Cost of ownership of a new car can either turn the sticker price into an outstanding bargain or an overpriced burden: A guide to the cheapest cars to own.
The money you hand over when you buy your new car is just a drop in the bucket. You also need to factor in the cost of ownership, which shows you how much you'll pay over the life of your vehicle for things such as maintenance and gas. The cheapest cars to own come from different manufacturers and range from tiny compact cars to larger sedans.
Subcompact cars
The cost of ownership refers to any cost that you face after bringing home your new car. This figure includes insurance, fuel, repairs, maintenance and state fees. One of the smallest cars with the lowest cost of ownership for the year is the Scion iQ. This tiny car has a total five-year cost of ownership of $27,011 and a cost per mile of just $.36.
Compact cars
If you need something a little larger, you might choose the Hyundai Veloster. With a base price of $18,395 and a cost of ownership of $30,581, this car is a good deal. When it comes to sedans, few models beat the Hyundai Sonata. Retailing for less than $22,000, this mid-size sedan has good fuel economy and a cost of ownership of around $36,000.
Midsize sedans
Sedans sometimes get a bad reputation because shoppers assume these larger cars cost more to own, but the Toyota Corolla proves that assumption wrong. The latest model gets 34 mpg on the highway and 27 mpg in the city, and its base price is just over $30,000. Its cost of ownership equals out to around $30,000 over the first five years you own it.
Another one of the cheapest cars to own is the Kia Forte LX four-wheel drive model. This subcompact has more interior space than similar models and a five-year cost of ownership of less than $30,000.
Larger cars
A few larger cars even make the list of cheapest cars to own. The Kia Soul has a larger interior and comes with features like a USB port. You can expect to pay around $30,000 or less in the first five years you own the Soul.
The Nissan Versa has even more space, and the sedan has an affordable price tag. This high-performance vehicle can handle anything you face on the road, and you'll feel better about your purchase after you discover it has a cost of ownership of around $27,000.
Get local price quotes on the cheapest cars to own now!
The money you hand over at the car lot isn't the only money you'll need to own a car. You'll also need to pay for gas, repairs, general maintenance and even the title on that car. Use Buyerlink to find local price estimates from reputable dealers on the cheapest cars to own. The cars with the lowest cost of ownership come in a variety of different sizes from compact cars for two to larger sedans for growing families.