While drivers in New Jersey tend to spend less money on gas than those in other U.S. states, other costs such as buying insurance for your vehicle might be a bit higher than what drivers would pay elsewhere. Learn more about the cost of owning a car in Englewood, NJ.
What Is the Cost of Owning a Car in Englewood, NJ?
A report from Bankrate.com states that New Jersey drivers paid, on average, over $2,400 a year for costs related to ownership of a vehicle. In the United States, the average annual cost of vehicle ownership is about $2,200.
Some of these expenses may be higher than expected. However, some other costs of NJ vehicle ownership, such as gas, make up for the amount a New Jersey motorist might spend to own a car in the state.
How Much Do New Jersey Drivers Pay for Gas and Insurance?
New Jersey motorists tend to pay around $800 a year on gas and $1,250 a year on car insurance. Garden State drivers will pay less for gas than motorists in most other U.S. states. That is because New Jersey has one of the lowest gas tax rates in the nation.
The out-of-pocket costs you pay for gas in New Jersey could wildly fluctuate based on a number of factors, including state legislative actions, future proximity to refineries in the area, and regulations set by the Environmental Protection Agency (EPA). Take all of these factors into consideration when creating your vehicle budget by leaving some wiggle room in it.
How Much Do New Jersey Drivers Pay for Other Fees Related to Vehicle Ownership?
If you are looking to buy a used or new car in New Jersey, you will need to pay sales tax and other fees to the state of New Jersey. The state of New Jersey will assess a 6.625% tax on any vehicle that will be registered to a resident driver. The 6.625% tax will be assessed on your vehicle, even if you bought it from a US state with a lower tax rate.
As a New Jersey motorist, you will also need to pay registration and/or title transfer fees. Most drivers will pay a flat $60 fee for title transfers. But the total cost will depend on a few factors, including the type of vehicle you purchased as well as the way that you paid for the purchase. Depending on the situation, you may also need to pay additional titling fees.
Dealership Documentation Fees
When you purchase a car from a New Jersey dealership, you will need to pay what are known as documentation fees. These costs cover the dealership paperwork and taxes. On average, New Jersey dealerships charge around $340 in documentation fees.
Now that you’re clued in on how much it generally cost to own a car in New Jersey, continue browsing our state related blogs here at DARCARS Lexus of Englewood. Questions? Get in contact with us today and ask us how you can save money on your next vehicle purchase.
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