Ever wonder what you pay in a year for your vehicle when you calculate all the related expenses?
A new study is out about the annual cost of vehicle ownership. The study, conducted by AAA, looks at the five top-selling vehicles of 2023 and estimates their operation costs (maintenance and fuel) and ownership costs (car insurance, license and registration, etc.) within a year assuming the owner drives 10k, 15k, and 20k miles. As you might imagine, the type of vehicle you drive plays a role in what you should expect to pay, but no matter what you drive, you might be surprised by how much goes into vehicle-related expenses throughout the year if you're not already keeping track.
Note that this study doesn't account for automotive repair costs, so if you hit a year where a part unexpectedly fails or something stops working correctly and isn't covered by a warranty, that will add to the cost.
Let's take a closer look at the 2023 vehicle ownership cost chart and how you can save money in a year, as well as where you might not want to save in a year.
Here's what each type of vehicle costs at the 10k, 15k, and 20k mile marks in that order:
Based on the data, pickup trucks have the highest cost annually across all mileage categories while small sedans have the smallest. While the cost by vehicle type isn't unexpected, the overall cost might be surprising if you haven't been keeping an eye on your automotive expenses. Since these costs don't happen all at once, you probably don't realize what you've been paying.
And if you love trucks and/or off-roading, as many of our customers at Treadworks and J/P Tire do, that higher expense is the nature of the beast, so to speak. You'll have to find other ways to save.
With this insight, it's only nature to ask: where can I save?
Here are a couple areas where savings are possible:
Ultimately, you can save on operational costs by choosing vehicles with lower fuel and maintenance expenses when you're in the market, but you shouldn't compromise on regular maintenance, adequate insurance coverage, or ignore depreciation costs if you're looking for a cost-effective asset.
At Treadworks and J/P Tire, we provide tire and automotive services to keep you rolling along carefree. In addition to tire services, such as a wheel and tire balance or rotation, we provide alignments, brake repairs, suspension repairs, and CV axle services. We can also help you locate fuel efficient tires as well as inspect the brakes to let you know where you're at with brake wear, so you have a better idea of when you need to service them in the future and can budget accordingly.
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