Like buying houses and pets, there are always more costs associated with getting a car than the initial purchase price. Chief among these "hidden" costs of automobile ownership include maintenance, repairs, gas and (of course) insurance. Forbes Advisor recently tabulated the various expenses associated with vehicle ownership to determine where in the United States it is most and least expensive to be an automobile owner. The most expensive states in the U.S. to own a vehicle, according to Forbes Advisor, are illustrated in the slideshow above. Location isn't the only consideration potential car, truck and motorcycles buyers should consider as they contemplate the cost of a new ride. Edmunds, the automobile review and comparison shopping site, also takes into consideration financing affordability and trade-in value when helping vehicle buyers determine exactly how much they can afford to spend. "Fitting a car into your household budget is no easy task," writes Edmunds Senior Consumer Advice Editor Ronald Montoya. "Our short answer is that your new-car payment should be no more than 15% of your monthly take-home pay." See also: |
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
