Total Cost Of Vehicle Ownership (TOC) Shift Up for 2010

Washington DC April 7, 2010; The AIADA newsletter reported that it’s official: driving costs are going up. The average cost of owning and operating a sedan in the USA rose 4.8 percent this year to 56.6 cents per mile, or $8,487 per year, a study out today by auto club AAA finds.

USA Today reports that rising gas prices are primarily responsible for the increased costs and also are lowering the resale or trade-in value of cars that don't get good gas mileage, says John Nielsen, director of AAA's approved auto repair and auto buying network.

Small sedans — including the Chevrolet Cobalt, Ford Focus, Honda Civic, Nissan Sentra, and Toyota Corolla — were the only category of vehicles that held their value longer than in the 2009 study.

When this year's survey was compiled in December, the national average cost of regular unleaded gasoline was $2.60 per gallon, 12.7 percent higher than last year. On Wednesday, the national average was $2.84.

According to AAA’s study, SUVs had the greatest yearly loss on resale or trade-in value. Depreciation rose 10.7 percent, to $5,003 a year, based on driving 15,000 miles annually. Large sedans had a depreciation jump of 6.1 percent to $4,828 annually.