Wyoming Most Expensive State to Own a Vehicle

Aug. 13, 2014—Wyoming is the most expensive state to own and operate a vehicle, according to a new Bankrate.com report.

A typical Wyoming driver spends $2,705 per year to operate his or her vehicle, according to the report. The cheapest state is Iowa, where the average cost is less than $1,950 a year.

The findings are based off an analysis of the cost of gasoline, repairs and insurance for vehicles in all 50 states.

The national average cost for operating a vehicle is $2,223.

While Wyoming has below-average costs for repairs gas prices and insurance, vehicle owners tend to drive nearly 70 percent more than the typical driver, contributing to its place at the top of the list.

Bankrate said that Iowa's low cost can be attributed largely to low insurance costs compared to the national average, as well as fairly low annual repair costs.

The five lowest average cost states to operate a vehicle annually are:

1. Iowa: $1,942
2. Ohio: $1,973
3. Illinois: $1,999
4. Idaho: $2,001
5. Wisconsin: $2,018
    

On the other end of the spectrum, the five highest average cost states to operate a vehicle annually are:

1. Wyoming: $2,705
2. Louisiana: $2,555
3. Florida: $2,516
4. Mississippi: $2,487
5. New Jersey: $2,421
    

For more information about the findings and a complete ranking, visit the Bankrate website.