Bankrate just published a review of car-ownership costs by state and South Dakota is the 6th least expensive state to own and operate a car. Figures were based on cost analyses of gasoline, repairs, and insurance. The average annual cost of car ownership in South Dakota is $2,022 per vehicle.
The top 5 states are:
- Iowa – $1,942 (1st)
- Ohio – $1,973 (2nd)
- Illinois – $1,999 (3rd)
- Idaho – $2,001 (4th)
- Wisconsin – $2,018 (5th)
On the cost spectrum, South Dakota averaged:
- $315 for Repairs (3rd lowest)
- $630 for Insurance (2nd lowest)
- $1,056 for Gasoline (42nd lowest)
There are two factors excluded from this study that can make a huge difference in the annual cost of owning your car – Personal Property Taxes (and other mandated taxes relating to automobiles) and Registration Fees.
Happily, South Dakota’s registration fees are very reasonable and we are not subject to a personal property tax. So it’s safe to say that South Dakota would easily be sitting in the top 5 with these additional factors considered.
And just because I like to see the spectrum…
5 Most Expensive States to Own A Car:
- Wyoming – $2,705 (51st) … does this surprise anyone else?
- Louisiana – $2,555 (50th)
- Florida – $2,516 (49th)
- Mississippi – $2,487 (48th)
- New Jersey – $2,421 (47th)
A full list of costs by each state are available here.