Buyer's guide to the cars with the lowest cost of ownership, including hybrid and economy vehicles with outstanding gas mileage and low maintenance costs.
The moment that you walk into a dealership, you might find yourself facing several salespeople who claim that they know the ins and outs of the newest cars, but learning more about various models can help you make the right decision. Finding the cars with the lowest cost of ownership will also help because you can learn how much that car will cost you over the next few years.
Cost of ownership refers to the total cost that you pay during the time that you own the vehicle. This figure includes the cost of ownership, repairs, maintenance and even the gas that you use. The Scion IQ often comes out on top because this tiny car costs less than $17,000 new, and you will only pay around $27,000 for the first five years that you own it. The downside, according to some reviewers, is that the car is too small for most drivers. It only has two seats in front and a small trunk.
Nissan Versa S
If you need something a little bigger, consider the Versa S. The first five years that you own the car will cost you around $27,000, and it has a large backseat and trunk. Average insurance costs for the first few years are under $6,000, and because the car gets more miles per gallon than other luxury models, gas over those five years will cost around $9,000.
The Honda Fit has enough room for four adults inside, though it looks smaller from the outside. Insurance costs for the first five years are less than $5,000, and you might pay less than $10,000 for gas in those five years.
Another good buy, according to a few car buying guides, is the Hyundai Sonata. With ample horsepower, a spacious interior, a base price of around $21,000 and good gas mileage, this mid-size car has a five-year cost of ownership of around $30,000. The Accent, also from Hyundai, costs around $1,000 per year in insurance and around $1,600 per year in gas due to its high ratio of miles per gallon.
The Mazda2 Sport has an even higher MPG rating, which drops your gas expenditure to less than $1,500 per year. Your buyer's guide might also mention that the car has low insurance rates of $1,000 or less per year. Finding out the cost of ownership is important because you don't want to keep investing in a car every year after you buy it.
Once you discover how much each car will cost you every year, you can find one that works with your budget. Use Buyerlink to find price quotes and in-depth information on cars with the lower cost of ownership, including the miles per gallon, sticker price, interior features, engine options and lifetime costs of newer models. The cars with the lowest cost of ownership come in various sizes, letting you find a new car that has room for your whole family.