What Are The Cheapest Cars To Own?
Although the purchase price of a car can make a vehicle seem like an incredibly enticing deal, there are a number of additional expenditures that contribute to the overall cost of owning a vehicle. Therefore, in deciding which type of car to purchase it is imperative to consider the myriad of contributing factors, aside from the purchase price of the vehicle. The final indicator for how much it will cost to own a vehicle will include factors such as insurance, depreciation, financing, state fees, fuel costs, and more. Different types of cars will require varied maintenance requirements, some of which can become costly rather quickly. As noted in an article published by AAA, the average annual cost of car ownership in America is around $8,500 per year. This is inclusive of car insurance premiums, car payments, routine maintenance fees, gas and more, which averages to approximately $700 monthly. While the purchase price of a vehicle can appear to drastically shift cost of vehicle ownership, cars that cost more upfront may save money in the long run. Seeking a car that is cheap to own can save the owner a large sum of money over the course of his or her vehicle ownership. Experts compiled a list identifying some of the least expensive vehicles to own over a period of five years, which are included below.
The Kia Soul is considered a highly affordable compact vehicle. The 130 horsepower engine gets up to 30 miles per gallon on the highway. Although it is considered a compact car, it has ample storage and can comfortably seat five adults. The estimated five-year cost to own the Kia Soul is $29,012.
The Honda Accord is known for its reliability, and minimal, if any need for major repairs in the first several years (excluding any accidents). Due to the fact that Honda Accords are widely available when they do require maintenance and/ or repairs, it is done so at a relatively low cost. This vehicle gets up to 30 miles per gallon in the city and 38 miles per gallon on the highway. The MSRP for a 2020 Honda Accord starts at $24,000.
The Nissan Leaf is a compact, all-electric vehicle. Although the MSRP for a 2020 Nissan Leaf starts at $31,600, the annual costs are incredibly low. This vehicle has a range between 150 to 226 miles. The Nissan Leaf MPGe (miles per gallon of gasoline-equivalent) in the city is 123 MPGe and up to 99 MPGe on the highway. Furthermore, it will require little to no repair work for the first five years of ownership with an estimated five-year total repair bill of $618.
The Hyundai Accent is a reliable and safe vehicle. The 120 horsepower engine gets up to 41 miles per gallon on the highway and 33 miles per gallon on in the city, which keeps the fuel cost for the Hyundai Accent low. The MSRP for a Hyundai Accent starts at $15,295. This vehicle also comes with a fantastic manufacturer’s warranty that provides coverage for five years and 60,000 miles and an extended ten-year warranty and 100,000 miles on the powertrain. All these components make the Hyundai Accent an inexpensive car to own.
Although the above provide a variety of vehicle sizes at differing purchase price points, in addition to the overall year-year cost to owning a vehicle, it is also important to consider one’s personal needs when distinguishing which vehicle may be a best fit. It is completely plausible that a vehicle not listed as an inexpensive vehicle to own may end up costing the vehicle owner less money over time, depending on the specific needs of the vehicle owner. When purchasing a car, it is important to make a decision with ample knowledge surrounding the total costs associated with owning the specific vehicle as well as considering the individual needs of the vehicle owner.
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