Car Ownership Costs on the Rise

It's not just gas — the cost of owning a car is going up across the board, from parking fees to new tires. Oh, and you can also add to that list oil changes, parts replacement and repair, car rentals, and body work. Basically, if it's auto-related, count on it costing more.

According to AAA, the average cost of car ownership will rise from $7,823 in 2007 to $8,121 in 2008.

In large part, this is due to the decline of the dollar, which makes imports more expensive. Oil, steel and any other raw material used in making auto parts now costs more, too, and, of course, costs more to transport.

This becomes a balancing act for car owners: Do you make the minor repairs and save money, or do you invest heavily in maintenance and try to put off buying a new car for as long as possible?

One car-related cost that should stay reasonable — or even decline — is auto insurance. A competitive market and strong government pressure is keeping rates in check, and if high gas prices continue to keep drivers off the road, meaning fewer accidents, prices may be driven down.

Cost to Maintain, Drive a Vehicle Gearing Up (Detroit News)