When you factor in all of the costs of owning a vehicle, including sales tax, gas prices, insurance, maintenance, and more, car owners in these states are getting the shaft. 

Answer:

1. California:  [$22,230.57]
2. Michigan:  [$22,157.36]
3. Nevada:  [$22,007.34]

Questions: 

• What factors impact the cost of owning a vehicle?
• What are the benefits of owning your car? What are the drawbacks?
• Do you own (or want to own) a car? Why or why not?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (GOBankingRates): 

"GOBankingRates found what the costs of owning a car come to in your state for a full calendar year. Clearly, they’re going to be very different, depending on your ride, but by looking at geographical factors — like sales tax, average repair costs and gas — you can develop a better sense of what to expect in terms of ongoing costs. The study assumes the same MSRP ($37,876, the average transaction amount from Kelley Blue Book) with a 20% down payment and one year of financing payments before adding in estimated costs like gas (assuming you have a 14-gallon tank and fill up once a week) and repairs. All told, it shows how the cost of driving is a lot higher in some states than others."

-----------------------

Need more budgeting activities? Check out NGPF's Budgeting unit page which is full of ideas to engage your students!

-----------------------

Want to attend NGPF Professional Developments and earn Academy Credits on your own time? Check out NGPF On-Demand modules!

About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.

More posts by Mason