N.H. has lowest car ownership costs


A new report by Edmunds, the auto information clearinghouse, says the five-year ownership costs for cars in New Hampshire are the lowest in the country.Based on Edmunds’ “True Cost to Own” analysis tool, Granite Staters spend an average of $39,136 on their cars over five years. Car owners in South Dakota and South Carolina came in a close second and third, spending $40,524 and $40,763, respectively.Drivers in Hawaii, California and Alaska, spend an average of about $50,000 for their cars over five years – the nation’s three highest-cost states.In New England, Connecticut drivers paid the most for the upkeep of their cars, spending an average $47,990 over five years – fifth costliest in the nation.Car owners in Rhode Island pay the second most in the region, with an average five-year cost of $46,087, followed by Maine, $44,991; Vermont, $42,633; and Massachusetts, $42,614.In its True Cost to Own calculations, Edmunds used the following factors: ownership expenses over five years; vehicles driven an average of 15,000 miles per year; vehicles are financed using traditional financing and not leased; buyers are paying 10 percent down on the vehicle; the loan term is 60 months; buyers have a high credit rating, with a default rate of one percent or less over the term of the loan; and buyers represent the average demographic for insurance rates. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW
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