We're not sure if it's fitting or ironic, or ironically fitting, that the seat of the American auto industry is in the most expensive state to own and operate a car. According to a recent study by financial-news provider 24/7 Wall St., drivers in Michigan shell out the most cash to keep their cars going.
Related: Study Ranks Best and Worst States for Drivers
The analysis examined average annual maintenance, repair, insurance and gas costs in each state using data from the Federal Highway Administration, CarMD, Insure.com, AAA, the American Petroleum Institute and the U.S. Census Bureau. It concluded that Michigan motorists pay nearly $4,700 a year in automotive expenses. Meanwhile, drivers in Hawaii enjoy the lowest car costs in the U.S. at $2,732 a year.
At a national average of $1,840, fuel costs far and away were the greatest expense, representing the highest cost in all but five states and accounting for more than half of all annual operating expenditures in 35 states. That's even amid many months of falling gas prices that experts predict could go below $2 in many parts of the nation by year's end.
"While high gas prices make driving more expensive on a given day, drivers often drive less when gas prices are high and therefore end up actually paying less for gas over the course of the year," 24/7 Wall St. stated. "Conversely, an especially low gas price may encourage driving. Because of this, car owners often end up with a higher annual gas expenditure."
Car insurance was the second-highest expense for American drivers at a national average of $1,311; it accounted for the greatest portion of operating expenses in only five states. Michigan, for example, requires drivers to purchase unlimited medical coverage for all people involved in an accident, resulting in the highest average premium in the nation of $2,476. Repair and maintenance, meanwhile, comprised the lowest annual costs for motorists, totaling only a few hundred dollars in some states.
The most expensive states for drivers, followed by total annual operating costs, average gas prices per gallon and average insurance premiums, are:
1. Michigan; $4,678, operating; $2.82, gas; $2,476, insurance
2. Mississippi; $4,474; $2.46; $1,584
3. North Dakota; $4,461; $2.72; $1,377
4. California; $4,392; $3.80; $1,643
5. Maryland; $4,319; $2.75; $1,590
6. West Virginia; $4,114; $2.78; $1,716
7. Wyoming; $4,059; $2.81; $1,371
8. Louisiana; $4,041; $2.54; $1,774
9. Texas; $4,030; $2.56; $1,449
10. Georgia; $3,987; $2.65; $1,519
11. Oklahoma; $3,846; $2.56; $1,496
12. Connecticut; $3,837; $2.93; $1,690
13. Florida; $3,799; $2.66; $1,742
14. New Jersey; $3,754; $2.59; $1,595
15. New Mexico; $3,716; $2.71; $1,237
16. Nevada; $3,685; $3.27; $1,248
17. Utah; $3,681; $2.97; $1,059
18. Arkansas; $3,663; $2.49; $1,239
19. South Carolina; $3,652; $2.41; $1,210
20. Kentucky; $3,641; $2.70; $1,341
21. Massachusetts; $3,621; $2.76; $1,460
22. Montana; $3,604; $2.82; $1,886
23. Tennessee; $3,474; $2.51; $1,263
24. Alaska; $3,474; $3.47; $1,410
25. Pennsylvania; $3,470; $2.85; $1,304
At the other end of the spectrum, the least expensive states for drivers are:
1. Hawaii; $2,732, operating; $3.34, gas; $1,114, insurance
2. New Hampshire; $2,775; $2.71; $905
3. Wisconsin; $2,882; $2.75; $930
4. Ohio; $2,898; $2.75; $843
5. Iowa; $2,903; $2.67; $886
6. Idaho; $2,933; $3.05; $877
7. Vermont; $2,972; $2.75; $957
8. North Carolina; $3,149; $2.62; $986
9. Minnesota; $3,157; $2.67; $1,222
10. Illinois; $3,158; $2.91; $1,079
11. Washington; $3,165; $3.20; $1,110
12. Virginia; $3,170; $2.57; $1,008
13. Colorado; $3,196; $2.70; $1,245
14. Nebraska; $3,196; $2.68; $1,086
15. Arizona; $3,207; $2.79; $1,103
16. New York; $3,220; $2.93; $1,013
17. Missouri; $3,233; $2.55; $1,114
18. Kansas; $3,282; $2.60; $1,147
19. Oregon; $3,299; $3.15; $1,211
20. Maine; $3,310; $2.79; $805
21. Delaware; $3,315; $2.67; $1,542
22. South Dakota; $3,318; $2.74; $1,180
23. Alabama; $3,386; $2.47; $1,320
24. Rhode Island; $3,392; $2.79; $1,656
25. Indiana; $3,406; $2.66; $1,033
No comments:
Post a Comment