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 might be even increased.
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 evaluate of hidden charges and prices for automobile homeowners from Bankrate discovered that the state has increased hidden prices than anyplace else within the nation.
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Based on 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 concentrate on down funds or month-to-month payments when shopping for a automobile.
However different prices for proudly owning a automobile can even add up.
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Bankrate says the price of proudly owning a automobile in america has climbed to $6,684 per yr on common, and even increased in Georgia, the place prices are $8,249 per yr.
“As a former insurance coverage agent, I would like folks to maintain this report in thoughts in time for his or her subsequent automobile buy,” Shannon Martin, at Bankrate, advised Channel 2 Motion Information. “As a result of we’re with automobiles for about eight years. We hold them for a very long time and it’s an emotional choice.”
The Bankrate examine mentioned one of many largest 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 per thirty days for all automobile prices, whereas most People as an alternative pay about $557 on common.
For insurance coverage particularly, Bankrate mentioned “Georgia is within the high group for increased common automobile tax and averages $213 month-to-month for full protection automobile insurance coverage.” Prices within the state are additionally impacted by increased prices per hour for repairs.
“The per-hour labor price was once $25 or $30 hours, however now they cost over $100 per hour,” Benjamin Cadet, a Georgia resident and inside gross sales chief with Accenture, mentioned. “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% increased 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. Car prices are additionally now a lot dearer,” Martin mentioned.
For these making an attempt to chop prices, consider there are a variety of various factors that may impression auto insurance coverage charges, like your credit score rating, what sort of auto you’re driving and what your driving report is.
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