The Average Yearly cost of Owning a Car

According to the National Association of Insurance Commissioners, where you reside in this vast United States, the cost of car ownership varies; although not as much as this writer would have thought. As we are all aware, a car is one of the biggest purchases we will ever make. And it will keep costing us money, year after year, even if we manage to avoid what may be considered an “unreliable model.”

Vehicle ownership expenses — including insurance, repairs, fuel and fees — are not uniform across the U.S. Rather, they vary from place to place. The cheapest state, Ohio, when one adds up all the costs, is the opposite of the most expensive state in which to own a vehicle-Wyoming. Surprised? We were.

The methodology used by NAIC involved the most current average car insurance premiums by state, and typical car repair costs from CarMD. Spending on annual gasoline, per person by state was provided by the U.S. Energy Information Administration. Yearly fees and taxes were found using the Edmunds’vehicle Cost to Own tool. In those states where fees and taxes are based on the vehicle, it was assumed that the car was a popular 2019 Toyota Camry model that had been purchased new in 2018.camry

Following is a list by state of the cost of car ownership in the U.S. from lowest to highest:

*Ohio ($2241.16): Least Expensive
*Illinois ($2287.96)
*Wisconsin ($2293.22)
*Idaho ($2,320.45)
*Kansas ($2327.10)
*North Carolina ($2,373.27)
*Indiana ($2419.22)
*Hawaii ($2426.90)
*Pennsylvania ($2439.25)
*Utah ($2449.78)
*Virginia ($2451.14)
*Vermont ($2474.01)
*Oregon ($2475.91)
*Tennessee ($2491.15)
*Arkansas ($2494.86)
*Iowa ($2510.92)
*Missouri ($2517.47)
Washington ($2527.87)
*New Mexico ($2542.30)
*South Dakota ($2545)
*New Hampshire ($2549.09)
*New York ($2558.03)
*Kentucky ($2562.99)
*Massachusetts ($2578.36)
*West Virginia ($2580.60)
*Oklahoma ($2616.98)
*Georgia ($2628.72)
*Minnesota ($2661.41)
*North Dakota ($2664.62)
*Maine ($2669.41)
*Rhode Island ($2669.68)
*Colorado ($2698.43)
*Nebraska ($2698.59)
*Connecticut ($2704.96)
*Mississippi ($2735.05)
*Alaska ($2741.29)
*Arizona ($2748.05)
*South Carolina ($2748.97)
*California ($2760.42)
*Florida ($2766.29)
*Texas ($2766.92)
*Maryland ($2777.45)
*Alabama ($2810.29)
*Nevada ($2945.35)
*Michigan ($2950.73)
*Montana ($2955.37)
*Louisiana ($2958.68)
*New Jersey ($2972.54)
*Delaware ($2998.23)
*Wyoming ($2998.52): Most Expensive


*Credit goes to Doug Whiteman for the original article, Moneywise.

Filed under: Uncategorized

Leave a comment