New Jersey Car Ownership Costs Topped $13,700

New Jersey residents faced annual ownership expenses of $13,708, surpassing the national average of $12,863.

Updated on Sept. 29, 2026 in Car Maintenance

Bold vector editorial illustration of a modern sedan on a highway ramp, representing the high cost of automotive ownership. — New Jersey residents faced average annual vehicle ownership costs of $13,708 in 2026, significantly higher than the national average of $12,863. AI Illustration. Upload story photo >

Live Poll

Would you switch to public transit if it saved you money on annual car costs?

Data released in May 2026 showed that the annual cost to own a vehicle in New Jersey reached $13,708. This figure exceeds the national average annual cost of $12,863, driven by high insurance premiums and fuel expenses.

Why it matters

Rising car ownership costs in New Jersey are largely fueled by the state's no-fault legal status, high population density, and elevated insurance rates. National economic pressures, including interest rate hikes and global fuel supply volatility, continue to increase the financial burden on vehicle owners.

New Jersey owners pay an average of $7,500 in car payments and $3,188 for insurance annually. Gasoline costs averaged $1,681 per year, with repair costs adding another $1,339 to the total expense.

The players

LendingTree

LendingTree is a financial services company that provides a platform for consumers to compare loans, credit cards, and insurance products.

The details

Residents in New Jersey manage expenses across loan payments, insurance, fuel, and maintenance, with insurance rates currently ranked as the fifth-highest in the United States. Federal Reserve interest rate hikes and increased fuel costs from global shipping disruptions have placed additional upward pressure on these household expenditures.

2022: Most insurers in New Jersey began increasing their rates.
May 2026: LendingTree published its analysis of regional vehicle ownership costs.
September 28, 2026: The average cost of gasoline in New Jersey reached $4.38 per gallon.

Roadmap

The automotive landscape is undergoing a transition where ownership expenses are increasingly influenced by high interest rates and global energy market instability. This environment forces manufacturers and lenders to navigate a market where the barrier to vehicle entry continues to rise for the average consumer.

New Jersey drivers should anticipate higher monthly budget allocations toward transportation due to consistently elevated insurance and fuel prices. Maintaining a strict service schedule is essential to managing the $1,339 annual average repair cost that contributes to the state's high ownership figures.

The takeaway

Vehicle owners can mitigate some costs by shopping for competitive insurance rates to offset New Jersey's high premiums. Tracking fuel efficiency and staying on top of preventative maintenance remain the most practical ways to manage rising annual transportation expenses.