ATLANTA — Insurance coverage premiums, restore prices and taxes. The prices of proudly owning a automobile can shortly add up, however relying on the place you reside, the prices may be even greater.
Channel 2 Washington Correspondent Nicole D’Antonio took a take a look at what’s driving up prices throughout the nation for drivers, and what’s making it these prices far above the remainder for Georgians.
In Georgia, a overview of hidden charges and prices for automobile homeowners from Bankrate discovered that the state has greater hidden prices than wherever else within the nation.
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In response to the Bankrate examine, Georgia’s prices for automobile possession can add as much as greater than $8,000 a yr.
For the remainder of the U.S., the common is about $6,600.
Usually, households give attention to down funds or month-to-month payments when shopping for a automobile.
However different prices for proudly owning a automobile also can add up.
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Bankrate says the price of proudly owning a car in america has climbed to $6,684 per yr on common, and even greater in Georgia, the place prices are $8,249 per yr.
“As a former insurance coverage agent, I would like individuals to maintain this report in thoughts in time for his or her subsequent car buy,” Shannon Martin, at Bankrate, instructed Channel 2 Motion Information. “As a result of we’re with vehicles for about eight years. We preserve them for a very long time and it’s an emotional resolution.”
The Bankrate examine stated one of many greatest drivers of prices for automobile homeowners is insurance coverage, the place premiums have gone up by shut to twenty% from 2022 to 2024.
Damaged down by month, Georgia drivers are reportedly paying as a lot as $687 monthly for all automobile prices, whereas most People as a substitute pay about $557 on common.
For insurance coverage particularly, Bankrate stated “Georgia is within the high group for greater common car tax and averages $213 month-to-month for full protection automobile insurance coverage.” Prices within the state are additionally impacted by greater prices per hour for repairs.
“The per-hour labor fee was $25 or $30 hours, however now they cost over $100 per hour,” Benjamin Cadet, a Georgia resident and inside gross sales chief with Accenture, stated. “The roads right here in Georgia are horrible, so I spend cash on tires, shocks and struts due to the potholes and hills.”
Researchers level to inflation and the growing prices of repairs and labor for the surge, with restore prices in 2024 45% greater than in 2020.
“A part of it has to do if we return to the pandemic. How a lot the price of labor has elevated. Automobile prices are additionally now a lot dearer,” Martin stated.
For these attempting to chop prices, consider there are quite a lot of various factors that may influence auto insurance coverage charges, like your credit score rating, what sort of car you’re driving and what your driving file is.
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