The costs associated with vehicle ownership may be significant, especially in certain regions of the country.
Research by Insurify examined the cost of vehicle ownership in each state amid record inflation that drove up the prices of essentials like food and clothes.
The study, which was released in August and before the most recent gas price increase, is based on the average cost of gas, insurance, and property taxes. Since leases and auto loans might differ depending on the individual, the website did not calculate these costs. The study shows that the national average cost of vehicle ownership is $4,960.
Drivers in the United States spend an average of $1,705 per year on auto insurance, $247 per year on taxes for vehicles worth around $25,000, $1,728 per year on gas for those who drive 14,249 miles per year, and $1,282 per year on maintenance, repairs, and tires.
According to the study, the cost of owning a vehicle in California is $4,796, which is $93 less than the national average. However, while California has a high average cost of vehicle ownership, it may be even more expensive to own a vehicle in some other states. You may see the complete study here.