As area business owners are well aware, Maryland and DC have much higher taxes and other fees than Virginia. That disparity is reflected in the cost of owning a car in each jurisdiction. In a ranking of those costs in the 50 states plus DC, Virginia is the 6th least expensive, compared with 46th for Maryland and 49th for DC.
The study, by GoBankingRates.com, looked at car sales tax and title fees (one-time purchase costs) and registration fees, car insurance, fuel and maintenance costs (annual ownership and usage costs). Researchers looked at the three-year cost to own a car bought for the average transaction price of $33,543 (Kelley Blue Bookês figure).
In Virginia, one-time purchase costs are $1,352 and annual ownership and usage costs are $2,750. The Commonwealth has less expensive auto insurance and lower gas prices, but also has the fifth highest annual repair costs in the country, at $421. Three-year cost to own in the Old Dominion is $9,603.
At the other end of the scale is Maryland, where one-time purchase costs are $2,151 and annual ownership costs $3,592. Maryland has the highest title fee of any state, at $138. Higher insurance costs, gas prices and car repair costs bring the three-year cost to own in the Free State to $12,926.
Then thereês DC. One-time purchase costs are $2,039, and annual ownership costs are $3,841, thanks to higher registration fees, costly insurance, and high gas prices and repair costs. Three-year cost to own a car in the District is $13,561, topped only by California and Michigan.Download Bulletin PDF