The Most Expensive States To Own A Car

The down payment on your next vehicle is only the beginning! Owning a car, new or used, is an expensive endeavour. There's insurance, maintenance and more costs than you can think of. A new study from the finance website GOBankingRates.com found that it costs an average of $11, 227 to own a car for three years. But that total can fluctuate by thousands of dollars depending on the state you live in.

Why the difference in price by state? The study looked at factors including sales tax, title and registration fees, car insurance premiums, gas prices and repair costs. So what state is the most costly to own a car in? Congratulations Michigan! The average cost for three years of ownership is $15, 314! Compare that to the cheapest state, New Hampshire, at a three-year cost of just $8,098! That's over $7,000 difference!

Financial experts say that you should keep your vehicle costs at around 15% of your total income. That becomes more difficult if you live in one of the more expensive states. How did Iowa fare? Not too bad. The three-year cost of owning a car here is $10,681, 33rd most expensive in the nation. Want to avoid high vehicle costs? Stay away from the coasts! Eight of the ten most expensive states were coastal!

[via PRN Newswire]