A new study of car ownership by researchers at Bankrate.com found that it’s cheaper to own a car in Minnesota than the national average, but just barely.
The study found that Minnesota ranked 21st in terms of annual cost of ownership, coming in just $38 south of Indiana, the 25th ranked state. To determine the total cost of annual ownership, researchers looked at three key factors:
Researchers found the average cost of each of those expenses to come up with a grand total. Minnesota ranked 18th for cheapest average auto repair, 16th for average insurance costs, and 36th for average gasoline expenditures. On average, Minnesotans spent $346 annually on repair costs, $782 on car insurance, and $1,033 on gasoline for a total of $2,162 a year.
The cheapest state for car ownership was Iowa, which boasts an annual ownership cost of $1,942. The most expensive state for car ownership was Wyoming. Residents in Wyoming spent an average of $2,705 a year on their car.
As noted above, Iowa and Wyoming rank as the cheapest and most expensive states for car ownership. After Iowa, a slew of Midwest states dominate the Top 5 cheapest states for car ownership. Ohio comes in at second, followed by Illinois. Idaho and Wisconsin.
On the other side of the spectrum, it appears that it’s more costly to own a car in the southeast. After Wyoming, Louisiana slips in as the second most expensive state for car ownership, followed closely by Florida, Mississippi and New Jersey.
In all, the average Iowan spends $763 less each year in auto-related expenses than someone from Wyoming.
For more information on how each state scored in all three categories, head over to Bankrate.com to see the expanded findings.
Related source: Bankrate.com
Despite posting this on April 1, we can assure you we’re not fooling you when we say that April is National Car Care Month. Taking care of your car is a yearlong task, from regular scheduled maintenance to DIY repairs, so why is there an extra emphasis on car care in April? Well, for starters, […]
Let’s be honest, car ownership can be expensive. Regular scheduled maintenance isn’t usually too bad, but you also have to factors in other expenses like car insurance and driving citations. Even the best drivers have seen the flashing blue and red cherries in their rearview mirrors before, so today we’re looking at the worst and best […]
Brace yourself. Winter is coming. Make sure you take appropriate steps to ensure your car is ready for another cold Minnesota winter. Below, we share some tips to help you winterize your car. Repack Your Trunk – It’s time to take the beach ball out of your trunk and load it up with winter essentials. […]