Cost of Owning Car Unchanged Despite Lower Gas Prices
KENNEWICK, Wash.-- The cost of owning and maintaining a car hasn't changed much over the past year, despite a huge drop in the price of gas.
You may think the cost of driving has decreased since gas prices fell, but, a new AAA study shows it's actually stayed the same because of many factors.
First, the Environmental Protection Agency changed how they determine miles per gallon. They now estimate most cars get fewer miles to the gallon than first thought.
Second, it now costs more to own a vehicle. The study says that insurance premiums went up, as did finance charges for buying a new car. It also shows that other fees and taxes that have gone up in most states.
Third, the study shows that cars have depreciated in value more.
AAA estimates the cost to own and drive a typical sedan is almost $8,100 a year.