Cost of Owning a Car in New Mexico
How New Mexico’s gas prices, electricity rates, sales tax and insurance costs affect what you’ll typically pay to own a vehicle.
New Mexico at a glance
Gas price
$3.25per gallon, illustrative averageElectricity
$0.14per kWh, illustrative averageSales tax
5.12%plus ~$65 average registrationInsurance in New Mexico runs close to the national average in this model, reflected as a 0.95× multiplier on our base class rates.
What drives the cost in New Mexico
Costs are held down mainly by gas prices (about $620 less over 5 years) and insurance rates (about $408 less over 5 years). (Figures are for a typical SUV compared with the average state.)
5-year cost by vehicle class in New Mexico
Uses real market-average vehicle prices per class (from our 152-vehicle MarketCheck pull) combined with New Mexico-specific tax, fee, fuel and insurance data.
Sedan
$32,7295-year estimate, $545/moSUV / crossover
$44,7415-year estimate, $746/moTruck
$46,8895-year estimate, $781/moElectric
$47,4165-year estimate, $790/moLuxury
$67,8095-year estimate, $1,130/moPopular vehicles: 5-year cost in New Mexico
2026 Toyota RAV4
$34,1265-year cost in New MexicoFull breakdown →2026 Honda CR-V
$33,7875-year cost in New MexicoFull breakdown →2026 Toyota Camry
$30,1025-year cost in New MexicoFull breakdown →2026 Honda Civic
$25,9815-year cost in New MexicoFull breakdown →2026 Ford F-150
$58,7845-year cost in New MexicoFull breakdown →2026 Tesla Model Y
$37,5715-year cost in New MexicoFull breakdown →2026 Chevrolet Equinox
$38,8605-year cost in New MexicoFull breakdown →2026 Toyota Corolla
$25,9625-year cost in New MexicoFull breakdown →EV vs. gas in New Mexico
At New Mexico’s $0.14/kWh electricity and $3.25/gal gas, charging a typical EV at home costs about $554 a year, versus about $1,258 a year to fuel a typical gas sedan — a savings of $704 per year. Run your own numbers with the EV vs. gas calculator.