Lower costs at the pump have many used car owners thinking they’ve been saving money, but the AAA says motorists have seen an insignificant drop in ownership so far this year.

According to the automobile association, drivers currently spend 54 cents per mile – 0.1 cent less than last year.

The AAA’s Daily Fuel Gauge Report says the average price of regular unleaded gasoline is at $2.047 per gallon, far below the $3.331 motorists saw a year ago today and less than half the $4.114 consumers paid for a gallon last July.

Marshall L. Doney, vice president of AAA Automotive, says that while gas prices have dropped significantly from a year ago, drivers are facing increases in other automotive expenses.

“While motorists are experiencing relief at the pump, those savings have been countered by revised Environmental Protection Agency fuel economy estimates and increases in vehicle ownership costs such as insurance premiums, depreciation, finance charges and other fees and taxes,” he said.

In what may be surprising to some, the cost of ownership of an SUV has actually fallen 1.9 cents per mile, according to the report. Although they have seen a rise in depreciation and insurance costs, SUV owners pay 68.4 cents per mile – or $10,259 per year – to own their vehicle.

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