What are The 3 Most Expensive States that own a car? The expenditures associated with owning an automobile go beyond the initial purchase price, including maintenance and insurance charges. According to AAA, a new car will cost $10,728 yearly, or $894 monthly, to buy and run in 2024. It is 10.99% more than in 2023.
The high cost of petrol, auto maintenance, and auto insurance makes owning a car more expensive for drivers in some regions of the nation.
The Advisor examined monthly auto loan payments, petrol prices, auto maintenance expenses, and auto insurance rates across all 50 states to identify The 3 Most Expensive States that own a car. For automobile ownership.
3 Most Expensive States that Own a Car (2024)
1 California (a tie)
California received a score of 100 points.
California and Nevada were tied for the 3 Most Expensive States that Own a Car. State in the US to own a car, with the latter having the third highest average auto repair cost ($415.66)and the former having the second highest petrol price ($4.76 per gallon of standard fuel).
Additionally, drivers in California pay, on average, the tenth-highest annual premium ($2,462 for full coverage auto insurance).
2. Nevada ranks first (tie)
Nevada and California are tied for Most Expensive States that Own a Car.
Nevada has the third-highest gas prices in the US ($4.24for a gallon of standard gasoline).
Silver State drivers are tied with North Dakotan drivers for the tenth-highest average monthly vehicle loan payment ($582) and pay the sixth-highest average yearly premium for full-coverage auto insurance ($3,342 annually).
3. Colorado
Colorado’s rating is 96.53% out of 100.
Drivers in Centennial State spend the second most Expensive States that Own a Car ($417.14) on auto repairs linked to check engine lights.
Colorado ranks tenth in the cost of full coverage auto insurance ($2,489 annually)and fifth in the price of petrol purchases ($4.09 per gallon of regular gas).
How to Lower the Cost of Owning a Car
You can’t avoid the costs associated with automobile ownership. Gas-powered cars require fuel; in almost all states, you must have auto insurance to drive lawfully. However, there are methods to lower the price of owning a car.
Cut back on the consumption of gasoline.
Although the price of petrol cannot be changed at the pump, you might be able to use less:
To save miles and money on petrol, figure out the most efficient route to all the locations you need to visit rather than making several journeys.
By eliminating extra weight from your car and turning down the air conditioning, you can reduce how much gas you use.
When feasible, use public transit and keep your automobile for times when you really must drive.
Read more: How do I Use an Insurance Claim to Pay for Car Repairs?
What exactly Is the Cost of a car in Your State?
Car ownership is expensive wherever you reside. However, some jurisdictions make owning a car more expensive than others. Depending on where you live, you’ll pay significantly different amounts for maintenance, auto insurance, gasoline, taxes, and other expenses.
The most and least costly states to own a car are those where we’ve examined the data. The rates for vehicle insurance displayed are based on research done for U.S. News by Quadrant Information Services.
We utilized research on fuel prices from the U.S. Energy Information Administration of the Department of Energy, which displays the per capita cost of gasoline use in each state. It shows more than just the cost.
Of gasoline, as well as the distance traveled by citizens of a state. The influence of electric automobiles, which now comprise a very small portion of the market, is not considered.
Further data on the Most Expensive States that Own a Car, such as upkeep, repairs, fees, and taxes, is obtained from Vincentric, a research business that serves the automobile industry. Based on five years of ownership experience, we have calculated the average one-year cost of taxes and fees using the firm’s data.
Before purchasing a car, check the price of auto insurance.
When purchasing a car, the price of the vehicle is undoubtedly important, but what about the costs of petrol, maintenance, repairs, and auto insurance?
Consider these aspects to avoid finding yourself financially in a tight spot when you drive off the lot.
Smaller engine automobiles use less petrol, and you may pick from various hybrid and electric vehicles to reduce your reliance on gas. To prepare you for what to expect before you buy, several automobile sites with dependability assessments include expenses for maintenance and repairs.
Methodology
Our researchers gathered many cost data points for each of the four main areas of automobile ownership costs—fuel, vehicle insurance, taxes, and repairs. To make comparisons simpler, we averaged the costs for each category and converted them to a 100-point scale proportionate to the cost disparities. Then, using a 100-point scale, we created a single cost data score for each state by weighting the categories according to how they affected the expenses of automobile ownership.
FAQ’S
In what 3 Most Expensive States that Own a Car?
Key Takeaways
- California and Nevada are the Most Expensive States that Own a Car in the U.S., followed by Colorado, Florida and Alaska.
- Ohio is the least expensive state to own a car, followed by Iowa, Wisconsin, Maine and New Hampshire.