Your Cost Per Mile!
It might be time to change your per mile vehicle rate. Most people think the cost of owning a car is simply the amount of their monthly payment. We generally think of mileage as gas money but running a vehicle is a lot more than that. When you take a close look at these figures, you may determine that you are not charging enough to cover your expenses.
In its yearly study on vehicle costs, the AAA found that motorists pay an average of 64.2 cents a mile, or $6,420 a year for 10,000 miles of motoring in a '03 model car, up from 62.3 cents a mile, or $6,230 a year, for an '02 model.
Based on the size of your vehicle, it will cost you more or less: 55.3 cents a mile for a compact car, 62.1 cents for a midsize car and 75.2 cents a mile for a full-size 2003. That's up from 53.4 cents, 60 cents and 73.6 cents, respectively.
Costs take into account gas, oil, maintenance and tires, as well as insurance, depreciation, financing charges, license, title and registration.
Although an increase to 55.3 cents from 53.4 cents doesn't seem like much, consider that over the typical 10,000 miles of annual driving, that's $5,530 in '03, up $190 from $5,340 in '02, to own and operate a compact such as a Chevy Cavalier.
The cost for a midsize car, such as a Ford Taurus, rose to 62.1 cents a mile, or $6,210 a year, for '03, from 60 cents a mile, or $6,000 a year, for 2002, a $210 increase.
The cost to own and operate a full-size car, such as a Mercury Grand Marquis, rose to 75.2 cents a mile, or $7,520 a year, from 73.6 cents a mile, or $7,360, a year, a $160 increase.
The costs were actually higher because the AAA study was done when gasoline averaged $1.46 per gallon for '03 and $1.19 a gallon for '02.
A midsize sport utility vehicle, such as a Chevy TrailBlazer, cost 65.4 cents a mile, or $6,540 a year, to operate in '03, up from 63.5 cents a mile, or $6,350 a year, in '02.
The study calculated cost for a two-wheel-drive vehicle, not a less fuel-efficient four-wheel-drive model.
The cost to own and operate a midsize SUV runs $330 more than a midsize car, but $980 less than a full-size car.
As for vans, the cost is 59.7 cents a mile, or $5,970 a year for '03, for a Dodge Caravan, up from 57.6 cents a mile, or $5,760 a year, for '02.
Note: These figures first apppeared in The ChicagoTribune.