Iowa and Illinois among cheapest states for car ownership
It costs less to own a car in Iowa than any other state in the U.S., and Illinois is nearly as cheap.
Bankrate ranked car ownership costs in each state based on analysis of annual repair, insurance and gasoline expenses for car owners.
”We gathered statistics from CarMD.com, GasBuddy.com, the Bureau of Transportation Statistics and the National Association of Insurance Commissioners,” the study report said.
The study found Iowans spent an average of $315 on repairs, $630 on insurance and $998 on gasoline, for a total of $1,942 per year, on their cars. The overall costs to own a vehicle in Iowa are 13 percent below the national average, and the state enjoys the cheapest auto insurance rates in the country.
Illinois car owners fared nearly as well, spending an average of $343 on repairs, $805 on insurance and $852 on gasoline, for a total of $1,999 per year. Illinois drivers had lower car ownership costs despite gas prices in the state that average five percent above the national average and insurance rates that are closest to the national average. Illinoisans use their cars less than vehicle owners in most other states, driving an average of 8,238 miles per year compared to the national average of nearly 10,109 miles per year, the study said.
Only Iowa and Ohio car owners had lower average car ownership expenses than Illinois, the study said.
The most expensive state for car ownership is Wyoming, according to the study. Car owners there spend an average of $324 on repairs, $792 on insurance and $1,588 on gasoline, for a total of $2,705 in car ownership expenses each year.