Cost per mile — car ownership
According to a recent AAA, car ownership cost per mile went up by almost 9% in 2019. The study shows that electric and hybrid vehicles and small sedans have the lowest cost per mile, while trucks are the most expensive. However, the rise in car ownership cost was driven more by vehicle complexity in 2019 than inflation.
Electric vehicle 6.60 cents
Hybrid vehicle 7.70 cents
Small sedan 8.53 cents
Minivan 8.73 cents
Half-ton crew cab pickup (4wd) 8.77 cents
Small SUV (fwd) 9.09 cents
Medium sedan 9.18 cents
Large sedan 9.49 cents
Medium SUV (4wd) 9.60 cents
Auto Finance costs were up in 2019
Loan interest rates for new car purchases jumped 24% in 2019. That rise in interest rates pushed the annual cost of car ownership to average of $9,282. In fact, finance charges in 2019 rose faster than any other cost factor in car ownership. The higher ownership cost has forced more new car buyers into obtaining 72-month loans.
Cheapest cars to own
The biggest cost of car ownership is depreciation. Since larger SUVs and trucks depreciate faster than small SUVs and small sedans, you’ll pay more to own them. The following annual car ownership costs were calculated in 2017 by the AAA and are based on an average of 15,000 miles driven per year.
AAA calculates that new vehicles lose almost $15,000 value within the first five years of ownership.
Small Sedan $7,114
Small SUV $8,394
Medium Sedan $8,643
Medium SUV $10,265
Large Sedan $10,403
Gasoline costs were up in 2019
Gasoline prices rose to 11.6 cents per mile in 2019, a 5% increase.
Auto license fees rose by 1.9% in 2019