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High Cost for Mayland Drivers - 8/25/14

Many of you are driving right now in the 12th most expensive state in the country in which to own a vehicle.  It costs about $2,368 per year to drive a vehicle in Maryland, the sum total of repairs, insurance costs and gasoline.  Maryland drivers spend $388 a year on repairs, $1,030 on insurance and $951 on gasoline according to the latest survey from Bankrate.com

The national average is $2,223 per ear, which means that Marylanders spend about $150 more than the national average per annum.  The highest annual expenditure is associated with car owners in Wyoming, who spend an average of $2705 a year to operate a vehicle.  That’s because the average Wyoming driver logs more miles than residents of any state – according to CNNmoney – enough to make 5 trips across the U.S. in a single year. 

Drivers in Wyoming spend an average of nearly $1,600 per year on gasoline alone.  Florida and New Jersey are also among the five most expensive states in the country in which to operate a vehicle, in part because of lofty insurance rates.  Owners in New Jersey pay an average of $393 a year for repairs, the most in the country. 

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.