Beware; a car with a low price tag isn’t always the greatest value. Purchasing a vehicle is just the beginning of many costs connected with owning one. Determining the cars with the lowest cost of ownership involves looking at initial sale price, financing costs, repair costs, fuel costs and depreciation. Calculations are made for a five-year period where drivers travel 15,000 miles annually. This presents a final ownership cost that can be used to compare different vehicles. Five new cars on the market today have the least expensive ownership costs.
Ford Fiesta S
The Ford Fiesta S 4-door sedan is the fifth least expensive car to own over a five-year period. The Fiesta has a total cost of ownership of just over $27,000. Part of this low ownership cost is the 60-month financing available and the below-average purchase price. The car has won a high safety rating and includes features like an airbag near the knees of the driver to minimize injuries.
The five-year cost to own the new Scion iQ is just over $26,000. This is partially due to the better fuel efficiency. The car is very small although it does have four seats. The car is only 10 feet long. This small size and light frame allows the Scion iQ to get 36 miles per gallon (MPG) on both city streets and highways.
Toyota Yaris L
The Toyota Yaris L is a two-door hatchback. The cost of ownership is just a few hundred dollars less than the Scion. The car gets 30 MPG in the city and 37 MPG on the highway. The cost of ownership is low because of the initial purchase price and the financing options available to average consumers. The Yaris also maintains more value over time. It includes many tech-friendly features like a universal serial bus (USB) port in the dashboard.
Nissan Versa S
The Nissan Versa S has an ownership cost over five years of just under $26,000. A large part of this is the fact that the Nissan Versa is the least expensive new car on the market allowing for lower financing fees. The auto repair costs over five years for the Versa are also very low at just over $1,700. The Versa includes many safety features to protect drivers.
Smart Fortwo Pure
The Smart Fortwo Pure is a very small car. It is also the least expensive to own over five years at just over $25,000. The car spends nearly a $1,000 less on fuel than the Versa. The vehicle has a steel frame and multiple safety features. The one drawback is that average maintenance costs are higher than other vehicles. The Smart is a good choice for people who will be driving mainly in city environments.
If you are looking to locate a vehicle that won’t break the bank, the five listed above is a great place to start. Just be sure to factor in all of the associated costs of car ownership.