​The cost of driving has hit a six-year low -- here's why

Drivers on a budget are getting a hefty break this year, a new analysis from AAA finds. And they can thank the global oil glut for those savings.

According to AAA, average gas prices are down nearly 25 percent in 2016, and that helps American drivers pocket about $414 per year.

"Fortunately, this annual savings more than offsets the moderate increases in maintenance, insurance, finance charges, and other costs associated with owning and operating a vehicle," said John Nielsen, AAA's managing director of automotive engineering and repair, in a statement.

On average, drivers are paying 57 cents per mile, which amounts to $713 a month or $8,558 annually. That covers everything from gas, insurance and other fixed costs that come with car ownership.

Low oil prices, which are wreaking havoc on energy companies and countries dependent on oil revenues are the only reason why drivers are getting a break. As AAA's analysis shows, other aspects of owning a car got more expensive.

Insurance costs have jumped 9.6 percent this year compared with 2015 to an average of $1,222 annually, an increase of $107. One interesting nugget: "Rising costs are likely attributable to lower gas prices, which have resulted in more miles driven, greater numbers of collisions and higher insurance payouts," AAA wrote.

Depreciation has risen 2.9 percent to $3,759 per year, an increase of $105. AAA attributed the increase to strong auto sales -- as more new cars hit American roads, more used vehicles become available, pushing down prices.

Maintenance costs are up 3.3 percent to $792 per year, an annual increase of $25. According to AAA, a recent survey found that 35 percent of Americans have skipped or delayed recommended service or repairs. Ignoring maintenance can lead to higher repair costs down the line.

License, registration and taxes have increased 3.3 percent to average $687 per year, an increase of $14.

Finance charges have edged up about $14 per year, an increase of 2.1 percent. The increase can be attributed to higher new car prices, AAA noted.

Tires have seen the smallest price increase, inching up 1 percent bump to $150 a year, an increase of a mere $3 over last year.