Report: Iowa cheapest state to own a car

Iowa ranks as the cheapest state to own a car, according to a new report based on prices for gas, insurance and repairs.

It costs Iowans $1,942 a year to own a car, which ranks lowest among all 50 states and the District of Columbia, according to the analysis by Bankrate.com, a website that provides financial rate information.

'Drivers in the Hawkeye State enjoy the cheapest car insurance rates in the country, at an average of $630 per year,” the Bankrate write up stated. 'That's less than half the cost that drivers pay in Louisiana or Washington, D.C.”

The analysis considers three factors:

'Gasoline prices compiled from average prices in 2013 from GasBuddy.com, and fuel efficiency data in 2012 and vehicle miles traveled in 2010 from the Bureau of Labor Statistics.

'Insurance rates based on 2007 to 2011 statistics from the National Association of Insurance Commissioners.

'An analysis of labor and parts from 160,000 repairs in 2012 by CarMD.com.

Iowans pay an average of $998 a year for gas, which is middle of the pack, and $315 for repairs, which ranks sixth cheapest in the nation.

The Midwest in general has low costs for owning a vehicle. Ohio, Illinois, Wisconsin, South Dakota and Nebraska all ranks in the top 10 for lowest prices.

The highest prices in the nation are found in Wyoming, where residents pay $2,705 for gas, insurance and repairs annually.

It's not clear how wear and tear from poor road conditions factor into repair costs.

Iowa has the second most structurally deficient bridges in the nation and 13 percent of roads are considered in poor condition.