Better take Lyft: Miami is one of the most expensive cities for owning a car, study says
We already know driving in Miami is not for the faint of heart. Now we know it’s not for the light of wallet, either.
A new study from The Zebra, an insurance comparison marketplace, reports that Miami is the third-most expensive city to own a car in the United States.
And not only is Miami the third worst, it’s worse than New York City, which came in at no. 4.
Zebra looked at the 50 most populous cities in the country and examined metrics such as the average costs of car insurance, gas and toll roads and how much it costs to park for two hours in a garage. It also examined the amount of auto loan debt residents in each city carry.
As far as we know, The Zebra did not factor in repair costs due to constant, ongoing construction hazards and/or people who can’t drive but hit the Palmetto anyway, which surely would have catapulted Miami to No. 1.
Here’s what The Zebra had to say about the Magic City: “If you need a car to get to 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.”
It also reported that car insurance is almost $3,000 a year in Miami and that Florida gas prices average $2.14 a gallon. Auto loan debt is at 45 percent of income and that’s not good.
But cheer up — owning and maintaining a car in the 305 is still cheaper than it is in California cities Riverside and Los Angeles, Nos. 1 and 2 on the list.
The rest of the top 10 most expensive cities are Las Vegas; San Francisco; Denver; Philadelphia; San Diego; and, surprisingly, Jacksonville, where car insurance is more than $2,100 a year and where residents also carry a large amount of auto loan debt, with the average loan taking up 39 percent of the residents’ income.
Of course if it’s all getting too much for you, you can move to one of the least expensive cities to own a car: Columbus, Ohio; Milwaukee; San Antonio; Cincinnati; Nashville; Buffalo; Raleigh, N.C.; Minneapolis; Cleveland; and Portland, Oregon.
This story was originally published September 10, 2020 at 1:32 PM.