Many factors contribute to this overall expense, including the average cost of car insurance, which is $1,705 per year in 2022. Across the U.S., the average driver is spending $4,960 to operate their vehicle in 2022.
CAR LOAN CALC MEMPHIS DRIVERS
In the interest of informing American drivers on how much they can expect to spend on their vehicle this year, the data science team at Insurify, a platform to compare car insurance quotes online, calculated how much it costs to own a car in every state in 2022. Of course, with insurance premiums, tax rates, and gas prices so variable across the country, some drivers are paying even more, while others are saving thousands.
Add in annual vehicle property taxes and maintenance costs, and the average American is spending nearly $5,000 per year to keep their ride running in 2022. Insurance costs are up nearly 13%, and gas prices have risen 79% since 2020. Īs these astronomical sticker prices are making the headlines, however, Americans are spending plenty just to keep their cars on the road, too. And used cars are selling for an average of $33,341 - 43% more than historical depreciation would suggest. The average price of a new car hit a record $48,182 in July 2022, up 11.9% year over year. Food and energy costs are rising the fastest of all.Īs a part of this trend, both new and used cars have grown significantly more expensive in recent years, due in large part to increased demand and supply chain disruptions.
Inflation hit 8.5% in July 2022, meaning that Americans are spending 8.5% more to fulfill the same daily needs than they were just one year ago.
One of the biggest stories of the summer is how much more expensive everyday goods and services are becoming. Considering insurance, tax, fuel, and maintenance costs, here’s how much drivers in every state are paying for their vehicles. Cars are Americans’ preferred means of transportation, but they don’t come cheap.
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