When you factor in all the costs of owning a vehicle—sales tax, gas prices, insurance, maintenance, and more—car owners in these states are really getting taken for a ride.

Answer:

1. Louisiana:  [$39,417]
2. Nevada:  [$37,118]
3. Florida:  [$37,037]

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 (Insurance.com): 

"The five-year cost of owning a car in Louisiana is $39,417 for 2026, but in New Hampshire it’s just $21,917. That’s a $17,500 difference between the most and least expensive states, and it’s no coincidence that Louisiana and New Hampshire are the most and least expensive states for car insurance, respectively.

The average cost of owning a car nationwide is $29,336 over five years, with Louisiana drivers paying more than $10,000 over the average.

There’s more to car ownership expenses than your car payment. Factors like insurance, taxes, fuel, and repairs, contribute to the total cost of owning a car and vary significantly by state. Insurance.com gathered the data and calculated the cost of owning a car over five years in each state."

About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.

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