Auto insurance, repairs, and gas considered to rank states for cost of vehicle ownership

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The recent Bankrate.com study showed that Wyoming is the most expensive state, while Iowa is the cheapest.

A new report has now been issued by Bankrate.com that has shown that when factors such as the annual cost of auto insurance, repairs, and gasoline are taken into account, the most expensive state in the country to own a vehicle is Wyoming.

At the other end of the scale, it is Iowa in which it is the least expensive to own and drive a car.

When looking at the average costs of auto insurance, repairs, and gasoline, per year, in each state, Bankrate determined that the average vehicle owner in Wyoming spends about $2,705 per year simply to operate it. This is, of course, above and beyond the actual purchase price. On the other hand, in Iowa, the average driver is spending closer to $1,942 per year, which is clearly significantly lower. The average cost seen across the United States is $2,223.

In Wyoming, it is not the cost of auto insurance that is sending the overall price of vehicle ownership skyward.

family auto insurance carIn fact, a car insurance policy is actually below the national average in Wyoming, as are the prices of gas and repairs. The factor that makes all the difference in the actual among that drivers are spending in the state is that they drive a great deal more than people in other parts of the country. In fact, the report showed that Wyoming drivers are behind the wheel 68 percent more than the national average. This causes them to spend $1,588 on gasoline every year, which is higher than anywhere else in the country. It isn’t because the gas is more expensive, it is simply that they use a lot more of it.

Equally, among the reasons that Iowa is the least expensive place to operate a vehicle is because the auto insurance rates there are the lowest in the nation. The average amount paid by drivers in the state is $630 per year. This, on top of the fact that vehicle repairs are also comparatively cheap (with the average being $315 per year), means that the total is notably lower than anywhere else.

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