The recession may be “over,” but many buyers still have budget on the brain when shopping for a new car these days. Dealers and manufacturers alike scramble to stay competitive within their classes, but the sticker price of a new vehicle only conveys so much information to a new buyer. If a dealer can communicate a rounder picture of the real cost of ownership, it certainly has the potential to lure in a lot more buyers looking for a comprehensive picture of car ownership.
Personal finance website and magazine Kiplinger has released a list of the top 10 cheapest cars to own. Instead of comparing just MSRPs, Kiplinger has done the math on total average costs over the first five years of ownership, including insurance, interest, depreciation, taxes, fees, gas and service and repairs — and even the opportunity cost of the money you’re planning on putting down — and come up with a list of 10 cars that will be the easiest on your wallet over the next five years.
Not surprisingly, every vehicle that made the list is small, either a compact or a subcompact, because, according to Kiplinger, these are the cars that tend to have not only the lowest market price, but also better fuel economy.
Keep in mind, though, that Kiplinger is looking only at the base model, so remember to remind your customers that they will invariably pay a premium for things like air conditioning and an automatic transmission.
According to Kiplinger, the 10 cheapest cars to own these days are:
1. Nissan Versa 1.6 Base 4DR, with a total five-year ownership cost of $26,233
2. Hyundai Accent GL 2DR hatchback ($26,715)
3. Chevrolet Aveo5 LS 4DR hatchback ($26,958)
4. Ford Fiesta S 4DR ($28,402)
5. Mazda2 Sport 4DR hatchback ($28,593)
6. Toyota Yaris 4DR ($28,616)
7. Kia Rio 4DR ($29,157)
8. Kia Soul 4DR hatchback ($29,275)
9. Honda Insight 4DR hatchback ($29,953)
10. Ford Focus S 4DR ($30,290)
(Prices in American dollars.)
Click here to see details on what factors caused these cars to make the list.
