New data reveals car ownership costs women up to $7,800 more than men

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Talk about frustrating.


Key points

  • New data indicates that women pay more to buy and maintain vehicles.
  • There are steps you can take to lower the cost of car ownership.

For some people, a vehicle is essential. If you live in a suburban or rural area, for example, you may depend on a car to get around town. Even if you live in a city with public transportation, a vehicle may be needed to get to work.

But while you may be resigned to the costs of owning a vehicle, you may also be unhappy to learn that owning a car could cost you up to $7,800 more if you’re a woman. It is according to a new report of Jerry’s insurance agency. If this stat has your blood boiling, you’re definitely in good company.

Why are women forced to pay more?

The average woman pays between $300 and $7,800 more than the average man to own a car over its lifetime. Clearly, this is a wide range, and there are various factors that lead women to bear higher costs.

For one thing, women are quoted about $117 more than men, on average, when buying a new car. But women are also less likely than men to think they’ll be overcharged at a dealership.

Additionally, women are quoted $23 more than men, on average, for the same auto repair when they don’t arrive with a price expectation. And being constantly overloaded could add up over time.

Now, an interesting thing to note is that women overall generally pay less for car insurance than men. However, women over 24 are charged more than men of the same age in 36 out of 50 states.

How to spend less on owning a vehicle

Whether you’re male or female, it’s a good idea to do what you can to lower your vehicle ownership costs. The less you spend on this expense, the more money you free up for other bills or savings.

First of all, do not hesitate to negotiate during your visit to a car dealership. Also, don’t be sold on features you really don’t need.

Car salespeople can be very persuasive in convincing you that you need the most upscale options when buying a car. But if those aren’t in your budget (or you just don’t feel obligated to pay for them), speak up.

Before bringing your car in for repair, do some research beforehand to get an idea of ​​what it might cost you. If you see that the typical cost for a given repair is $200 and you are quoted $300, that should raise a red flag.

Likewise, if the repair in question isn’t urgent, but rather something that needs to be done in the next few months, shop around for quotes from different mechanics. You may find that a mechanic is much more reasonable – and honest – than their competitors.

Finally, shop around when buying auto insurance so you can compare premium rates. Insurers use a range of criteria to determine how much to charge, and you may find that one company offers you a more competitive premium rate than another.

For years, studies have pointed to the fact that women earn less money than men for similar work. The fact that they might pay more for owning a vehicle only compounds this problem. Being an educated consumer and doing your research could help you minimize your car ownership costs and keep more of your hard-earned paycheck.

Make sure you choose the right auto insurance coverage

Car insurance is something most people don’t think about very often. Although there are many factors that lead people to change car insurance companies, it is important to educate yourself to ensure you choose the right coverage for you. The right coverage means not paying for coverage you don’t need and not giving up coverage that is right for you. Although price is a major factor, we also consider other factors such as customer service and the claims process when choosing what we believe are the best auto insurance providers.

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