Ironic to think that Michigan -- the state that drives America -- is the most expensive in all the country to own a vehicle.
On average, it costs Michigan drivers $16,502.77, over a three-year period to own a vehicle, according to GoBankingRates. That figure represents the additional costs such as loan payments, car insurance premiums and repairs – on top of the average transaction price of $34,968 to purchase a vehicle.
The financial services website said it costs $4,376.78 more in Michigan than the national average of $12,125.99.
The second most expensive state is California, where it costs an average of $15,079.08 to own a vehicle, over a three-year period. New Hampshire is the most affordable state to own a car with an average of $9,020.76 over the same time frame.
Michigan also has the highest insurance premiums of any state: $2,738 a year, or $228 per month.
Part of the reason for the high insurance premiums come from strict no-fault insurance laws in Michigan that require drivers to purchase more compressive policies, according to Insure.com.