combined, according to doxo, in two of its recent doxoINSIGHTS reports. The web and mobile bill pay service used its data to claim that certain areas of the country are more expensive for car ownership than others.
In fact, it was found that U.S. households with car loan and
doxo also looked at the most expensive metro areas in the U.S. for car ownership.
New York is at the top of that list, with a monthly total of $703 spent on both car insurance and car loans.
New York is followed by Miami ($674), Denver ($655), Boston ($651), and Seattle ($638).
doxo points out that these findings come at a time when crude oil prices have hit their highest rate in three years, and as car prices are expected to be high with limited inventories through the rest of the year.
For this reason, the company says location-specific breakdowns are important for showing consumers how much they can expect to pay for their car compared to their neighbors.
Other stats from the reports
According to doxo, 73% of U.S. households pay car loans, with the average annual cost per U.S. household being $3,065 per year. The total market size is $463 billion per year, and car loans also amount to about 8% of consumer’s yearly income.
The average monthly cost of car loans is $412, while the average annual cost is $4,944.
When it comes to car insurance, doxo says that the total market size is $235 billion spent per year. The average monthly cost of car insurance is $186 spent per month, with $2,323 spent per year.
In addition, about 82% of households pay car insurance, at an average annual cost of $1,830 per U.S. household. Car insurance is estimated to amount to 3% of consumers’ income per year.
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Lisa Steuer McArdle is an insurance writer with over 15 years of experience writing and editing content in a variety of industries, including insurance and personal finance. Lisa specializes in taking deep dives into make and model-specific content that helps car owners and buyers make solid money-saving choices. Lisa has written over 350 articles for Jerry on topics including electric vehicles to classic cars. Before joining Jerry, Lisa worked in various aspects of the printing industry as a content writer, developer, and editor and earned her bachelor’s degree in creative writing from Lycoming College.