Car ownership can be advantageous, but it is also expensive because you have to pay for your vehicle, insurance, gas, gas taxes, and more. In New York State, the cost is a bit higher than in other areas of the US, but you can take some steps to lower your annual expenses. Over a year, let’s examine the cost of owning a car in Mt. Kisco, NY.
The Cost of Owning a Car in Mt. Kisco, NY
Car ownership is slightly more expensive than average in NY, mainly because of the high insurance and gas tax. Overall, you can expect to pay around $2,000 per year, not including your car loan. However, you can manage your own costs by choosing what kind of car you buy and how you pay for it. You will also be able to decide how much insurance coverage you’d like, and if you don’t drive very often, your gas costs will be much lower than average.
Buying Your Car
In 2019, the average cost of a new car was over $37,000, although you can pay less if you opt for a pre-owned model. While some people will pay this in a lump sum, others will take out financing. When buying a new car, you can expect a monthly car payment of around $500, but this can drop to a bit over $300 if you buy used.
Insurance
Aside from buying your car and paying your monthly car payment, insurance is likely to be one of the most considerable costs associated with your car. In New York State, the average cost of insurance is $1,582, nearly 11% more than the US average.
While this might sound very high, certain factors can lower your insurance cost. You will likely pay much less if you’re a driver aged between 40-69, a low-risk candidate, and have a great credit score. You can also choose to get a more basic type of insurance, which further lowers your costs.
Gas
The average American drives 13,000 miles per year. Assuming you’re going to be using your car a similar amount, you might pay a little over $1,000 per year. However, this will depend on the type of car you have and its fuel consumption, how efficiently you drive, and the current gas price. In New York State, you will also have to pay a gas tax, which might add around $250 to your total annual bill.
Inspection, Registration, and Other Fees
There are other fees associated with car ownership. For example, you’ll have to have your car inspected each year, which might cost $20-30, and every two years, you’ll have to register the vehicle for around $50-60. Every eight years, you’ll pay $64 to renew your driver’s license, and if you need to replace your license plate, this will set you back $25. Although all of these costs are small, they can add up over time.
Suppose you’re hashing out your finances for a new vehicle. In that case, we recommend browsing our selection of certified pre-owned cars or contacting our finance managers to learn more about our personalized finance solutions today! We look forward to serving you at DARCARS Lexus of Mt. Kisco.
Tags: Living in New York State, Tips & Tricks
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FAQs
The Most Expensive States To Own A Car
| Rank | State | Total Score Out of 100 |
|---|
| 1 | California | 100.00 |
| 2 | Nevada | 80.63 |
| 3 | Florida (Tie) | 75.03 |
8 more rowsMar 28, 2024
On average, it will cost $50,930 to own a Lexus for 5 years. This includes depreciation, insurance, maintenance, financing charges and fuel costs. Depreciation, or the value that the car has lost over time, is generally predictable.
How much does it cost to own a car in New York? ›
How Much Does It Cost to Own a Car in NYC? New York City drivers spend more than $6,000 on average for gas and insurance yearly, The Zebra said. Typical gasoline prices in Manhattan specifically in 2023 were around $4.17 — about 50 cents more than the national average, according to insurer AAA.
What is the sales tax on a car in NY? ›
When buying a car in New York, you will pay a 4% sales tax rate for your new vehicle, according to Sales Tax States. This statewide tax does not include any county or city sales taxes that may also apply.
Which US state has the most expensive cars? ›
- New Jersey is the state with the most luxury cars, with luxury vehicles accounting for 30.6 percent of the state's vehicle share.
- The state with the lowest share of used luxury cars is Wyoming at 4.8 percent.
- Fifteen states have more luxury cars than average, with nine of the 11 being Coastal states.
Best States to Buy a Car
States like Alaska, Montana, Oregon, Delaware, and New Hampshire stand out due to their lack of statewide sales tax, as well as generally low unexpected fees. Iowa is also noteworthy for its affordable insurance rates, averaging less than $720 annually.
Is there property tax on cars in New York? ›
In New York State, there is no personal property tax (a tax on personal items, such as cars and jewelry) on real property. What kinds of property are assessed? Every parcel of real property in an assessing unit, no matter how big or how small, is assessed.
What is the cheapest city to own a car in? ›
According to a recent iSeeCars study, those in Cleveland, Ohio, are enjoying the lowest costs for their used cars. Other cities in the top 10 list are scattered from the East Coast to the West. If you live near one of the best places to buy a car, it might be worth traveling to save on your car payment.
Is it good to own a car in New York? ›
Owning a car can be essential for newcomers, as relying solely on walking might be impractical in such a large city. However, the high cost of living in NYC can make car ownership financially challenging. Nevertheless, alternative transportation options are available for those who choose not to own a car.
How much is plates and registration in NY? ›
$25 plate fee. $50 title certificate fee. Sales tax of your jurisdiction. There is also a 2-year fee of $32.50 if you drive an electric vehicle, or a car with 6 or more cylinders.
If you were not a resident of New York when the vehicle was purchased, use form Sales Tax Exemption {Sales Tax Form} (pdf) (at NY State Department of Tax and Finance) (DTF-803) to receive a non-resident exemption from NY State sales tax.
Can you gift a car in NY? ›
The owner and the settlor must complete Statement of Transaction- Sale or Gift of Motor Vehicle, Trailer, All-Terrain Vehicle (ATV), Vessel (Boat), or Snowmobile (PDF) (at NY State Department of Tax and Finance) (DTF-802). If the owner and the settlor are the same person, complete Part II of form DTF-802 for a gift.
What is the 3rd most expensive state? ›
California. California is the third-most expensive state in the United States. It has a cost of living index of 142.2. Because California has the highest gas prices, transportation costs are the country's second-highest.
Where is it most expensive to own a car? ›
Car ownership costs vary significantly by state, with California, Nevada, Florida, New York, and Washington being the most expensive due to high costs of insurance, fuel, sales tax, and vehicle depreciation.
What is the most expensive state to register a car in? ›
Oregon is the most expensive car registration state. It's the only state that categorizes its registration fees based on miles per gallon, making it the worst state to register a car in. So, how much does it cost to register a car in Oregon?
What state are cars more expensive? ›
California has the highest initial car prices. This is because of things like the high cost of living, which has steadily risen for years. California also has a high sales tax rate (7.25%), high gas prices, and pricey auto fixes, all of which make owning a car expensive for many people who live there.
