The total cost of car ownership in America is a complex subject. There are many factors to consider when examining this. Forbes recently published a report that details the most expensive states for car ownership. It turns out that Florida is one of the more expensive states, when it comes to owning a car.
Forbes estimates that “it costs $10,728 a year, or $894 a month, to own and operate a new car, according to AAA. That’s up 10.99% from 2021 when the average yearly cost was $9,666 a year, or $805.50 a month.”
To determine how each of the states in America rank in terms of car ownership costs Forbes examined insurance prices, gas prices, average repair costs, and the total costs for new and used vehicles. As a result, they were able to compile a list that details the most expensive state (ranked 1st) to the least expensive state (ranked 50th).
Where Does Florida Fall?
Overall, the results were alarming. Florida is the 4th most expensive state in the country for car ownership.
The numbers compiled by Forbes Advisors state that the average cost for annual full-coverage car insurance in the Sunshine State is $4,326. Insurance is a driving factor here. Florida ranked as the second highest average car full coverage car insurance. Only New York was higher at $4,769 per year. That’s almost $700 higher per year than Louisiana, which the third-highest state for insurance. In addition, $396.29 is the average cost of a light repair.
New vs. Used
There’s a $15,000 swing in the average cost of new vehicle in the country vs. buying used. $45,646 was the average price reported for a new car purchased. $30,796 was the average for a used car. Over the past five years, both of these categories have increased by significant percentages. In 2017, the average cost of a new car was $34,948.
California, Nevada, and Colorado are the three most expensive states for car ownership. For comparison purposes, the average light repair in California and Colorado is over $400.
Finally, Ohio is the cheapest state in the country for car ownership, with their average insurance cost being $3,200 cheaper than Florida.