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Cost of Owning a Car for a Year in Every State

GOBankingRates Logo By Karen Doyle of GOBankingRates | Slide 1 of 52: Owning a car is a necessity for many, but it’s also expensive. Car prices vary, but there are other expenses that add up as well, like taxes and fees, gas, repairs and, of course, insurance. To find out how much it costs to own a car in each state, GOBankingRates looked at the true cost to own a new car for a year in each state.
To compare costs, the survey used the average price of $36,843 for a car, with a 20% down payment of $7,369. The survey assumed a 60-month loan for someone with good credit, resulting in monthly payments of $598, or $7,176 per year. These costs are fixed and are not shown separately for each state.
That’s the purchase price, but what are the total costs involved in owning a car? The study shows the variable cost to own a car in each state. These include sales tax, registration fees, insurance premiums, fuel and maintenance and repair costs. The vehicle was assumed to be a Toyota Camry weighing 3,300 pounds, with a 14-gallon gas tank that is filled up once per week. These add up to the total cost of ownership of a new car for the first year, on average. Now, do you know how much is costs to own a car in your state?

Owning a car is a necessity for many, but it’s also expensive. Car prices vary, but there are other expenses that add up as well, like taxes and fees, gas, repairs and, of course, insurance. To find out how much it costs to own a car in each state, GOBankingRates looked at the true cost to own a new car for a year in each state.

To compare costs, the survey used the average price of $36,843 for a car, with a 20% down payment of $7,369. The survey assumed a 60-month loan for someone with good credit, resulting in monthly payments of $598, or $7,176 per year. These costs are fixed and are not shown separately for each state.

That’s the purchase price, but what are the total costs involved in owning a car? The study shows the variable cost to own a car in each state. These include sales tax, registration fees, insurance premiums, fuel and maintenance and repair costs. The vehicle was assumed to be a Toyota Camry weighing 3,300 pounds, with a 14-gallon gas tank that is filled up once per week. These add up to the total cost of ownership of a new car for the first year, on average. Now, do you know how much is costs to own a car in your state?

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