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Gas, insurance factor into state-by-state vehicle costs

Posted on Monday, August 11, 2014 at 9:13:10 AM

Owning a vehicle is an expensive investment, but affordable auto financing, proper care and maintenance and some other effective strategies can help keep those costs down.

According to a recent survey by Bankrate, the overall expenses associated with vehicle ownership vary greatly depending on the state. For example, Wyoming is the most expensive, with a total cost of $2,705 per year. In comparison, Iowa is the cheapest, at only $1,942 per year, thanks in part to low insurance rates.

In the middle are Massachusetts, Rhode Island and Connecticut. Out of those three, Massachusetts is the most affordable at $2,169 per year, followed by Rhode Island at $2,314 and Connecticut at $2,372. The three elements Bankrate factored into these calculations were repairs, insurance and gasoline, with much of the costs coming from the latter two categories.

Due to the price of gas, you may be able to save some money by driving smart. Behavior behind the wheel can actually have an impact of fuel economy, so make sure you accelerate slowly and avoid rapid braking to save gas. Watch your speeds as well, and try not to go too fast on the highway.