Keith Laing reports that Americans are spending record amounts on vehicle upkeep as new car prices rise.
Americans are spending a record $5,851 per year on the upkeep of their vehicles, according to a study by Insurify. This total includes costs for gasoline, insurance, and maintenance.
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The study indicates that as the price of new vehicles increases, the cost of maintaining them also rises. Factors such as location play a significant role in determining ownership costs. Rural states typically require more driving, which often results in higher gasoline costs. Conversely, densely populated states often have higher car insurance rates due to a higher frequency of collisions. Data from the study shows that the average total ownership costs vary by state. For example, some states see average insurance costs of $3,109, while others see average gas costs of $3,572. Maintenance costs also vary, with some states reaching $2,364 per year. These figures highlight the varying financial demands of which state an owner drives in.