The list price and the interest on the car loan you get are only a part of the overall cost you have to bear for owning a car. However, there are other costs that car buyers don’t take into account when making the buying decision. These include the cost of insurance, taxes, fuel and maintenance costs. Keeping in mind the fact that the average car owner sticks to the same car for at least seven years, the costs could add up to a substantial sum.
If you are on a tight budget and cannot spend much on owning a car, you can opt for one of the five options listed below without compromising on quality of performance.
1. Nissan Versa S 4DR
According to experts, the fuel costs associated with owning the Nissan Versa S 4DR over a period of five years are around $9,000. Add to this the cost of maintenance and repairs, $4,000, and the market price of $13,000 and the cost of owning the car over five years works out to around $27,500. This makes it the cheapest car to own today.
2. Chevrolet Spark LS 4DR
The 2013 Chevrolet Spark LS 4DR will actually cost you less in fuel over five years than the Versa S 4DR, but its market price is a little higher, ranking it second on this list. The cost of maintenance is again around $4,000 while you can expect to spend $8,000 on fuel. The total cost of ownership comes up to around $28,000, making this another great, affordable car for you to select.
3. KIA Rio 4DR
KIA Rio 4DR is one of the most spacious cars on the market and has also proven to be one of the cheapest. With an in-city mileage of 29 miles per gallon and a highway average of 37 miles per gallon, the fuel cost is around $8,000 while you can expect to spend about $3,000 on repair and maintenance. All included, the cost of keeping the KIA Rio 4DR for five years is $28,500.
4. Toyota Yaris 2DR Hatchback
Equipped with a number of new features, the 2013 Toyota Yaris 2DR Hatchback was an improvement on the 2012 model. Also enhanced was its fuel efficiency, so you only have to spend $8,000 on gas over a period of five years. Repairs and maintenance are expected to cost you around $4,000. Taking the list price into account, the five year cost of owning this vehicle is around $28,700.
5. Hyundai Accent GLS 4DR
The cheapest car to own from Hyundai is the Accent GLS 4DR. The repairs and maintenance for the car are quite cheap as they’re around $600 a year or $3,000 for five years. The fuel cost for a five-year period is around $9,000. Combined with the market price of $17,500, the total cost of owning the Hyundai Accent GLS 4DR for five years is $29,500.
These are the five cheapest cars to own today. If you want to stick to a budget without forgoing quality and performance, these five are your best options.