The cheapest cars to own for 2018
Here’s which models in each of 22 classes are predicted to deliver the lowest long-term operating costs
The craftiest car and truck buyers will look beyond the sticker price and dig deep into a vehicle’s long-term ownership costs to ensure they’ll get the best possible deal when they buy, drive and ultimately own it.
These include a plethora of budget-busting expenses like depreciation, finance rates, insurance, maintenance, repair costs and fuel economy.
To that end, the valuation experts at Kelley Blue Book (www.kbb.com) in Irvine, California, recently issued their annual 5-Year Cost to Own Awards that identify the cheapest rides to own in each of 22 separate vehicle categories, which we’re featuring in the accompanying box.
KBB cited Hyundai as having the lowest overall ownership costs among mainstream makes for 2018, citing the brand’s low repair costs resulting from its 10-year warranty program. Meanwhile, Acura takes top honors among luxury brands, largely because of their reasonably low sticker prices and maintenance expenses.
When looking for a car that’s affordable to own, choose one that’s predicted to hold its value better over time than others in its class, based on economic factors and historical data. This is likewise important for those leasing a vehicle because payments are largely based on its projected value at the end of the contract’s term. And keep in mind that the more expensive the vehicle, the more money there is at stake to lose.
For example, KBB’s 5-Year Cost to Own winner among high-end luxury cars is the Porsche Panamera sedan, which starts at $85,000. It’s estimated to lose $55,975 of its original MSRP after five years while the Chevrolet Spark, winner in the subcompact car category, starts at a far more affordable $13,050 and is expected to cost an owner just $10,648 in depreciation.
While gasoline prices remain reasonably affordable, the difference between choosing a guzzler and a more fuel-efficient ride can still be substantial. Though few would cross-shop the two models, the EPA says a midsize Toyota Prius hatchback, at 52 mpg, will cost an owner $750 a year to drive 15,000 miles (at $2.56 a gallon), while keeping the tank filled on a Toyota Tundra pickup truck, at 15 mpg, would set an owner back $2,550 annually. That’s a $9,000 difference after five years.
Another major cost factor is the price of auto insurance. While rates are based largely on a motorist’s personal profile, some models are inherently costlier to cover than others. Family-oriented minivans and
crossover SUVs generally garner the lowest rates, with high-performance sports cars and top-of-the-line luxury cars being assessed the costliest premiums. Always consult with multiple providers when shopping for a new car to compare rates among various models under consideration to garner the best deal.