|
Costliest car-ownership cities It costs over $4,500 more to own and operate a vehicle in Detroit than in Sioux Falls, according to a new survey. NEW YORK (CNNMoney.com) -- It costs more to own a car in Detroit, an amazing $12,210 per year for a mid-sized sedan, than in any other city in the country, according to a new report comparing the cost of car ownership in various U.S. cities. Released Friday by Runzheimer International, a consulting firm specializing in transportation reimbursement, the survey revealed that insurance, at $5,072 annually for liability, collision, and comprehensive coverage, is the biggest single reason that maintaining a car in the Motor City is so expensive.
Runzheimer calculated costs based on a fully loaded 2007 Ford Five Hundred SEL with a 3.0 liter, 6-cylinder engine. The calculation also assumes that the car is driven an average of 15,000 miles for four years within a 50 mile-radius of the city. Philadelphians would pay nearly as much, $11,081 with $3,779 going to pay for insurance, as would Los Angelenos, at $10,604, including insurance costs of $3,225. The same car would cost just $7,700 a year in Sioux Falls, South Dakota, a savings of $4,581 compared with Detroit. Maintenance costs also vary quite widely, from a high of 8.00 cents-per-mile in San Francisco to a low of 4.99 cents-per-mile in Bismarck, North Dakota. This list shows the car ownership costs of selected cities around the country: Detroit - $12,210 Philadelphia - $11,081 Los Angeles - $10,604 Hartford, CT - $9,972 West Palm Beach - $9,170 Buffalo - $8,813 Grand Forks, ND - $7,726 Bismarck, ND - $7,705 Sioux Falls, SD - $7,629 Money Magazine's Best Places to Live Porsche 911 beats out 'Vette and Viper |
|
