This Is the Salary You Need To Afford a Luxury Car in Every State in 2026
A salary of $200,000 is not enough money to cover buying and maintaining a luxury car. According to a new MoneyLion study, buyers need to earn at least $287,817 to afford a small luxury car in every state and $350,000 or more for large luxury cars, electric cars and convertibles.
MoneyLion determined the salary necessary to afford a luxury car in every state by using the Bureau of Labor Statistics Consumer Expenditure Survey to find the average annual cost for vehicle purchases, gasoline and other vehicle expenses -- along with the average annual income in every state before taxes.
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MoneyLion calculated that 11.7% of income is spent on these kinds of vehicles. The average MSRP was calculated by averaging the MSRP for luxury small cars, large cars, electric cars and luxury convertibles. Additional factors include the average cost of insurance, gas, repairs and car payments, which were calculated using Cars.com’s Car Loan Calculator.
Car payments were figured using each state’s most populated ZIP code and assuming a credit rating between 780 and 850 and a 20% down payment with 72-month term length, $0 trade-in, $0 incentives and $0 fees. MoneyLion then summed the monthly loan repayment, average repair cost, average gas cost and average insurance cost to find the average total cost to own a luxury vehicle and divided this value by 11.7% to find the average salary needed to purchase a luxury vehicle.
Key Findings
The national average costs for new luxury cars are $55,350 (small car), $111,040 (large car), $101,456 (EV) and $126,710 (convertible).
California is the most expensive state for luxury cars. Buyers need to earn at least $318,653 for a small car and as much as $429,460 to afford a convertible.
The least expensive state for luxury vehicles is New Hampshire. The starting salary for a small car is $287,817 -- $30,836 cheaper than California.
Buyers need to make $310,000 to afford a small luxury car in five states: California ($318,653), Nevada ($317,920), Louisiana ($316,209), Michigan ($312,257) and Florida ($312,166).
Incomes must exceed $400,000 to purchase a large luxury car in three states: California ($405,144), Louisiana ($404,342) and Nevada ($404,001).
There are only four states where buyers can get a luxury EV with salaries under $360,000: Oregon ($358,836), Arizona ($358,172), Montana ($358,063) and New Hampshire ($352,352).
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Keep reading to find out how much you need to earn to afford a luxury car in every state.
1. California
Small car:
Annual costs: $37,269
Income needed: $318,653
Large car:
Annual costs: $47,385
Income needed: $405,144
EV:
Annual costs: $45,645
Income needed: $390,267
Convertible:
Annual costs: $50,229
Income needed: $429,460
2. Louisiana
Small car:
Annual costs: $36,984
Income needed: $316,209
Large car:
Annual costs: $47,292
Income needed: $404,342
EV:
Annual costs: $45,516
Income needed: $389,158
Convertible:
Annual costs: $50,196
Income needed: $429,172
3. Nevada
Small car:
Annual costs: $37,184
Income needed: $317,920
Large car:
Annual costs: $47,252
Income needed: $404,001
EV:
Annual costs: $45,524
Income needed: $389,227
Convertible:
Annual costs: $50,084
Income needed: $428,215
4. Florida
Small car:
Annual costs: $36,511
Income needed: $312,166
Large car:
Annual costs: $46,375
Income needed: $396,503
EV:
Annual costs: $44,671
Income needed: $381,934
Convertible:
Annual costs: $49,147
Income needed: $420,204
5. Michigan
Small car:
Annual costs: $36,521
Income needed: $312,257
Large car:
Annual costs: $46,313
Income needed: $395,978
EV:
Annual costs: $44,633
Income needed: $381,614
Convertible:
Annual costs: $49,073
Income needed: $419,576
6. Washington
Small car:
Annual costs: $35,900
Income needed: $306,943
Large car:
Annual costs: $46,028
Income needed: $393,537
EV:
Annual costs: $44,288
Income needed: $378,660
Convertible:
Annual costs: $48,872
Income needed: $417,853
7. Arkansas
Small car:
Annual costs: $35,668
Income needed: $304,961
Large car:
Annual costs: $45,892
Income needed: $392,376
EV:
Annual costs: $44,128
Income needed: $377,294
Convertible:
Annual costs: $48,772
Income needed: $417,000
8. Colorado
Small car:
Annual costs: $35,883
Income needed: $306,798
Large car:
Annual costs: $45,915
Income needed: $392,572
EV:
Annual costs: $44,187
Income needed: $377,797
Convertible:
Annual costs: $48,735
Income needed: $416,683
9. New York
Small car:
Annual costs: $35,686
Income needed: $305,117
Large car:
Annual costs: $45,814
Income needed: $391,711
EV:
Annual costs: $44,062
Income needed: $376,732
Convertible:
Annual costs: $48,658
Income needed: $416,027
10. Texas
Small car:
Annual costs: $35,722
Income needed: $305,425
Large car:
Annual costs: $45,778
Income needed: $391,403
EV:
Annual costs: $44,038
Income needed: $376,526
Convertible:
Annual costs: $48,598
Income needed: $415,514
11. Oklahoma
Small car:
Annual costs: $35,561
Income needed: $304,044
Large car:
Annual costs: $45,689
Income needed: $390,638
EV:
Annual costs: $43,949
Income needed: $375,761
Convertible:
Annual costs: $48,533
Income needed: $414,954
12. New Jersey
Small car:
Annual costs: $35,790
Income needed: $306,000
Large car:
Annual costs: $45,666
Income needed: $390,440
EV:
Annual costs: $43,962
Income needed: $375,871
Convertible:
Annual costs: $48,438
Income needed: $414,140
13. Kansas
Small car:
Annual costs: $35,186
Income needed: $300,840
Large car:
Annual costs: $45,386
Income needed: $388,050
EV:
Annual costs: $43,634
Income needed: $373,070
Convertible:
Annual costs: $48,254
Income needed: $412,571
14. Rhode Island
Small car:
Annual costs: $35,530
Income needed: $303,782
Large car:
Annual costs: $45,442
Income needed: $388,529
EV:
Annual costs: $43,738
Income needed: $373,960
Convertible:
Annual costs: $48,226
Income needed: $412,332
15. Illinois
Small car:
Annual costs: $34,983
Income needed: $299,106
Large car:
Annual costs: $45,267
Income needed: $387,034
EV:
Annual costs: $43,491
Income needed: $371,849
Convertible:
Annual costs: $48,159
Income needed: $411,761
16. Minnesota
Small car:
Annual costs: $35,283
Income needed: $301,665
Large car:
Annual costs: $45,315
Income needed: $387,438
EV:
Annual costs: $43,587
Income needed: $372,664
Convertible:
Annual costs: $48,147
Income needed: $411,652
17. Pennsylvania
Small car:
Annual costs: $35,201
Income needed: $300,967
Large car:
Annual costs: $45,233
Income needed: $386,740
EV:
Annual costs: $43,505
Income needed: $371,966
Convertible:
Annual costs: $48,053
Income needed: $410,851
18. Connecticut
Small car:
Annual costs: $35,436
Income needed: $302,976
Large car:
Annual costs: $45,276
Income needed: $387,108
EV:
Annual costs: $43,584
Income needed: $372,641
Convertible:
Annual costs: $48,036
Income needed: $410,705
19. Tennessee
Small car:
Annual costs: $34,908
Income needed: $298,464
Large car:
Annual costs: $45,132
Income needed: $385,879
EV:
Annual costs: $43,368
Income needed: $370,797
Convertible:
Annual costs: $48,012
Income needed: $410,503
20. North Dakota
Small car:
Annual costs: $35,180
Income needed: $300,792
Large car:
Annual costs: $45,176
Income needed: $386,257
EV:
Annual costs: $43,460
Income needed: $371,586
Convertible:
Annual costs: $47,996
Income needed: $410,368
21. Utah
Small car:
Annual costs: $35,173
Income needed: $300,724
Large car:
Annual costs: $45,145
Income needed: $385,984
EV:
Annual costs: $43,429
Income needed: $371,313
Convertible:
Annual costs: $47,941
Income needed: $409,890
22. New Mexico
Small car:
Annual costs: $35,140
Income needed: $300,444
Large car:
Annual costs: $45,124
Income needed: $385,807
EV:
Annual costs: $43,408
Income needed: $371,136
Convertible:
Annual costs: $47,932
Income needed: $409,816
23. Wisconsin
Small car:
Annual costs: $35,073
Income needed: $299,870
Large car:
Annual costs: $45,093
Income needed: $385,541
EV:
Annual costs: $43,365
Income needed: $370,766
Convertible:
Annual costs: $47,913
Income needed: $409,652
24. North Carolina
Small car:
Annual costs: $35,116
Income needed: $300,239
Large car:
Annual costs: $45,064
Income needed: $385,294
EV:
Annual costs: $43,348
Income needed: $370,622
Convertible:
Annual costs: $47,860
Income needed: $409,200
25. Alabama
Small car:
Annual costs: $34,753
Income needed: $297,136
Large car:
Annual costs: $44,893
Income needed: $383,832
EV:
Annual costs: $43,141
Income needed: $368,853
Convertible:
Annual costs: $47,749
Income needed: $408,251
26. Massachusetts
Small car:
Annual costs: $35,143
Income needed: $300,469
Large car:
Annual costs: $44,971
Income needed: $384,498
EV:
Annual costs: $43,279
Income needed: $370,031
Convertible:
Annual costs: $47,731
Income needed: $408,096
27. West Virginia
Small car:
Annual costs: $35,017
Income needed: $299,394
Large car:
Annual costs: $44,929
Income needed: $384,141
EV:
Annual costs: $43,225
Income needed: $369,572
Convertible:
Annual costs: $47,713
Income needed: $407,944
28. South Carolina
Small car:
Annual costs: $34,982
Income needed: $299,094
Large car:
Annual costs: $44,894
Income needed: $383,841
EV:
Annual costs: $43,190
Income needed: $369,272
Convertible:
Annual costs: $47,678
Income needed: $407,644
29. Hawaii
Small car:
Annual costs: $35,251
Income needed: $301,393
Large car:
Annual costs: $44,911
Income needed: $383,986
EV:
Annual costs: $43,243
Income needed: $369,724
Convertible:
Annual costs: $47,623
Income needed: $407,173
30. Kentucky
Small car:
Annual costs: $35,070
Income needed (small luxury car): $299,850
Large car:
Annual costs: $44,862
Income needed (large luxury car): $383,571
EV:
Annual costs: $43,182
Income needed: $369,207
Convertible:
Annual costs: $47,622
Income needed: $407,169
31. South Dakota
Small car:
Annual costs: $34,970
Income needed: $298,991
Large car:
Annual costs: $44,798
Income needed: $383,020
EV:
Annual costs: $43,106
Income needed: $368,553
Convertible:
Annual costs: $47,558
Income needed: $406,618
32. Iowa
Small car:
Annual costs: $34,999
Income needed: $299,239
Large car:
Annual costs: $44,791
Income needed: $382,961
EV:
Annual costs: $43,111
Income needed: $368,597
Convertible:
Annual costs: $47,551
Income needed: $406,559
33. Georgia
Small car:
Annual costs: $34,941
Income needed: $298,748
Large car:
Annual costs: $44,733
Income needed: $382,469
EV:
Annual costs: $43,053
Income needed: $368,105
Convertible:
Annual costs: $47,493
Income needed: $406,067
34. Mississippi
Small car:
Annual costs: $34,748
Income needed: $297,091
Large car:
Annual costs: $44,660
Income needed: $381,839
EV:
Annual costs: $42,956
Income needed: $367,269
Convertible:
Annual costs: $47,444
Income needed: $405,642
35. Missouri
Small car:
Annual costs: $34,581
Income needed: $295,663
Large car:
Annual costs: $44,601
Income needed: $381,333
EV:
Annual costs: $42,873
Income needed: $366,559
Convertible:
Annual costs: $47,421
Income needed: $405,444
36. Nebraska
Small car:
Annual costs: $34,615
Income needed: $295,958
Large car:
Annual costs: $44,563
Income needed: $381,013
EV:
Annual costs: $42,847
Income needed: $366,341
Convertible:
Annual costs: $47,359
Income needed: $404,919
37. Indiana
Small car:
Annual costs: $34,581
Income needed: $295,663
Large car:
Annual costs: $44,493
Income needed: $380,410
EV:
Annual costs: $42,789
Income needed: $365,841
Convertible:
Annual costs: $47,277
Income needed: $404,213
38. Idaho
Small car:
Annual costs: $34,625
Income needed: $296,043
Large car:
Annual costs: $44,417
Income needed: $379,764
EV:
Annual costs: $42,737
Income needed: $365,400
Convertible:
Annual costs: $47,177
Income needed: $403,362
39. Maryland
Small car:
Annual costs: $34,570
Income needed: $295,569
Large car:
Annual costs: $44,362
Income needed: $379,290
EV:
Annual costs: $42,682
Income needed: $364,927
Convertible:
Annual costs: $47,122
Income needed: $402,888
40. Vermont
Small car:
Annual costs: $34,407
Income needed: $294,182
Large car:
Annual costs: $44,319
Income needed: $378,929
EV:
Annual costs: $42,615
Income needed: $364,360
Convertible:
Annual costs: $47,103
Income needed: $402,732
41. Ohio
Small car:
Annual costs: $34,320
Income needed: $293,432
Large car:
Annual costs: $44,184
Income needed: $377,769
EV:
Annual costs: $42,480
Income needed: $363,199
Convertible:
Annual costs: $46,956
Income needed: $401,469
42. Alaska
Small car:
Annual costs: $34,857
Income needed: $298,030
Large car:
Annual costs: $44,253
Income needed: $378,365
EV:
Annual costs: $42,633
Income needed: $364,514
Convertible:
Annual costs: $46,893
Income needed: $400,937
43. Maine
Small car:
Annual costs: $34,395
Income needed: $294,079
Large car:
Annual costs: $44,139
Income needed: $377,390
EV:
Annual costs: $42,459
Income needed: $363,026
Convertible:
Annual costs: $46,875
Income needed: $400,783
44. Virginia
Small car:
Annual costs: $34,268
Income needed: $292,991
Large car:
Annual costs: $44,060
Income needed: $376,712
EV:
Annual costs: $42,380
Income needed: $362,348
Convertible:
Annual costs: $46,820
Income needed: $400,310
45. Delaware
Small car:
Annual costs: $35,041
Income needed: $299,599
Large car:
Annual costs: $44,149
Income needed: $377,472
EV:
Annual costs: $42,589
Income needed: $364,134
Convertible:
Annual costs: $46,717
Income needed: $399,429
46. Wyoming
Small car:
Annual costs: $34,279
Income needed: $293,083
Large car:
Annual costs: $43,963
Income needed: $375,881
EV:
Annual costs: $42,295
Income needed: $361,620
Convertible:
Annual costs: $46,687
Income needed: $399,171
47. Oregon
Small car:
Annual costs: $34,421
Income needed: $294,301
Large car:
Annual costs: $43,529
Income needed: $372,174
EV:
Annual costs: $41,969
Income needed: $358,836
Convertible:
Annual costs: $46,097
Income needed: $394,130
48. Arizona
Small car:
Annual costs: $34,344
Income needed: $293,637
Large car:
Annual costs: $43,452
Income needed: $371,510
EV:
Annual costs: $41,892
Income needed: $358,172
Convertible:
Annual costs: $46,020
Income needed: $393,467
49. Montana
Small car:
Annual costs: $34,331
Income needed: $293,528
Large car:
Annual costs: $43,439
Income needed: $371,401
EV:
Annual costs: $41,879
Income needed: $358,063
Convertible:
Annual costs: $46,007
Income needed: $393,357
50. New Hampshire
Small car:
Annual costs: $33,663
Income needed: $287,817
Large car:
Annual costs: $42,771
Income needed: $365,690
EV:
Annual costs: $41,211
Income needed: $352,352
Convertible:
Annual costs: $45,339
Income needed: $387,646
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Methodology: For this study, MoneyLion analyzed each state to find the salary needed to afford different luxury car types. MoneyLion used the Bureau of Labor Statistics Consumer Expenditure Survey to find the average annual cost for the expenditures; "vehicle purchases (net outlay)," "gasoline and other fuels," and "other vehicle expenses" as well as the average annual income before taxes. MoneyLion calculated that 11.7% of income before taxes is spent on the selected vehicle expenditures. MoneyLion calculated the average MSRPs for luxury cars by averaging the MSRP listed for the top five ranking cars in the following categories: luxury small cars, luxury mid-size cars, luxury large cars, luxury electric cars, luxury sports cars and luxury convertibles (all sourced from U.S. News & World Report). The average cost of full-coverage insurance was sourced from CarInsurance.com for each state. The transportation cost index was sourced from Missouri Economic and Research Information Center and combined with the national average cost for gasoline and other fuels to get the average annual cost of gasoline for each state. The average annual cost of repairs for luxury vehicles was sourced from Kelley Blue Book. The most populated ZIP code in each state was sourced from worldpopulationreview.com. The average monthly car payments were calculated using Cars.com's Car Loan Calculator with the following assumptions; most populated ZIP code in each state, excellent credit rating (780-850), 20% down payment, 72-month term, $0 trade-in, $0 incentives and $0 fees. The (1) monthly loan repayment, (2) average repair cost, (3) average gas cost and (4) average insurance cost were all summed to find the average total cost to own a luxury vehicle. That value was then divided by 11.7% to find the average salary needed to own a luxury vehicle. The states were sorted to show the most expensive states first. All data is up to date as of May 26, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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