As all car owners know, the money spent buying a set of wheels isn't where the cost of car ownership ends โ from repairs to insurance, it costs an average of $10,728 a year, or $894 per month, to own and operate a new vehicle.
The cost of owning a car varies widely across America, though. To find out where car ownership is priciest, Forbes Advisor compared the 50 US states on gas prices, car repair costs, car insurance rates and monthly auto loan payments.
Key Findings:
- California and Nevada take joint first place as the most expensive states to own a car in. After them, Colorado, Florida and Alaska are the priciest.
- It's cheapest to own a car in Ohio, where a year of full coverage car insurance costs an average of $1,112.
- Of the ten most expensive states, seven are in the Pacific and West: California, Nevada, Colorado, Alaska, New Mexico, Washington and Wyoming.
- Six of America's ten cheapest states to own a car in are located in the Midwest: Kansas, Nebraska, Indiana, Wisconsin, Iowa and Ohio.
- Connecticut residents spend the most on car repairs of any state, shelling out $418.37 on average for check engine light-related car repairs.
- Full coverage car insurance is priciest in New York, where it costs an average of $4,769 per year.
Via Forbes Advisor.
[Image credit: Kelly Sikkema]