Owning a car can be a complicated, and expensive, endeavor. Not only must you come up with a down payment (if you don’t have a trade-in that is) but you have to worry about insurance, maintenance, fuel and steady supply of fuzzy dice air fresheners to hang from the mirror.
But does it really matter where you live?
The short answer is, yes, and while some might be adding “duh” the truth is that living in a state with high fuel prices won’t necessarily mean that owning a car there will be higher than a state with cheap gas.
Consumer website Bankrate.com, which specializes in comparing bank interest rates, ranked all 50 US states to find out where the most expensive and least expensive states are when it comes to owning a car. Even hunting for the cheapest gas and doing your own repairs will help much. For the rankings, the website used three criteria: repairs, insurance and of course fuel prices for all 50 states and the District of Columbia. Labor and parts data were provided by CarMD.com, while gas spending was calculated with statistics from GasBuddy.com and the Bureau of Transportation Statistics. Insurance costs were compiled from National Association of Insurance Commissioners statistics.
One of the biggest swings when it comes to the criteria came with the insurance rates; what it might cost in place for a year is enough to cover two years of insurance in another state.
"The number of accidents, severity of those accidents, litigation costs, medical costs and repair costs would cause insurance to be more expensive in one state than another,” Jeanne Salvatore, spokeswoman for the Insurance Information Institute told the website.
So where should you move if you want to motor the cheapest in the US? The Midwest that’s where. Iowa ranked cheapest with a cost of $1942 a year followed by Ohio, and Illinois. The most expensive is Wyoming with a yearly cost of $2705 a year Louisiana, and Florida lagged slightly behind, but not by much.
Check out the rankings for yourself here…