Areal Flood Watch issued February 19 at 3:46PM EST expiring February 21 at 4:00PM EST in effect for: Bay, Genesee, Huron, Lapeer, Lenawee, Livingston, Macomb, Midland, Monroe, Oakland, Saginaw, Saint Clair, Sanilac, Shiawassee, Tuscola, Washtenaw, Wayne
(WXYZ) - Ironic to think that Michigan -- the state that drives America -- is the most expensive in all the country to own a vehicle.
On average, it costs Michigan drivers $16,502.77, over a three-year period to own a vehicle, according to GoBankingRates. That figure represents the additional costs such as loan payments, car insurance premiums and repairs – on top of the average transaction price of $34,968 to purchase a vehicle.
The financial services website said it costs $4,376.78 more in Michigan than the national average of $12,125.99.
The second most expensive state is California, where it costs an average of $15,079.08 to own a vehicle, over a three-year period. New Hampshire is the most affordable state to own a car with an average of $9,020.76 over the same time frame.
Michigan also has the highest insurance premiums of any state: $2,738 a year, or $228 per month.
David Zoia is an editorial director with Wards Auto.
He said, "As a consumer you don't want to be on top of that list. A lot of that isn't really in the hands of the auto industry."
"Could have a chilling effect on local car sales and that in turn effects the auto industry and potentially jobs," Zoia explained.
But, Michigan drivers can find a car for a good deal.
"Purchase price of a car is probably, I would think, pretty attractive here in the state. Maybe that helps counter things a little bit," he added.
Part of the reason for the high insurance premiums come from strict no-fault insurance laws in Michigan that require drivers to purchase more compressive policies, according to Insure.com.
To view the GoBankRates.com article and breakdown of car ownership costs per state, click here.
Like Us. We Like You.
Get local stories delivered directly to your newsfeed.