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Report: Cost Of Owning A Car Barely Up In Past Year

Kennedy Expressway Traffic

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

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CHICAGO (CBS) — Although the cost of gasoline at the pump has certainly gone up over the last 12 months, the cost of owning a car has increased only slightly.

As WBBM Newsradio’s Dave Berner reports, a new AAA report shows the cost of gas jumped almost 15 percent last year, and the cost of tires 4 percent.

LISTEN: WBBM Newsradio’s Dave Berner reports

But the overall amount for running a car is only up 1.9 percent. By comparison, the cost rose 3.4 percent over the course of 2010, USA Today reported.

The reason is we are holding onto our cars longer, which has increased the value of a used car, USA Today reported.

AAA says if your automobile was worth $15,000 last year, there is a chance it is still worth $15,000.

The motor club says it is surprised by the latest statistics, and expected that the cost would jump much more.