10-19-2017  12:26 am      •     
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U.S. & WORLD NEWS

OPINION

Black America’s Dreams of Homeownership Still Deferred

Charlene Crowell talks about Black homeownership and the need for financial justice in the Black community ...

On Dick Gregory's Birthday

Dr. Barbara Reynolds recalls Gregory's encouragement to write about 'the seen and the unseen' ...

Parents Deserve “Real” School Choice

Dr. Elizabeth Primas challenges Education Secretary Betsy DeVos on school choice. ...

The Fight to Protect Voting Rights Continues #StayWoke

Derrick Johnson, the interim president and CEO of the NAACP, talks about the fight to protect voting rights ...

AFRICAN AMERICANS IN THE NEWS

ENTERTAINMENT

Peter Valdes-Dapena CNN Money

NEW YORK (CNNMoney) -- Overall, the costs of car ownership have risen compared to last year, according to an annual study by AAA, which says it now costs 2% more to own a sedan than it did last year.

It costs $9,122 a year for the average sedan such as a Toyota Camry or Ford Fusion. That works out to 61 cents a mile, assuming the car is driven 15,000 miles a year.

The costs vary a lot according to the type and size of vehicle, though. It costs about $7,000 a year to own a small car in the United States but about $11,600 to own a four-wheel-drive SUV, according to AAA.

The study factored in costs such as fuel, maintenance, insurance, tires and depreciation.

Maintenance costs have risen the most, according to AAA, going up 11.26% compared to last year. Maintenance costs almost 5 cents for every mile driven. Those costs have gone up because of increases in labor costs, replacement parts prices and extended warranty prices.

Insurance costs have gone up 2.76% for sedans, AAA said. The drivers' group based its annual estimate of $1,029 assuming that a driver has a clean record. Insurance companies in seven states showed small increases for sedans of all sizes.

"Insurance was probably the area with the most variability in our study," said Mike Calkins, manager of technical services for AAA.

Fuel costs rose only 1.93% compared to last year. While the price of regular gasoline rose 3.84%, that was partly offset by improvements in the fuel economy of new cars. The cost of tires was unchanged from last year.

 

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