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Cost Of Owning A Car Way Up

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Kennedy Expressway Traffic

Traffic on the Kennedy Expressway on April 5, 2011. (Credit: CBS)

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CHICAGO (CBS/WBBM) – It’s getting more expensive to own a car.

As WBBM Newsradio 780’s Regine Schlesinger reports, the finding comes from a new study by AAA.

LISTEN: Newsradio 780’s Regine Schlesinger reports
http://cbschicago.files.wordpress.com/2011/04/mp3_bc_-wav_carts_aaa-v1-4-5-11.mp3

The study of driving costs finds a 3.4 percent hike in what it costs to drive a sedan. Based on 15,000 miles of driving a year, the average cost rose 1.9 cents a mile to $8,776 per year.

The average cost for driving a sedan was 58.5 cents a mile, CBS 2’s Kris Habermehl reports.

For sport-utility vehicles, the figures are even more alarming. The annual cost is $11,239 per year, or 75 cents per mile.

The biggest increase is the cost of tires, which is up 15.7 percent because of costs for raw materials.

While many cars are getting better fuel economy, the study says the rising cost of gas is wiping out the savings, and your car is depreciating 5 percent faster than it has in the past.

The only cost to fall is insurance and maintenance.

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