New Survey Calculates Average Costs of Car Ownership | Edmunds

New Survey Calculates Average Costs of Car Ownership


LOS ANGELES, California — The average costs of owning a car for three years is $11,227, besides the cost of the vehicle itself, according to a new survey from GoBankingRates.com.

"The common costs of owning a car outside of the car payment quickly add up," said Elyssa Kirkham, lead reporter on the study. "Typically, car owners should keep their costs low — around 15 percent of their income for the car payment, insurance, gas and so on — which is trickier in states with higher car costs."

Car-ownership expenses may also include sales tax, title fees, registration feeds, average annual car insurance premiums, annual gas expenses and average maintenance and repair costs.

Car expenses vary widely from state to state.

The survey found there's a $7,216 cost difference between owning a car in Michigan and New Hampshire, the most expensive and least expensive states for car ownership, respectively.

New Hampshire is one of several states that don't levy sales tax on vehicles purchases.

The survey also found that eight of the 10 least expensive states to own a car are coastal states.

Edmunds can help shoppers figure out their expenses with the True Cost to Own calculator.

Edmunds says: Smart car shoppers will be aware that their expenses will go beyond the sticker price.

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