Michigan is the most expensive state to own a vehicle

Posted at 11:05 AM, Mar 20, 2017
and last updated 2017-03-21 19:06:59-04

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

To view the article and breakdown of car ownership costs per state, click here