation costs with categories of less fuel-efficient vehicles.”

The small sedan category experienced the smallest overall increase, rising only 2.9 percent from last year to 43.3 cents per mile, or $6,496 per year. AAA attributed the minimal increase to the increased popularity of small sedans triggered by higher fuel prices. This resulted in the small sedan category being the only one where depreciation costs were lower than last year, falling 1.9 percent.

With more consumers seeking fuel-efficient vehicles, categories of vehicles not known for good fuel economy were hit with sizable increases in deprecation. The SUV category experienced the largest increase with yearly depreciation rising 10.7 percent, or $484, to $5,003 yearly. Large sedans had a depreciation jump of 6.1 percent to $4,828 yearly, while minivan depreciation increased 4.6 percent to $3,995 yearly.