A (recent) closer look at data from the U.S. Bureau of Transportation finds Florida among the most expensive states to own a new vehicle. The Sunshine State ranked six, right after Hawaii and North Carolina. Number one (most expensive) state on the list? Connecticut!
Use eTags© to Quickly Complete Your DMV Service. Renewals, Title Transfers and More, All Online!
A total of 278,063,737 personal and commercial vehicles were registered to drivers in the U.S. in 2021, according to U.S. the Department of Transportation Federal Highway Administration
FL also ranks among highest for car insurance
According to the study, Florida also ranks third highest for auto insurance costs where the average policy is 82% more expensive than the national average. A full coverage car insurance policy costs about $2,900 in FL. While Ohio, Maine, and Idaho drivers pay the least for insurance coverage.
SEE ALSO: AUTO INSURANCE RATES UP 17%, FOR FLORIDA DRIVERS UP 30%
AAA’s Your Driving Costs Report
Another study, one from AAA in 2022, reveals that the average cost of owning and operating a new vehicle increased 11% last year. From 2021’s cost of $9,666 to $10,728 or $894/month in 2022. For Floridians, AAA’s report says its worse: $11,279 is the average cost for car ownership per year. FL is 5% more expensive than the national average.
How to discover the total cost of car ownership
These types of studies analyze several factors (nationwide) in their methodology to find out total cost of car ownership and driving. Factors include:
• sticker price
• the number of miles driven
• average mileage per gallon
• the ratio between city and highway driving
• year/make/model/trim of vehicle
• road conditions
• gas prices
Florida drivers must renew their vehicle for a period of one to two years and may renew it up to three months before it expires
• car registration
• sales tax
• car repair costs
• auto loan
• car insurance
2023 study says Floridians pay $25,565 over 5 yrs
Insurance.com marketplace and comparison site aggregated data from multiple and reputable sources (including USDOT, EPA, and AAA) to find the states (in 2023) with highest car ownership cost over five years. Florida came in at number three, right after California and Louisiana.
Floridians pay $25,565 over five years to own and drive a vehicle. Alaska was found to be the cheapest state for car ownership: $16,305. One factor that drops the cost down in Alaska is the lowest sales tax rate. On the other hand, Floridians pay $1,756 in sales tax when buying a $ 25,000 vehicle.
Gas, repairs, and bad road conditions in FL
When it comes to gas prices, the insurance marketplace study reports Floridians spend $1,424 at the pump on average. For car repairs, Connecticut had the highest cost at $418 a year on average. But Florida wasn’t far behind, with annual car repair costs of $396.
Idaho and Wyoming tied for the highest rate of car ownership nationwide, according to U.S. Census Bureau 5-Year American Community Survey
And believe it or not, road conditions where you drive affects the total cost of owning and operating a vehicle. For instance, Rhode Islanders pay an additional $845 annually for road condition-related repairs. Tennessee drivers pay only $209, while those in the Sunshine State for over $425.
Expensive, isn’t it?
