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In 2022, the latest year for which statistics are available, AAA estimated that the annual cost of car ownership was $10,728, up from an average of $9,666 the previous year.
Alaska. Total costs for one year of ownership: $23,518. Annual gas: $2,482. Average insurance: $1,676. You won’t pay any sales tax on the purchase of your new car in Alaska, which helps lower ...
Car ownership costs -- including auto insurance -- have increased dramatically in recent years. According to Motley Fool Money research, the average cost of car ownership was $12,078 in 2023.
Car finance comprises the different financial products which allows someone to acquire a car with any arrangement other than a single lump payment. When used, and for the purpose of assessing the private financial costs, one must consider only the interests paid by the car owner, as some part of the amount the owner pays each month for the finance is already embedded in the depreciations costs.
Total cost of ownership (TCO) is a financial estimate intended to help buyers and owners determine the direct and indirect costs of a product or service. It is a management accounting concept that can be used in full cost accounting or even ecological economics where it includes social costs .
The state’s sales tax also adds up to around $3,064 in the first year to the cost of car ownership. 8. Michigan. Total cost: $26,434. State sales tax: 6.00%. Average insurance: $2,133.