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Car-Ownership Costs — Where Does Your State Rank?
A highway in Iowa, the state with the lowest cost to own a vehicle.
Bankrate Inc. released its list of least and most expensive states to own a vehicle this week — with results that may surprise you.
Although it has below-average repair, fuel and insurance costs, Wyoming marked the list as the most expensive state to own a vehicle. Why? Everything is so far apart — Wyoming residents drive 68 percent more than the national average, spending $1,588 per year on gas.
Compare that to the cheapest state — Iowa — and the average driver spent only $1,942 on average, per year, on repairs, fuel and insurance combined, due mostly to the cheapest average car insurance rates in the nation at $630 per year.
Bankrate gathered figures for cost of repairs, insurance and fuel based in the 50 states and Washington D.C. with data from CarMD.com, GasBuddy.com, the Bureau of Transportation Statistics and stats from the National Association of Insurance Commissioners.
For the entire list, visit Bankrate’s website here.
