Here’s Massachusetts Ranking: Most Expensive States For Car Owners
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. As it turns out, it’s more affordable to have a car in Massachusetts than it is in most other states.
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 ranks 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 Massachusetts Fall?
Overall, the results were favorable. Massachusetts was the 33rd most expensive state in the country for car ownership. In other words, we are in the bottom third of the list, with 32 states being more costly.
The numbers compiled by Forbes Advisors state that the average cost for annual full-coverage car insurance in the Bay State is $2,333. In addition, $386.20 is the average cost of a light repair.
New vs. Used
There’s a $15,000 swing in the average cost of a 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 price 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. Moreover, in Nevada, it’s about a thousand dollars more expensive for full insurance at an average annual price of $3,342.
Finally, Ohio is the cheapest state in the country for car ownership, with their average insurance cost being $1,200 cheaper than Massachusetts.