Business Fleet and Edmunds take an informative look at the costs of owning vehicles in different states and the significant differences between them:
A study by Edmunds.com shows that owning a vehicle in Alaska, California or Hawaii over a five-year period is about $10,000 more expensive than owning the same vehicle in New Hampshire, South Dakota or South Carolina for the same duration.
The average cost of a vehicle over 5 years in New Hampshire was $39,136 while the same vehicle cost $47,990 to own in Connecticut for the same period.
This study employs data from Edmunds.com’s True Cost to Own tool that projects model-specific, regional average vehicle five-year ownership costs, consisting of depreciation, financing, taxes, fees, insurance premiums, fuel costs, maintenance and repairs for new and used vehicles. The tool is available at no charge to Website visitors, and provides ownership cost information for both new and used vehicles.
Keep this in mind the next time you look at new fleet vehicles and budget accordingly!
Photo courtesy of AMagill under the Creative Commons License