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 GOBankingRates.com. 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, GOBankingRates.com 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.