Raleigh Ranks Low For Car Ownership Costs
Posted August 2, 2005
RALEIGH, N.C. — The Raleigh area ranked low on a list of cities for the cost of car ownership, according to a study by Runzheimer International.
Highest on the list were Detroit, Philadelphia and Los Angeles with yearly costs exceeding $10,360, said the company, which is a Wisconsin-based firm specializing in employee reimbursement.
Driving a typical mid-size car (represented by a 2006 Ford 500 SEL 4-door sedan) in the Detroit area costs $11,844 per year. In sharp contrast, driving this same vehicle in Knoxville, Tenn., Sioux Falls, S.D., and Grand Forks, N.D., costs the owner about $7,400.
Raleigh was slightly above those cities at $7,542.
The three highest-cost cities all share one common factor -- high auto insurance rates, the company said. The study costs include operating costs -- fuel, oil, tires and maintenance --- and fixed costs -- insurance, depreciation, taxes, and license fees. Factors are based on operating the vehicle for four years with an average of 15,000 miles driven per year within a 50-mile radius of the city.
Here are how some cities ranked: Detroit $11,844 Philadelphia $10,672 Los Angeles $10,361 Boston $9,660 Miami $9,216 Baltimore $9,125 Denver $8,949 Houston $8,467 Topeka, Kan $8,078 Raleigh $7,542 Grand Forks, N.D. $7,423 Sioux Falls, S.D. $7,401 Knoxville, Tenn. $7,399