Cost of owning a car drops to 6 year low - WFSB 3 Connecticut

Cost of owning a car drops to 6 year low

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AAA says cost of car ownership dropped AAA says cost of car ownership dropped
HARTFORD, CT (WFSB) -

The best time to purchase or lease a new car is now, according to a recent study published by AAA. The recent decline in gas prices lifted a weight off of annual car ownership for 2016.

The annual cost to own and operate a car has fallen to a six year low of $8,600.

The study details the purchase of the vehicle, cots of maintenance, and fueling costs.

“American drivers will save hundreds of dollars in fuel costs this year – with the cost of filling up down 25 percent over last year,” says AAA spokesperson Amy Parmenter.

A driver can expect to spend 57 cents for each mile driven, or about $713 a month, including fuel, insurance and maintenance.

Compared to last year, fuel costs have dropped nearly 25 percent to $2.14 a gallon. However, other costs such as insurance, depreciation, maintenance and registration rates have remained steady or increased.

Driving a smaller sedan costs nearly $2,000 less than a larger vehicle, but Parmenter states, “Many consumers may mistakenly believe minivans are more expensive to drive than large sedans.”

“But, with lower gas prices, the minivan offer drivers the flexibility of transporting more people and cargo while remaining more affordable to own and operate,” Parmenter said.

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