The most expensive states to own a car, ranked - Forbes Advisor Study
Hi The Auto Channel News Team,
With car insurance rates increasing by nearly 15% in 2023 and auto loan
delinquencies rising nationwide, the cost of car ownership remains a pain
point for Americans.
In some parts of the country, car ownership poses a greater financial
burden for drivers due to the high cost of gas, repairs and car insurance.
So, which states are the most expensive to own a car?
To find out, Forbes Advisor analyzed gas prices, car repair costs, car
insurance rates and monthly auto loan payments for all 50 states.
California and Nevada tied as the most expensive states to 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.
Seven of the 10 most expensive states for car ownership are located in
the Pacific and West.
Six of the 10 least expensive states for car ownership are in the
Connecticut is the most expensive state for car repairs (Connecticut
residents pay $418.37 on average for check engine light-related car
New York is the most expensive state for full coverage car insurance
($4,769 per year).
Find the full report, including the methodology and infographics, here
Please feel free to reference any of these findings with attribution to
â€œForbes Advisorâ€??? and a hyperlink to our full report.
If you have any questions, please let me know!