Owning A Car More Expensive Than Ever In 2008 - AAA Estimates $.55/Mile Costs

[hatrack]

PRINCETON, N.J. (MarketWatch) -- Owning a car is more expensive than ever. Record prices at the pump for gasoline -- and its main ingredient crude oil -- will lift the cost of driving to 54 cents per mile this year or an annual average of $8,121, according to a new report from the motorist group AAA.

"While the cost of some driving expenses declined since the start of 2007, higher gasoline prices have more than offset these savings and pushed the overall cost of vehicle ownership and operation higher this year," said John Nielson, director of AAA's Approved Auto Repair network.

But the AAA report may already be outdated since the price tag associated with driving was generated using an average fuel cost of $2.941 per gallon, the price in late 2007. This week the U.S. Energy Department reported that the average U.S. retail price of gasoline rose to $3.33 per gallon, four cents higher than the previous week and 53 cents higher than a year ago. The agency also warned that prices are set to go even higher this summer, with some regions likely to see $4 a gallon gasoline.

Other factors like the size of the vehicle or location can also cause the calculation to rise or fall. For example, the cost to operate a small sedan model vehicle like a Honda Civic is estimated at $6,320, while a four-wheel drive mid-size sport utility vehicle like a Ford Explorer is $10,448. Additionally, gasoline prices tend to be higher on the West Coast and in certain Northeast states.

EDIT

http://www.marketwatch.com/news/story/cost-driving-jumps-car-buying-vacation/story.aspx?guid=%7B59FA514A%2D619F%2D4B5F%2D9763%2D3A2C95308CBD%7D

[JohnyCanuck]

1. New car design modification gets fantastic mileage

Seems this car by a Montreal inventor might just be the cheapest car to run yet. For one thing, nothing in its class can beat it on the mileage figures.

http://www.thestar.com/News/GTA/article/410165

[tinrobot]

2. They don't factor in the cost of shoe repair, though.

n/t