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Most Expensive Places to Own A Car in the U.S.


If you think buying gas is the biggest expense associated with owning a car, think again. Auto insurance is the most expensive aspect of owning a vehicle and unfortunately, drivers in some states will pay hundreds, if not thousands more than drivers in other states. Even worse is, where you live in any given state can affect your auto insurance premiumsas well. At $5,162, Detroit, Michigan currently has the highest average annual auto premium, while Eau Claire, WI ($869) ,has the lowest.

Maintenance, state taxes, fuel, and even depreciation, also play an important role in how much or how little it will cost to own and operate a vehicle in any given area of the U.S. Maintenance vary from state to state as well as taxes, so a person living in say, Hawaii ($3,705) may spend around $3,705 in maintenance costs each year, while a motorist in California may spend around $4,335. This adds up to a significant difference of $630 per year. Taxes and fees can add up to thousands more in places such as Nevada (currently at $4,036), than in places such as Alaska currently at $538.

Based on insurance costs alone, the five most expensive places to own a car in the U.S. include:

1.    Detroit, MI ($5,162)
2.    Philadelphia, PA ($3,779)
3.    Newark, NJ ($3,381)
4.    Los Angeles, CA ($3,027)
5.    Hempstead, NY ($2,764)

If you add in the costs of depreciation, finance, fuel, taxes and fees, interest, maintenance, and repairs, you will find the most expensive places to own a car on the state level only. Unfortunately, the most reliable figures are determined using data collected at the state level not at the city level. With the exception of the top five or so most expensive cities for auto insurance, data for most cities is virtually non-existent. The vast majority of detailed studies have only been done at the state level.

The top ten most expensive states to own a car based on taxes & fees, repairs, maintenance, fuel costs, finance & interest, depreciation, and auto insurance include:

1. Hawaii ($59,457)
Taxes & Fees: $1,847
Repairs: $939
Maintenance: $3,705
Fuel Costs: $14,833
Finance & Interest: $6,237
Depreciation: $19,152
Auto Insurance: $12,744
Cost to Own Total: $59,457

2. California ($59,347)
Taxes & Fees: $3,282
Repairs: $1,120
Maintenance: $4,335
Fuel Costs: $14,280
Finance & Interest: $6,467
Depreciation: $18,194
Auto Insurance: $11,670
Cost to Own Total: $59,347

3. Alaska ($58,052)
Taxes & Fees: $538
Repairs: $1,078
Maintenance: $4,097
Fuel Costs: $13,846
Finance & Interest: $5,966
Depreciation: $19,143
Auto Insurance: $13,384
Cost to Own Total: $58,052

4. Nevada ($57,763)
Taxes & Fees: $4,036
Repairs: $1,078
Maintenance: $4,191
Fuel Costs: $13,406
Finance & Interest: $6,110
Depreciation: $18,326
Auto Insurance: $10,616
Cost to Own Total: $57,763

5. West Virginia ($57,532)
Taxes & Fees: $2,068
Repairs: $973
Maintenance: $3,849
Fuel Costs: $13,799
Finance & Interest: $5,627
Depreciation: $18,185
Auto Insurance: $13,031
Cost to Own Total: $57,532

6. Connecticut ($57,303)
Taxes & Fees: $2,190
Repairs: $1,053
Maintenance: $4,096
Fuel Costs: $14,090
Finance & Interest: $5,609
Depreciation: $18,208
Auto Insurance: $12,057
Cost to Own Total: $57,303

7. Louisiana ($56,850)
Taxes & Fees: $2,715
Repairs: $905
Maintenance: $3,657
Fuel Costs: $12,936
Finance & Interest: $5,714
Depreciation: $18,049
Auto Insurance: $12,874
Cost to Own Total: $56,850

8. Washington ($56,736)
Taxes & Fees: $2,357
Repairs: $973
Maintenance: $3,845
Fuel Costs: $13,335
Finance & Interest: $5,748
Depreciation: $18,185
Auto Insurance: $12,293
Cost to Own Total: $56,736

9. New York ($56,147)
Taxes & Fees: $2,826
Repairs: $897
Maintenance: $3,628
Fuel Costs: $14,183
Finance & Interest: $5,869
Depreciation: $18,201
Auto Insurance: $10,543
Cost to Own Total: $56,147

10. Arizona ($56,080)
Taxes & Fees: $4,232
Repairs: $1,061
Maintenance: $4,143
Fuel Costs: $12,832
Finance & Interest: $6,308
Depreciation: $18,229
Auto Insurance: $9,275
Cost to Own Total: $56,080

Sources

Forbes: http://www.forbes.com
Insurance Information Institute: http://www.iii.org/

Michelle Burton is a published author and contributing editor for Auto Insurance Tips, Internet Brands, and Publications International, Ltd.
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  1. Finding low cost auto insurance rates in Hawaii has never been easier.If you live in the Hawaiian Islands, you are required by law to carry certain Hawaii auto insurance coverages.
     
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