Mazda MX5: Highly affordable to buy and insure among sports cars

One of the top selling models from Mazda, its convertible sports car Mazda MX5, is also among one of its most highly affordable models. This convertible is also one of the least expensive sports cars to insure.

The median insurance rate of Mazda MX5 is $1438 lower than median rate of all 215 make and models. Maine has the lowest insurance rates for Mazda MX5 at around $851, followed by Iowa at $903 and North Carolina at $958. It is around 40% lower than the median state insurance rate of $1438. On the contrary, Georgia is the most expensive state to insure the Mazda MX5 at a rate of $3000, which is 108% higher than the median rate. Georgia is followed by Michigan at $2687 and Louisiana at $2425.

The Mazda MX5 is also ranked no. 2 as the least expensive sports car in terms of the Manufacturer’s Suggested Retail Price (MSRP). The MSRP for the Mazda MX5 is $24790. The cost insuring the Mazda MX5 for five years is $7190.

Minnesota and Oklahoma are the lowest and highest insurance states. The median MSRPs in these states are $19344 and $26740, respectively. Maine, being the state where insuring the MX5 costs the least, also has a median price below the national average median price, by around $24789. This makes Maine one of the best places to buy as well as insure Mazda MX5. On the other hand, Georgia with the highest insurance rates also has a high median price, which is $820 above the national median price.

In order to afford a Mazda MX5 along with the insurance in the US, one needs to earn around $4640 on a monthly basis. In terms of affordability, Georgia tops the list with monthly income of $5070, followed by Oklahoma and Oregon at $5040 and $4870 respectively. However, residents of Minnesota may find it difficult to afford the MX5; Minnesota has the lowest monthly income of $3710.