What Is the Annual Cost of Owning a Car in New Jersey?

Living in New Jersey has its perks when it comes to owning a car. While the state’s drivers spend less on gas compared to other states, there are other expenses that might be slightly higher. Let’s take a closer look at the cost of owning a car in Englewood, NJ.

What Is the Cost of Owning a Car in Englewood, NJ?

According to a report from Bankrate.com, the average annual cost of vehicle ownership in New Jersey is over $2,400. This amount is slightly higher than the national average of about $2,200. While some of these expenses may seem higher, there are other factors that balance out the cost for New Jersey motorists.

How Much Do New Jersey Drivers Pay for Gas and Insurance?

New Jersey drivers typically spend around $800 per year on gas and $1,250 per year on car insurance. Gas prices in the Garden State tend to be lower than in most other states due to its lower gas tax rate. This means that motorists in New Jersey can enjoy some savings at the pump.

It’s important to note that the cost of gas in New Jersey can fluctuate based on various factors, such as legislative actions, proximity to refineries, and EPA regulations. When creating your vehicle budget, it’s wise to leave some room for potential changes in gas prices.

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How Much Do New Jersey Drivers Pay for Other Fees Related to Vehicle Ownership?

If you’re planning to buy a used or new car in New Jersey, you’ll need to consider additional fees. The state charges a 6.625% tax on any vehicle registered to a resident driver, even if the car was purchased from a state with a lower tax rate.

In addition to the sales tax, you’ll also need to pay registration and/or title transfer fees. Most drivers pay a flat $60 fee for title transfers, but the total cost depends on the type of vehicle and the payment method. There may also be additional titling fees depending on your specific situation.

Dealership Documentation Fees

When purchasing a car from a New Jersey dealership, you’ll encounter documentation fees. These fees cover the paperwork and taxes associated with the purchase. On average, New Jersey dealerships charge around $340 in documentation fees.

Now that you have a better understanding of the costs associated with owning a car in New Jersey, continue browsing our state-related articles at Car news and discover more helpful information. Feel free to reach out to us if you have any questions or if you’d like to learn how to save money on your next vehicle purchase.

FAQs

Q: How much does it cost to own a car in New Jersey?

A: The average annual cost of owning a car in New Jersey is over $2,400, slightly higher than the national average of about $2,200.

Q: How much do New Jersey drivers pay for gas and insurance?

A: New Jersey drivers typically spend around $800 per year on gas and $1,250 per year on car insurance.

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Q: What other fees are associated with owning a car in New Jersey?

A: In addition to gas and insurance, drivers in New Jersey need to consider sales tax, registration fees, title transfer fees, and dealership documentation fees.

Conclusion

Owning a car in New Jersey comes with its own unique costs. While some expenses may be higher than the national average, lower gas prices and other factors help offset the overall cost. By understanding the various fees and expenses, you can better manage your budget and make informed decisions when it comes to owning a car in New Jersey. Remember to visit Car news for more insightful articles and helpful tips.