Insurance Comparison Site Rates Miami As 3rd Most Expensive City To Own A Car
MIAMI (CBSMiami) - An insurance comparison site that compares rates from over 200 insurance carriers ranked Miami as the third-most-expensive city to own a car.
The Zebra, released its findings on Tuesday. Click here to read their report.
Its report examined the 50 most populous cities in the US, with weighted average costs such as car insurance, gas and toll roads.
Their report also looked at the amount of auto loan debt residents carry compared to the median income. It also looked at parking expenses for two hours in a garage.
Here are the 10 most expensive cities to own a vehicle:
1. Riverside, CA
2. Los Angeles, CA
3. Miami, FL
4. New York, NY
5. Las Vegas, NV
6. San Francisco, CA
7. Denver, CO
8. Philadelphia, PA
9. San Diego, CA
10. Jacksonville, FL
This is what they said contributed to Miami being ranked #3 nationally:
"If you need a car to get Miami's beach or nightlife, make sure you budget for it. Auto loan prices are high compared to income levels, and car insurance premiums come out to $250 a month. Florida is also home to high gas prices, as well as an extensive system of statewide toll roads."
They said auto loan debt is at 45% in Miami, along with car insurance being almost $3,000 a year. They also said Florida gas prices average $2.14 per gallon.
Here are the least expensive cities, according to their study:
1. Columbus, OH
2. Milwaukee, WI
3. San Antonio, TX
4. Cincinnati, OH
5. Nashville, TN
6. Buffalo, NY
7. Raleigh, NC
8. Minneapolis, MN
9. Cleveland, OH
10. Portland, OR