It may not feel like it to Chicago-area drivers, but Illinois is the third least expensive state to operate a vehicle, according to a study released Monday by personal finance site Bankrate.com.
Illinois’ drivers spend on average $343 a year in repairs, $698 in insurance and $947 in gasoline, for a grand total of $1,999 in yearly costs, which puts Illinois just below Ohio and Iowa, named the cheapest state at $1,942. (Iowa has the cheapest insurance rates in the country, Bankrate said, and car repairs are also relatively inexpensive.)
Of course, Chicagoland motorists tend to spend much more than drivers across the state on average. Using the average price of gas last year in Chicago versus the Illinois average with Bankrate’s calulation for average gallons used, Chicagoans paid $980 for gas last year compared with $947 statewide.
The most expensive state in which to operate a vehicle was Wyoming, according to Bankrate, with yearly average costs of $2,705.
Chicagoans apparently don’t drive as much as Downstaters, so that would explain why their costs aren’t that much higher.
* But back to reality…
A new report by Realtytrac shows Illinois among the top 10 states in the number of home foreclosures.
The numbers come at a time when homeownership rates in the nation have fallen to a 19-year low.