Americans spend more for parking than you might expect


As usual, it's better to live in Texas; this time we're talking about annual driving costs. But you might be surprised by one of the most expensive factors for the rest of the nation's drivers.

Analytics firm INRIX says the average American spends more than ten grand each year to keep a vehicle and a third of that is spent on parking. AAA's Daniel Armbruster says that's not a major cost for Texans.

"Depreciation, which is the declining value of your vehicle over time, is the biggest and most often overlooked expense associated with purchasing a vehicle and owning a vehicle."

He says the average car or truck loses $15,000 in value in the first five years of ownership.

But Armbruster says Texans love trucks.

"If you have a small sedan, you're going to be spending on average about $6,300 in annual costs but if you own a pickup truck you're gonna be spending more than $10,000."

The good news is, Armbruster says Texas gets a break on fuel prices.

"When it comes to fuel costs, Texas is one of the cheapest states in the nation -- in fact, last week we ranked fourth in the nation for lowest gasoline prices."

INRIX found New York City drivers have it the worst; they spend nearly $19,000 each year on driving costs and 46% of that is parking.


Sponsored Content

Sponsored Content