Pennsylvania is one of the more expensive states in the country to own a vehicle. According to GoBankingRates.com, it costs Pennsylvanians $11,782 to own a car for three years, and that’s NOT including the vehicle’s initial purchase price.
What is the monthly cost of owning a car?
In 2021, the average car costs $42,258 with an average payment of $563 per month, according to data from Kelley Blue Book and LendingTree. Beyond the sticker price and payments, however, there are the costs of gas, insurance, oil changes and other expenses car owners need to consider.
What is the average cost of owning a car?
Here are the highlights from our latest study: Overall, the average annual cost of new vehicle ownership climbed to $9,282, or $773.50 a month. That’s an increase of $433 – or nearly 5% – from last year.
How much does a car cost in Pennsylvania?
Average Used Car Prices by State
| Average Used Car Price by State – iSeeCars | ||
|---|---|---|
| 12 | Nevada | $32,651 |
| 13 | Virginia | $32,801 |
| 14 | Pennsylvania | $32,822 |
| 15 | New York | $33,001 |
Do most people have cars in Philly?
Many choose to find a home outside the city limits and commute. Philadelphia is No. 4, since nearly 33 percent of residents here don’t own cars. Many depend on four public transit systems, in addition to the Southeastern Pennsylvania Transportation Authority’s rail, trolley and buses.
How much should I spend on a car if I make $100000?
To find out how much car you can afford with this 36% rule, simply multiply your family’s income by 0.36. So if you earn $100,000, for example, you could afford to take out a car loan of up to $36,000 — assuming you don’t have any other debt.
What is the most expensive cost of owning a car?
As it turns out, depreciation is the single biggest cost when owning a new car as it accounts for around 40% of the overall amount. Fuel costs come second at an average of 10.72 cents per mile, while electric car owners pay an average of 3.66 cents a mile.
What is the cheapest car to own and maintain?
The trusty Toyota Corolla is the most affordable vehicle on the road in terms of annual maintenance costs, multiple experts said. A Corolla will cost its owner about $350 in annual maintenance costs, though the rate will rise over time.
Why are car payments so high?
And because the interest rate on cars is influenced by the benchmark rate set by the Federal Reserve, car payments are ballooning as the Fed raises rates to fight inflation.
How much is car insurance in Philadelphia?
Full coverage costs an average of $2,002 per year in Pennsylvania, according to our research. However, your rates will vary based on several factors.
Pennsylvania car insurance rates by city.
| City | Average annual premium for full coverage | % difference from state average annual premium |
|---|---|---|
| Philadelphia | $3,300 | 65% |
How much is a license plate in PA?
Payments and Fees
| Motor Vehicle Services Fees | Amount |
|---|---|
| Passenger Vehicle Registration: | $39.00 |
| Replacement of Registration Plate: | $11.00 |
| School Bus/School Vehicle: | $37.00 |
| Special Mobile Equipment: | $58.00 |
Is car insurance expensive in PA?
Car insurance is moderately expensive in Pennsylvania. The typical auto insurance rate in Pennsylvania is $1,433 per year — just 0.4% more than the national average. But car insurance premiums are affected by factors other than your location.
Can I live in Philly without a car?
You can go car-free.
While Philadelphia isn’t as walkable as New York City, it’s still possible to go without a car in Philly. Depending on where you live, work and recreate you can get around by walking, biking or taking public transit.
Should I bring a car to Philly?
One of the things that makes Philadelphia great is its compact Center City. Our neighborhoods are so walkable that you really don’t need your car. After arriving, you can get around Center City and most of Philadelphia’s eclectic neighborhoods easily on foot, via cab or public transportation.
Can you get around Philly without a car?
Navigating by Bus, Train and Trolley. If you’re living in Philadelphia without a car, the public transportation system has you covered. The Southeastern Pennsylvania Transportation Authority (SEPTA) includes a system of buses, trolleys, subways and a commuter rail with lines throughout the city.
What cars can I afford on my salary?
Financial experts say your car-related expenses shouldn’t exceed 20% of your monthly take-home pay. So, let’s say you bring home about $2,500 each month. The total amount you should spend on your car — including loan payment, gas, insurance and maintenance — is right around $500.
What car can I afford with 75k salary?
If you make $75,000 per year, your total loan payments shouldn’t exceed $2,250 per month. The 20/4/10 rule: Put down 20% on a car, finance the car for no more than 4 years, and keep your car payment less than or equal to 10% of your salary.
How much car can I afford 70k salary?
The 10% rule works on the basis that you should not spend more than 10% of your salary per year on car payment. With an annual income of $70k, you should aim to spend no more than $7k per year on car payments.
Which state is most expensive to own a car?
Car owners there enjoy low insurance rates and don’t have to pay sales tax. Wyoming is the most expensive state for car ownership due to high insurance rates, a hefty sales tax, and a higher percentage of cars with poor gas mileage.
Which state is the cheapest to register a car?
New Hampshire is the cheapest state to own a car by far, with the total costs of buying and owning a car for three years coming in at $1,182 less than the next-cheapest state (Missouri at $9,280). New Hampshire is one of just four states that levies no sales tax on vehicle purchases.
Which city has the most expensive cars?
Coming in at the top of the list, it’s no surprise at all that the top city with the most luxury cars is Los Angeles.