Maine variant. This is a Maine-specific version of the Auto Loan Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Auto Loan Calculator.
Financing a car in Maine means budgeting for both the loan payment and the state's $952 average annual auto insurance premium.
Auto loan + ownership costs in Maine
On a $35,000 vehicle with 10% down, you'd finance $31,500. At 7% over 5 years, that's about $624/month.
Maine drivers pay $952/year on average for insurance - about $79/month - plus the state's 5.50% combined sales tax on the purchase.
About taxes and housing in Maine
Maine uses a graduated income tax that tops out above 7%.
Maine has above-average property taxes and offers a homestead exemption that reduces the taxable value of a primary residence.
Maine's economy relies on tourism, fishing and lobstering, forestry, and a large share of older residents and seasonal homes.
Worked example: $35,000 car in Maine
Loan $31,500 at 7% for 5 years → $624/month. Insurance ≈ $79/month. Combined monthly cost of ownership ≈ $703 before fuel and maintenance.
Quick reference
- State income tax: 5.8-7.15% across 3 brackets
- State sales tax: 5.5% (plus 0.00% avg local)
- Median home value: $380,000
- Median household income: $71,139
- Effective property tax rate: 1.24%
- Avg auto insurance: $952/yr
Frequently Asked Questions
How much is car insurance in Maine?
The Maine average is $952/year, or about $79/month.
What's a typical car payment in Maine?
On a $35,000 car financed at 7% over 5 years, roughly $624/month.