Florida Among the Most Expensive States for Car Ownership

A recent report by MoneyGeek has revealed that Florida ranks among the most expensive states to own and maintain a car, placing fourth in the nationwide ranking. The study assessed various cost factors, including gasoline prices, annual toll costs, annual maintenance expenses, and the cost of the cheapest auto insurance in each state.

“It’s definitely not cheap to keep a car on the road,” noted News Channel 8. “You have to pay for gas, insurance, car maintenance, and more. But depending on where you are in the U.S., you might save some money on your vehicle's usual expenses.”

Financial Challenges for Florida Drivers

In the case of Florida, drivers face several significant financial challenges. The Sunshine State has one of the highest auto insurance costs in the country, averaging $1,360 per year. This factor places Florida high on the list due to elevated accident rates and fraud, which drive up insurance premiums. Comparatively, residents of states like South Dakota enjoy much lower premiums, around $614 annually for full coverage.

Fuel prices in Florida also exceed the national average, significantly increasing the annual operating cost of a vehicle. Despite fluctuations, drivers in the state typically pay more per gallon compared to other states. This additional cost, coupled with high insurance expenses, creates a considerable financial burden for vehicle owners.

Maintenance and repair costs in Florida are notably high, partly due to the warm and humid climate that accelerates vehicle wear and tear. This increases the frequency of necessary services and repairs, with service charges often higher than in other states. Comparatively, states like Connecticut present the highest repair costs, with approximately $418 annually.

Besides insurance and maintenance, Florida residents also face high taxes and fees related to car ownership, including registration and renewal fees. These fees vary by county but are generally higher than in other states. In states like Delaware, the average toll cost per vehicle is significantly high, around $1,077 per year, while in California, the average is $497.

The MoneyGeek report assigned a cost score from 0 to 100 to each state, with 0 being the most expensive and 100 the cheapest. Florida received a low score due to its high insurance and maintenance costs. Maryland, with a score of 0, was ranked as the most expensive state, followed by Oregon and other states such as Connecticut and Delaware. In contrast, several Midwestern states, like South Dakota, Nebraska, and Wisconsin, received the lowest scores, indicating lower costs for drivers.

To mitigate these high costs, drivers are advised to compare insurance rates, drive safely, improve their credit, and take advantage of available discounts. According to NerdWallet, these strategies can help significantly reduce insurance costs and other car ownership expenses.

These factors, along with survey results consistently ranking Florida drivers among the worst in the United States, or highlighting the challenging nature of driving on its streets and highways, paint a concerning picture for car owners in the state.