Average cost of owning a car in NJ is shocking (Opinion)

Want some real sticker shock for what it costs to simply have a car these days in New Jersey?

Buckle up.

Yes, pun fully intended.

Financial site LendingTree put out a report recently about the basic cost of owning a vehicle and it was broken down state by state. The findings show it’s becoming a stretch for many of us.

While AAA reports the national average is $12,863, ours in New Jersey is higher. Isn’t everything?

LendingTree looked at car payments, insurance, gasoline, and repair bills on an annual basis.

a gas pump is connected to a car at a gas station

Here’s what New Jersey drivers pay on average

For the Garden State annual average:

Car payments: $7,500

Insurance: $3,188

Gasoline: $1,681

Repairs: $1,339

The total? $13,708.

$13,708 on average simply to have one car. And you wonder why it feels you can never get ahead no matter how much you’re earning?

Your car can eat up more than 12% of household income

Put it this way. That’s a full 12.5% of our household income. Just for one car.

Oh, and on that percentage of household income basis, we don’t even have it the worst. Because New Jersey incomes are higher, consider the plight of a state like Louisiana where owning a car is swallowing 23.2% of their household income. That’s the worst in the nation.

If knowing car payments, insurance, gas and repairs averages $13,708 in Jersey tempts you to do the math to see if you’re above or below average, you may not like the answer.

I did mine, and was shocked to see my total was over $16,000.

No I don’t have a high-end vehicle. It’s the long commute that I chose to take on that’s hurting with gas, maintenance and insurance.

Maybe you don’t want to do the math.

The post above reflects the thoughts and observations of New Jersey 101.5 talk show host Jeff Deminski. Any opinions expressed are Jeff's own.