Study: Iowa is cheapest place to own a vehicle
Monday, August 11, 2014 3:08 PM
?Iowa is the least expensive state in which to operate a motor vehicle, according to a report released today by consumer financial services company Bankrate.
The estimated annual cost of car ownership in the state is $1,942, compared with the national average of $2,223.
Bankrate analyzed the cost of gasoline, repairs and insurance for all 50 states and Washington, D.C., using information from CarMD.com, GasBuddy.com, the U.S. Bureau of Transportation Statistics and the National Association of Insurance Commissioners.
In Iowa, repairs on average cost $315 per year, the fifth-lowest in the country. Insurance is $630, the lowest in the country. Gasoline is $998, the 29th-lowest in the country.
The Midwest, overall, does well in the report, as Ohio, Illinois, Wisconsin and Nebraska all take spots in the top 10. Wyoming is the most expensive state in which to operate a motor vehicle, with an annual cost of $2,705. Louisiana, Florida, Mississippi and New Jersey round out the five most expensive states.