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 gasoline value for auto homeowners. Georgians drive on common greater than 17,500 miles per 12 months, a lot increased than the nationwide common, Bankrate discovered.
Many shoppers begin their automobile hunt understanding their price range for a mortgage or lease fee, however typically aren’t as well-informed about different prices, similar to insurance coverage, gasoline and upkeep, mentioned Shannon Martin, a Bankrate insurance coverage analyst.
“There are lots of different prices that go into proudly owning a automobile,” she mentioned.
Bankrate discovered that the common annual hidden value for Georgia drivers is sort of double that for drivers in New Hampshire ($4,299 per 12 months), the state with the bottom hidden bills.
Nationwide, the common hidden value of automobile possession is $6,684 per 12 months, Bankrate mentioned.
Given the variability of driver profiles and different elements, the Bankrate research in contrast the price of possession throughout states for a 40-year-old individual with a clear driving report 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 lots of motorists depend on a much less full coverage, placing extra of the monetary threat 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.
General, Georgia had the thirteenth highest fee for full car insurance coverage protection, Bankrate discovered.
Martin mentioned Georgia was not ranked the best in any of its 4 classes, however ranked extremely sufficient in all 4 to be the costliest for hidden bills.
Motorists might help themselves, nonetheless, by searching for insurance coverage quotes forward of time, selecting extra fuel-efficient automobiles and choosing cars that shouldn’t have so many bells and whistles which are pricey to switch in the event that they break.
Motorists “can’t actually keep away from state taxes however we would like folks to remember these hidden prices earlier than they buy their subsequent car,” Martin mentioned.
‘Hidden’ automobile possession prices
States with the best annual mixed prices of taxes, upkeep, gasoline 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 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 best gasoline 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 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
