Wednesday , September 13 2017
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Gr8Lakes Camper: The most and least expensive states to own a car

From the bloggers at Gr8Lakes Camper.

There’s a $7,216 cost difference between owning a car in Michigan and New Hampshire, finds a new study from personal finance website The study considered the costs of six key factors affecting the expenses of owning a vehicle in all 50 U.S. states and the District of Columbia.

Outside of the sticker price of purchasing or financing a new set of wheels, evaluated the following expenses to generate a national ranking:

  • Car sales tax
  • Title fees
  • Registration fees
  • Average annual car insurance premiums
  • Annual gas expenses
  • Average car maintenance and repair costs

“The common costs of owning a car outside of the car payment quickly add up – our survey found that the average costs of owning a car for three years is $11,227,” said Elyssa Kirkham, lead reporter on the study for GOBankingRates. “Typically, car owners should keep their costs low – around 15 percent of their income for the car payment, insurance, gas, and so on – which is trickier in states with higher car costs.”

To read the full story by Gr8Lakes Camper, click here.

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