Nevada is the most expensive state to own a vehicle, study says
Nevada is the most expensive state to own a vehicle, according to a new study.
Nevadans pay the most for car ownership, with an average annual cost of $6,118.86, according to a study from LendingTree. Auto insurance rates, fuel expenses, annualized sales tax and repair costs were all factored in to create the average rate.
According to the study, the average annual insurance premium is the highest in the nation at 3,438.67.
LendingTree sourced the information from Quadrant Information Services and analyzed in October 2024. The average annual cost reflects “the average of premiums available for full-coverage policies for a 30-year-old male driver with a clean record, good credit and a 2015 Honda Civic EX,” according to the methodology the study.
Nevada drivers spent $1,937.41 on gas each year. This data was pulled from AAA on Nov. 13, 2024, and combined with Federal Highway Administration 2022 miles traveled and licensed drivers data to calculate the annual cost.
The average annual repair costs were $398.26, although the data was pulled from 2021, sourced from CarMD.
The average annualized sales tax for Nevada is $344.52, according to 2024 data from the Tax Foundation.
“Each state’s combined state and local tax percentage was multiplied by the average cost of buying a used car, $27,177 (via Edmunds, as of the third quarter of 2024),” said the methodology section of the study. “The resulting amount of sales tax was then divided by the length, in years, an owner typically keeps a car — 6.5 years (via Edmunds).”
Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.
