TULSA, Okla. — Oklahoma drivers face steep hidden vehicle expenses that go far beyond monthly car payments.
New research reveals the true cost of car ownership in the state.
The hidden expenses include car insurance, repairs and maintenance, taxes and gas prices.
A study from Bankrate found that Oklahoma drivers spend an average of $7,300 per year on hidden car costs, which breaks down to about $612 per month.
Nationally, Americans spend about $6,894 annually on these costs, averaging $575 per month.
These expenses don't include lease or loan payments. It represent costs many car buyers fail to consider when purchasing a vehicle.
"It's a big chunk of change out of everyone's budget for sure," Shannon Martin said.
Insurance represents the largest hidden expense for most car owners, with Oklahoma drivers paying an average of $2,800 annually for coverage. This makes up just under 40% of all hidden vehicle costs.
"Car insurance is the biggest expense people forget to factor in," Martin said.
The Bankrate insurance expert recommends getting insurance quotes before buying any vehicle, whether new or used, since insurance costs vary significantly depending on the car you choose.
Martin suggests several strategies to reduce these hidden costs. For insurance savings, she emphasizes maintaining a clean driving record.
"You can always look for discounts, but really maintaining a good driving record, avoiding speeding tickets, avoiding accidents is really the best thing you can do to keep your rates as low as possible," Martin said.
To control other expenses, Martin recommends keeping up with regular maintenance to prevent costly breakdowns and considering fuel efficiency when shopping for vehicles. The more you drive daily, the more gas expenses add up.
The study found that car ownership costs have risen 3.1% year over year, outpacing the overall inflation rate of 2.7%.
Martin advises making car purchases less emotional and more a financial decision, especially since many buyers are locked into longer loan terms than in previous years.
"We know Americans need their cars to get to work and you need to get to work to make money," Martin said. "So just be careful when you go into your next car purchase."
"This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy."
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