Tuesday, October 8, 2024
Hawai'i Free Press

Current Articles | Archives

Friday, May 7, 2010
Taxes and Insurance make Hawaii most expensive State to own a car
By News Release @ 11:02 AM :: 9686 Views :: Energy, Environment, National News, Ethics
Hawaii and California Most Expensive States to Own a Car While New Hampshire and South Dakota Least Expensive, According to Edmunds.com

SANTA MONICA, Calif. — May 4, 2010 — A study by Edmunds.com, the premier resource for automotive information, shows that owning a vehicle in Alaska, California or Hawaii over a five-year period is about $10,000 more expensive than owning the same vehicle in New Hampshire, South Dakota or South Carolina for the same duration.

This study employs data from Edmunds.com's True Cost to Own® tool that projects model-specific, regional average vehicle five-year ownership costs, consisting of depreciation, financing, taxes, fees, insurance premiums, fuel costs, maintenance and repairs for new and used vehicles. The tool is available at no charge to Web site visitors, and provides ownership cost information for both new and used vehicles.

"Many new car buyers neglect to think about the fact that choosing a more expensive vehicle is likely to cause them to pay higher sales tax and more interest on their loans, which may drain their household budget more than expected," said Karl Brauer, Editor at Large and Senior Analyst for Edmunds.com. "People are also often surprised by differences in car insurance, fuel and maintenance costs when they change vehicles. It's always a good idea to carefully consider all aspects of vehicle ownership before making a final decision on a new car."

The following states have the lowest average vehicle ownership costs in the country:

States with Lowest Average Five-Year Vehicle Ownership Costs*
State Taxes and Fees Depreciation Finance & Interest Insurance Fuel Costs Maintenance Repairs Total True Cost to Own®
New Hampshire $221 $16,359 $3,998 $5,739 $9,760 $2,310 $754 $39,136
South Dakota $1,693 $16,417 $4,328 $4,819 $9,892 $2,549 $831 $40,524
South Carolina $378 $16,329 $4,039 $7,577 $9,217 $2,451 $777 $40,763
Wisconsin $1,835 $16,423 $4,202 $5,182 $9,899 $2,855 $966 $41,358
North Dakota $1,896 $16,416 $4,086 $5,694 $10,026 $2,464 $793 $41,371

The following the states have the highest average vehicle ownership costs in the country:


States with Highest Average Five-Year Vehicle Ownership Costs*
State Taxes and Fees Depreciation Finance & Interest Insurance Fuel Costs Maintenance Repairs Total True Cost to Own®
Hawaii $1,787 $17,252 $5,423 $11,078 $12,250 $2,592 $855 $51,233
California $3,430 $16,355 $5,239 $10,242 $11,180 $3,018 $1,020 $50,480
Alaska $503 $17,136 $4,532 $11,772 $12,320 $2,838 $981 $50.078
Nevada $3,805 $16,455 $4,983 $9,325 $10,286 $2,914 $981 $48.745
Connecticut $2,004 $16.375 $4,761 $10,572 $10,481 $2,844 $958 $47,990
*As of April 22, 2010. Additional data is available upon request.

The True Cost to Own® calculations use the following assumptions:

  • Ownership expenses are for a five-year time span
  • Vehicles are driven an average of 15,000 miles per year
  • Vehicles are financed using traditional financing and not leased
  • Buyers are paying 10 percent down on the vehicle
  • Buyers are in the "Gold" credit tier for the purpose of determining the finance rate
  • The loan term is 60 months
  • Buyers represent the average demographic for insurance rates
Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii