CARY, N.C. -

Dealerships and finance companies often try to educate their customers to understand that the cost of having a vehicle is more than just the monthly payment stipulated on the installment contract.

Analysts at — a website dedicated to helping consumers find the resources they need to relocate — dissected an array of data to pinpoint the average cost of owning a vehicle, breaking down the metrics by state. discovered that Michigan residents have one of the lowest average annual figures for installment payments and maintenance, coming in at $2,005. However, the site determined Michigan residents have the highest overall average for total cost of ownership because of insurance requirements.

Analysts said that individuals in Michigan pay $9,304.28 annually to own a vehicle. That’s more than $4,000 above the national average. Of that figure, $5,740 goes toward insurance. The monthly average worked out to be $775.

Meanwhile, looking at just the ledger line for installment payments as well as maintenance, indicated that Texas vehicle operators have the highest annual costs at $4,145, the only state above the $4,000 threshold in that category of the site’s data set. But, pegged the annual cost for Lone Star State vehicle owners as being third nationally at $6,670.

On the other end of the spectrum, determined that Alaska vehicle owners have both the lowest annual costs for installment payments, maintenance as well as insurance, coming in all together at $3,586.

The complete data report can be viewed here.