Costly Car Ownership

Mississippi residents pay the largest percentage of their annual paychecks to own a vehicle, according to the recent “Automotive Misery Index” conducted by CarInsurance.com. The survey weighed local fuel costs (based on area gas prices and the average number of miles residents drive) and insurance premiums relative to each state’s average household income. With ownership costs based on a 2012 Honda Accord EX sedan, the spread between highest and lowest-cost states was as much as $2,000 a year. “A new Honda Accord costs pretty much the same in Bakersfield or Biloxi,” says CarInsurance.com managing editor Des Toups. “But keeping it on the road will hurt a lot more in Mississippi.” Here’s the 10 states noted in the Automotive Misery Index where automotive expenses consume the highest percentage of average household income. 1. Mississippi, 11.6 percent 2. Oklahoma, 10.7 percent 3. Louisiana, 10.5 percent 4. West Virginia, 10.2 percent 5. Montana, 9.7 percent 6. Georgia, 9.7 percent 7. Michigan, 9.2 percent 8. Wyoming. 9.1 percent 9. Kentucky. 9.1 percent 10. Arkansas, 9.0 percent