Georgia has comparatively low pump costs per gallon. However as a result of Georgians drive a lot — given lengthy commutes and a relative lack of transit — the Peach State additionally ranks close to the highest within the common gas price for auto house owners. Georgians drive on common greater than 17,500 miles per 12 months, a lot increased than the nationwide common, Bankrate discovered.
Many customers begin their automotive hunt understanding their price range for a mortgage or lease cost, however usually aren’t as well-informed about different prices, reminiscent of insurance coverage, gas and upkeep, mentioned Shannon Martin, a Bankrate insurance coverage analyst.
“There are plenty of different prices that go into proudly owning a automotive,” she mentioned.
Bankrate discovered that the common annual hidden price for Georgia drivers is almost double that for drivers in New Hampshire ($4,299 per 12 months), the state with the bottom hidden bills.
Nationwide, the common hidden price of automotive possession is $6,684 per 12 months, Bankrate mentioned.
Given the variability of driver profiles and different components, the Bankrate research in contrast the price of possession throughout states for a 40-year-old individual with a clear driving file and good credit score driving a 2022 Toyota Camry with full insurance coverage protection.
In Georgia, the common premium for full protection for Bankrate’s instance driver was $2,562 per 12 months, greater than $200 greater than the nationwide common.
Georgia regulation doesn’t require full protection, and plenty of motorists depend on a much less full coverage, placing extra of the monetary danger of an accident on themselves to decrease their month-to-month prices. Nonetheless, Bankrate discovered Georgia drivers additionally pay extra for minimal protection — $861 per 12 months — than the U.S. common of $633.
Total, Georgia had the thirteenth highest price for full automobile insurance coverage protection, Bankrate discovered.
Martin mentioned Georgia was not ranked the very best in any of its 4 classes, however ranked extremely sufficient in all 4 to be the most expensive for hidden bills.
Motorists will help themselves, nevertheless, by purchasing for insurance coverage quotes forward of time, selecting extra fuel-efficient autos and selecting vehicles that don’t have so many bells and whistles which can be pricey to switch in the event that they break.
Motorists “can’t actually keep away from state taxes however we wish folks to remember these hidden prices earlier than they buy their subsequent automobile,” Martin mentioned.
‘Hidden’ automotive possession prices
States with the very best annual mixed prices of taxes, upkeep, gas prices and insurance coverage:
1. Georgia: $8,249
2. Indiana: $8,221
3. Louisiana: $8,220
4. Florida: $8,197
5. Nevada: $7,886
Nationwide Common: $6,684
States with the very best prices for full insurance coverage protection:
1. New York: $3,697
2. Louisiana: $3,646
3. Florida: $3,451
4. Colorado: $3,259
5. Nevada: $3,074
13: Georgia: $2,562
Nationwide common: $2,329
States with the very best gas prices when contemplating complete miles pushed per 12 months:
1. Indiana: $2,913
2. Wyoming: $2,765
3. Missouri: $2,279
4. Georgia: $2,261
5. Mississippi: $2,244
Nationwide common: $1,837
States with the very best common upkeep prices:
1. Wyoming: $1,950
2. Indiana: $1,855
3. Mississippi: $1,675
4. Missouri: $1,658
5. Georgia: $1,649
Nationwide common: $1,336
Supply: Bankrate
