New Jersey’s high price tag for auto insurance outweighed its low gas tax when it came to car ownership costs, according to a Bankrate.com survey released Monday.
New Jersey ended up the fifth-most-expensive state in which to own a car, the survey found, with an average annual cost of $2,421. That is 9 percent higher than the national average of $2,223 per year.
The culprit was New Jersey’s auto insurance costs, which came in at an average of $1,244 a year and accounted for more than half of the annual cost of car ownership in the Garden State. It was the third-highest cost in the nation, the survey found, trailing only Washington, D.C., at $1,273 and Louisiana at $1,277. Iowa’s $630 annual cost was the nation’s lowest.
On the other hand, New Jersey registered the fifth-lowest gasoline costs in the country, at $783 annually. Wyoming had the highest cost, at $1,588 a year.
The third factor in the survey was repair costs, and there, New Jersey came in dead last, with a $393 cost that rated as the highest in the survey. On the bright side, that was the tightest race, with Vermont’s $270 a year ranked first and most averages in the $300s.
Overall, Iowa was the least-expensive state for car owners, at $1,942 a year, while Wyoming was the most expensive, at $2,705.
Bankrate used statistics from CarMD.com, GasBuddy.com, the Bureau of Transportation Statistics and the National Association of Insurance Commissioners to compile its data.
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