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( Updated August 2019 ) It ’ s no clandestine that California residents love their cars, and it ’ s not surprise they may pay a distribute for the privilege to drive them. just think about all the traffic and the cost of be in the Golden State. sol, how much does it actually cost to own a car in California ?
Calculating The Cost To Own A Car
beginning, let ’ s begin with how much it costs just to purchase a fresh car of modal standards in California. Let ’ s presuppose you ’ re buy a glazed, brand new car that ’ south powered by gasoline. Let ’ s besides say that it costs the national average of $ 33,560. As a solution of municipal laws, some of the costs cited here will vary on a city-to-city footing, which is why we use averages. New Car entire : $ 33,560
Use and Sales Tax
Typically, a car owner is charged both city and department of state vehicle use/sales tax when they buy a new car. While these costs can vary widely depending on where you live, the California state tax pace is presently 7.5 % on all purchases. You may besides be charged up to an extra 2.5 % for local taxes. For our model, this equals a cost of $ 3,356 for state and local taxes if your zone charges the maximum share. New Car total : $ 33,560 + $ 3,356 = $ 36,916
Registration Fees
The modal DMV fees in California on a new-car buy add up to $ 244. This price includes the claim, registration and plate fees. You will besides have to pay a $ 50 emissions testing tip which is applicable to the sale of a fomite. There may be other fees you have to pay depending on your district, but for this example we will use $ 294 as our total price for registering a modern car. New Car total : $ 36,916 + $ 244 = $ 37,160
Read more: Best car insurance companies for 2022
Annual Costs To Own A Car
In addition to the price tag on your fresh car, you ’ ll besides have the annual costs that come along with owning a cable car in California. This chiefly includes flatulence, maintenance and Car Insurance. however, these costs will credibly be more if your car is older, used or has a distribute of mileage on it .
Gas
gratuitous to say, gas prices can shift dramatically in California. In 2019, the average drive mileage is 14,435 miles per year, the average cable car mileage is 24.9 miles per gallon, and the current average price of gas in California is $ 4.09 per gallon. That means that the average cost of boast per mile is $ 0.16. If you multiply that by 14,435 miles per year, you get an annual sum of $ 2,309.60 spent on accelerator. annual total : $ 2,309.60
Repairs and Maintenance
Over time, all the work your car requires takes a toll on your wallet. The average american spends $ 3,269 per year over the life of their car for repairs, oil and other necessities. With a new car, you may not experience maintenance costs this high, specially if you ’ re covered by the manufacturer guarantee. annual sum : $ 2,309.60 + $ 3,269 = $ 5,578.60
Car Insurance
The average monetary value of Car Insurance in California is $ 841.45 or $ 70.12 per month. however, this varies drastically depending on what city you live in and what ’ s on your drive record. For model, the average annual cost of Car Insurance in Los Angeles is $ 1,426, while the average annual cost in Santa Maria is $ 758. To make things simpleton, we ’ ll go with the state median and assume you ’ re a good driver. annual total : $ 5,578.60 + $ 841.45 = $ 6,420.05
Grand Total
sol, if you buy a newfangled cable car and add up the typical annual costs of owning a car in California, your fantastic sum will come out to be $43,580.05.
Want to know how to lower the price to own a car in California ? Speak with an Insurance specialist at ( 855 ) 919-4247 today. We ’ ll give you a free quote in minutes and find you the lowest rates possible. Plus, we ’ ll help you qualify for discounts and bundle your policies for a price-break. The cost to own a cable car may be expensive, but there ’ s no reason to overpay for Auto Insurance. This capacity is offered for educational purposes alone and does not represent contractual agreements. The definitions, terms and coverage ’ s in a given policy may be different than those suggested here. No guarantee or appropriateness for a specific determination is expressed or implied .