Cold Climates, Hot Deals: Why Vermont And Ohio Are The Best States To Buy And Operate A Car In 2024

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Sep 05, 2024, 08:36 ET

National Business Capital's Report on Car Ownership Reveals How Geography and State Policies Make the Northeast and Midwest the Most Car-Friendly Regions

HAUPPAUGE, N.Y., Sept. 5, 2024 /PRNewswire/ -- Amidst rising inflation, rapidly shifting gas prices, and inconsistent state policies, Vermont and Ohio top the list as the best states to buy a car in 2024, according to a new study from National Business Capital, a national lending platform for business owners.

"The Best States to Buy and Operate a Car in 2024" finds that colder states in the Northeast and Midwest offer lower car ownership costs, thanks to favorable policies and cheaper used cars, while the West struggles with higher expenses. States like California and Nevada are plagued by steep registration fees, high gas prices, and inefficient state policies that drive up the expense of owning a car.

The full study is available HERE:

Key Findings

West Pays the Price: The West tops the list for car costs, with sky-high used car prices, hefty registration fees, and soaring gas prices.
Northeast & Midwest Score Cheaper Rides: Used cars are more affordable here, thanks to better distribution networks, widespread public transit, and milder weather, leading to less wear and tear.
State Fees Are All Over the Map: Registration fees, personal property taxes, and emission expenses can vary greatly depending on where you live.
The Price of a New Car Pays for More Than Just The Car: State-specific dealer fees, sales taxes, and annual personal property taxes can majorly inflate the price of a new car - often more than expected.

THE BEST U.S. STATES TO BUY A CAR IN 2024:

#1. Vermont (Score: 81.3 out of 100)

#2. Ohio (Score: 73.5)

#3. Minnesota (Score: 69.2)

#4. Delaware (Score: 67.8)

#5. Pennsylvania (Score: 65.9)

#6. Indiana (Score: 63.9)

#7. Wisconsin (Score: 63.7)

#8. Texas (Score: 63.6)

#9. New Hampshire (Score: 63.2)

#10.Mississippi (Score: 61.7)

THE WORST U.S. STATES TO BUY A CAR IN 2024:

40. Montana (Score: 43.8 out of 50, tied)

40. Oregon (Score: 43.8, tied)

42. Connecticut (43.0)

43. Arizona (41.7)

44. Florida (38.6)

45. Louisiana (38.5)

46. Washington (37.5)

47. Illinois (34.9)

48. Colorado (34.2)

49. California (32.6)

50. Nevada (30.1)

Methodology

To create the rankings, researchers selected seven metrics to evaluate the typical costs of buying a car within the state. For each metric, the state was given a rank. Each metric was multiplied by a selected weight, and then normalized and aggregated to get a score out of 100. The best performing states have a higher score than lower-performing ones.

Dealer Document Fees (10%)

Average Used Car Price (26%)

Average Gas Price (15%)

Sales Tax (12%)

Registration Fees (10%)

Insurance Costs (15%)

Personal Property Taxes (12%)

"Where you live can make or break your budget when you buy a car," says Joe Camberato, CEO of NationalBusinessCapital.com. "Smart policies keep prices low in states like Vermont and Ohio. Our study can help consumers make better choices."

About NationalBusinessCapital:

NationalBusinessCapital helps entrepreneurs secure quick and fair financing to save time and cultivate sustainable growth.

The company's stress-free online platform is designed for simplicity and speed, helping business owners go from application to approval in a matter of hours. From SBA loans to lines of credit, equipment financing, and more, business owners can access all the different financing programs available to them in one place.

For more information on this list and this topic, please contact Sarah Johnson, [email protected]

SOURCE National Business Capital