Least Expensive Cars To Drive
Nationwide, unemployment is at a five-year high of 6.1%. In some areas, Americans are experiencing inflation rates nearing 6%.
As a result, some may be snubbing trucks and sport utility vehicles in favor of fuel-efficient, smaller cars. But when it comes to saving money over the long haul, a range of costs–from depreciation to maintenance to taxes to insurance–has to be considered. This is especially important for a simple reason: Small cars aren’t right for everyone.
In other words, when it comes to saving money on a car, size isn’t everything. And neither is the sticker price.
"The sticker price is truly the tip of the iceberg," says Christie Hyde, a spokeswoman for AAA, the consumer motor vehicle association.
To find the least expensive-to-drive car in the class that best suits your needs, you’ll need to do some homework as to what you’ll be spending money on the instant you drive off the lot. And gauging what’s most important to you–be it fuel efficiency or depreciation or reliability–could quickly sway your purchasing decision.
For example, it doesn’t take much intuition to figure out that one of the least expensive cars to drive over a five-year period is indeed a small car, the $11,550 Toyota Yaris, which gets an Environmental Protection Agency (EPA)- estimated combined 31 mpg. The five-year cost of owning the car is, on average, $33,831 (triple the purchase price), which is modest so far as long-term car expenses go. It’s wise to consider, however, that while the car will save you on gas, with fuel taking up about 30% of the long-term costs (assuming you drive 15,000 miles per year), you’ll be hit hard on depreciation. The car depreciates at a rate of 73%–the fastest of any car on our list.
Similarly, the popular Toyota Prius hybrid claims a spot on the list, with a markedly low 17.9% of the five-year costs going to fuel. But this car also depreciates quickly (though only just less than half the rate of the Yaris), as those in the market for a hybrid want the latest and newest technology, not a car that’s a few years old.
Because of the range of factors that go into considering a car’s expense over the first few years of ownership, the rest of the list of the least expensive cars to drive is a mélange with as many standouts as surprises. Some are fuel-efficient, some aren’t; some hold their value well, others not so much.
