Colorado is One of the Most Expensive States for Car Owners
Owning a car can be an expensive endeavor, and according to a new study, Coloradans have it harder than most. While that may not be the best news in an economic climate like the one we have these days, but not really that surprising if you stop to think about it.
Nevertheless, if you live in Colorado in 2023, you're likely paying more than they do over in Chillicothe, Ohio, or indeed most other places in the United States, even the ones that aren't fun to say out loud. Yet another piece of 'great' news for Colorado, and we haven't even made it through a quarter of the year. Hooray.
Sarcastic comments aside, a new study from Forbes has found Colorado to be the 3rd most expensive state for owning a car. We were actually behind only California and Nevada, who tied for the 1st place position. Rounding out the top five behind us, just to make those states feel better about themselves for a moment, were Florida and Alaska, respectively.
How did Forbes determine these rankings, you ask? Well, using the combined metrics of the annual cost of car insurance and the average monthly payment on a car loan, each state was assigned a score on a 100-point scale. Whichever states scored the highest were the most expensive. Science.
Just to give you a clearer picture of what we're talking about here, Colorado's scored a 96 out of 100, based on an annual car insurance cost of almost $2,500 per year, and an average monthly loan payment of $556. Meanwhile, the tie between California and Nevada for number one was based on their dual 100-point scores, citing much higher insurance and loan payments.
If you look at the numbers, there's a noticeable 12-point drop between Colorado's 3rd-place score and Florida's 4th-place score of 84, though the gap starts to close as the list goes on. As I said, yet another piece of news for the first portion of 2023 to make you say, "Argh."
Check the full story from FOX31 in Denver.