The total cost of car ownership in America is a complex subject. There are many factors to consider when examining this. Forbes recently published a report that details the most expensive states for car ownership. As it turns out, it’s more affordable to have a car in Massachusetts than it is in most other states.

Forbes estimates that “it costs $10,728 a year, or $894 a month, to own and operate a new car, according to AAA. That’s up 10.99% from 2021, when the average yearly cost was $9,666 a year, or $805.50 a month.”

To determine how each of the states in America ranks in terms of car ownership costs Forbes examined insurance prices, gas prices, average repair costs, and the total costs for new and used vehicles. As a result, they were able to compile a list that details the most expensive state (ranked 1st) to the least expensive state (ranked 50th).

Where Does Massachusetts Fall?

Overall, the results were favorable. Massachusetts was the 33rd most expensive state in the country for car ownership. In other words, we are in the bottom third of the list, with 32 states being more costly.

The numbers compiled by Forbes Advisors state that the average cost for annual full-coverage car insurance in the Bay State is $2,333. In addition, $386.20 is the average cost of a light repair.

New vs. Used

There’s a $15,000 swing in the average cost of a new vehicle in the country vs. buying used. $45,646 was the average price reported for a new car purchased. $30,796 was the average price for a used car. Over the past five years, both of these categories have increased by significant percentages. In 2017, the average cost of a new car was $34,948.

California, Nevada, and Colorado are the three most expensive states for car ownership. For comparison purposes, the average light repair in California and Colorado is over $400. Moreover, in Nevada, it’s about a thousand dollars more expensive for full insurance at an average annual price of $3,342.

Finally, Ohio is the cheapest state in the country for car ownership, with their average insurance cost being $1,200 cheaper than Massachusetts.

These Are The 5 Most Popular Cars In America

There are many factors to consider when deciding to purchase a new car. Insurance rates have fluctuated, and the automobile industry constantly introduces new features, especially in electric vehicles. Forbes recently published a report detailing the five most popular cars in America.

They state that car ownership increased by 3.66% between 2017 – 2021. Furthermore, “Most U.S. households (91.7%) had at least one vehicle in 2021 (the latest data available), and 22.1% of households had three or more vehicles,” the Forbes piece explains.

But what cars are people buying most? Forbes detailed the sales figures for the top 10 purchased cars in 2022. The number one selling vehicle in the country was the Ford F series, with 653,957 units sold.

Two additional pickup trucks claimed the second and third spot as well. There were 513,354 Chevrolet Silverados sold in 2022, and  468,344 Ram Pickups. Then, the list gets more into the small and mid-size space. Toyota had two high sellers with their practical RAV4 and Camry.

A Few Surprises

The compact SUV Tesla, the Model Y claimed the sixth best-selling spot on the most popular cars list. This fully electric vehicle has a starting price of approximately $47,500. The only mid-sized SUV with a larger footprint to make the list was the Jeep Grand Cherokee at number 10.

Plenty of Pickups

GMC and Toyota’s pickup truck offerings joined the list as well. This means five out of the top ten best-selling cars in America are pickup trucks. The GMC Sierra was seventh, and the Toyota Tacoma was 9th.

But What Color?

This fascinating subject has many angles in which you can continue to break down the details. For example, Forbes shows that white is the most popular color of U.S. cars bought. Yellow was the least popular color.

Starting with the Ford F series truck, let’s take a further look at the five most popular cars in America.

  • Ford F Series

    The F Series has been manufactured by Ford since 1948. Currently, Ford offers a F150, F250, and F350. The increased number reflects a larger framed pickup truck. The 150 had eight different models available.

     

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  • Chevrolet Silverado

    The Silverado prides itself on performance and durability. It contains a powerful engine that has a higher level of torque than most comparable Ford models. Another appealing component to this pickup truck is that Chevrolet offers various ways to customize. Starting with nine different exterior colors to pick from, including a harvest bronze and glacier blue metallic.

     

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  • Ram Pickup

    Although Ram offers six different pickup options, including one with a cab, the 1500 series is most similar to the Ford F150 and Chevy Silverado. The Ram also has a favorable price point, with some 1500s starting as low as $30,000.

     

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  • Toyota RAV4

    The RAV4 is considered to be the first compact crossover SUV. It was introduced in America in 1995 and available in 1996. Currently, there are an array of models including a sport package, premium, and hybrid electric. Furthermore, the city and highway gas miles per gallon numbers are great with a RAV4. They are typically in a 27/35 range.

     

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  • Toyota Camry

    The price difference between a standard Camry and a hybrid can be as low as $2,500. 2023 marks 40 years of the Camry being a reliable sedan in America. While there have not been many complete makeovers, Toyota consistently improves the technology options in each Camry model. Lastly, the Camry now has four different two-tone color options.

     

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