(InvestigateTV) — Buying a car can be expensive and it’s also pricy to own and maintain one.
Bankrate looked at all the costs included in owning a vehicle – car insurance, maintenance, repairs, gas and taxes. They found, on average, Americans spend about $6,800 a year just on ownerships costs alone.
Shannon Martin, an insurance expert with Bankrate, said that’s about $575 dollars a month in addition to a lease or a car loan payment.
Martin also said it’s critical to research insurance costs before changing vehicles.
“It’s really important for drivers to get quotes on many different types of vehicles before they settle on a car,” Martin shared, “that way they can make sure it fits within their car insurance budget.”
On average, Martin said, Americans spend around $1,600 a year on gas.
“Nationally we spend around $1,400 a year on the cost of maintenance and repairs,” she shared. “We do think those rates might increase as head into 2026 because we do know that the tariffs have started to roll out and that will impact the cost of vehicle parts.”
She said research a vehicle before buying and see what type of cars have the lowest need for repairs.
Martin also advised people to take care of their cars – do the routine oil changes, check the tires – it will keep vehicles on the road longer and help keep budgets under control.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.