Mercedes or Ford, It Costs a Lot More Than You Think

Your Car Could Be Driving Your Budget Into the Ground

By Andrea Coombes, WSJ
March 15, 2014 8:26 p.m. ET

Ever wonder where your money disappears every month? Take a look in your garage.

Your car could be driving your budget into the ground.

If you're driving 15,000 miles a year—not uncommon for an American worker—in a midsize sedan such as a Toyota Camry or Ford Fusion, you'll spend more than $760 a month on average, or $9,150 a year, on gas, maintenance, tires, full-coverage insurance, license and registration costs, depreciation and finance charges.

That's according to an annual report by AAA, the auto club, on driving costs in 2013, based on buying a new car and driving it for five years and 75,000 miles.

But your costs easily could be higher.

Got an SUV? It will cost you about $967 a month, or $11,600 a year, according to AAA.

(More here. NOTE: Consumer Reports also covers annual car ownership costs here.)