DENVER (KDVR) — According to a new report on auto costs, Denver is one of the top five most expensive cities in the nation to own a car.
The data was collected by doxoINSIGHTS, which uses anonymized data from bill-payment company doxo’s 5 million users, who pay 100,000 billers across the country’s more than 30,000 zip codes.
The research shows residents living in those cities pay an average of $439 in auto loans per month and $186 a month in auto insurance costs.
Together, these numbers put the local average cost of car ownership in the metro at $5,677 a year; that’s 4% higher than the national average.
AAA Colorado says it’s important to factor this in too:
“Based off our data, there’s a proclivity in Colorado for folks to buy more expensive cars. Because pick-ups are so popular, because medium-sized SUVs are so popular, large SUVs are so popular. These are more expensive vehicles, they’re more expensive to insure,” explained Skyler McKinley with AAA Colorado.
At the same time, used car prices are up too.
Data from iSeeCars shows used car prices in the metro-area are up 14.7%.