Don't Waste Your Money: Cost of owning car hits new high - 14 News, WFIE, Evansville, Henderson, Owensboro

Don't Waste Your Money: Cost of owning car hits new high

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(Toledo News Now) -

When most of us think about the cost of driving we think about gas prices, but there may be additional costs you are forgetting.

AAA Report Eyeopening

If you own a car, you know that fuel and upkeep is expensive. However, a new report from AAA is eyeopening when it comes to what we really pay every year to own and drive our cars. Sure, a shiny new car is expensive, but your older car could be even more expensive due to rising repair costs, the cost of new tires, and lower gas mileage compared to newer models. 

According to AAA, the average car now costs $9,000 a year to operate, and that doesn't include your monthly car payment. The cheapest are small cars, averaging $7,000 a year. A large car is $9,000 and a full-sized SUV costs $12,000 a year, primarily due to the extra gas it consumes.

Car Repair Costs On The Rise

From the doesn't that stink file comes the soaring cost of car repairs. AAA says the biggest increase this year for car owners is not gas, but the cost of repairs, which are up 11 percent from 2012. It blames price increases on factory parts, labor rates, and extended warranties, which are getting more expensive from too many claims.

The Good News

AAA predicts this summer's gas prices should be lower than last year's, assuming there's no major world crisis or hurricane. Supplies and refineries are in better shape than a year ago, keeping those gasoline costs down, so you don't waste your money.

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