As astute car shoppers know, there’s more to saving money on a car than simply negotiating the lowest price on a given model. Long-term ownership costs – specifically insurance, fuel economy and repairs – can vary significantly from one vehicle to another, even within select vehicle and/or price classes.
Such factors can vary by as much as $3,800 on average over a five-year ownership period, based solely on where a motorist lives, according to a recent analysis compiled by Bankrate.com, with several Midwest states boasting the lowest annual costs overall.
If you’re looking to save money, pack up a moving van and head for the Hawkeye State, as those living in Iowa currently enjoy the most-affordable auto ownership costs in the nation at an average $1,942 per year. At the other end of the spectrum, residents of Wyoming pay the most in this regard at an annual average $2,705. By comparison, the national average stands at $2,223/year.
Motorists tend to clock 68 percent more miles behind the wheel in Wyoming than the norm, which results in higher than average fuel expenditures at a punishing $1,588 per year. Meanwhile, Iowa residents enjoy both the cheapest insurance rates in the nation at an average $630 annually, and below-average repair costs at just $630/year.
Click here for the full list of average expenditures in all three of the aforementioned categories for all 50 states; in the meantime, here’s a quick look at the top 10 at both ends of the range in terms of average annual car ownership costs.
Most Expensive States To Own A Car:
- Wyoming, $2,705 average/year
- Louisiana, $2,555
- Florida, $2,516
- Mississippi, $2,487
- New Jersey, $2,421
- Georgia, $2,408
- Delaware, $2,391
- Alabama, $2,381
- Michigan, $2,375
- Connecticut, $2,372
Least Expensive States To Own A Car
- Iowa, $1,942 average/year
- Ohio, $1,973
- Illinois, $1,999
- Idaho, $2,001
- Wisconsin, $2,018
- South Dakota, $2,022
- Pennsylvania, $2,052
- New Hampshire, $2,070
- Nebraska, $2,081
- Oregon, $2,081
The Fine Print: Bankrate used labor and parts data provided by CarMD.com, with fuel costs calculated with statistics from GasBuddy.com and the Bureau of Transportation Statistics. Insurance costs were compiled from National Association of Insurance Commissioners statistics.
