Forbes magazine has released a list of the top 10 least expensive cars to own. The list is interesting because it takes into account things like depreciation and maintenance costs, rather than just listing some cheap-ass cars.
We like it.
Forbes’ Frugal Cars:
10) Pontiac Vibe $16,760
Five-year cost of ownership: $35,348
9) Hyundai Accent $12,865
Five-year cost of ownership: $34,808
8) Kia Rio $13,571
Five-year cost of ownership: $34,802
7) Toyota Matrix $16,558
Five-year cost of ownership: $34,778
6) Ford Focus $15,752
Five-year cost of ownership: $34,092
5) Chevy Aveo $11,844
Five-year cost of ownership: $34,048
4) Nissan Versa $13,950
Five-year cost of ownership: $33,275
3) Toyota Corolla $15,449
Five-year cost of ownership: $33,053
2) Honda Fit $15,440
Five-year cost of ownership: $32,547
1) Toyota Yaris $12,625
Five-year cost of ownership: $31,785
Frugal Rides: Top 10 Least Expensive Vehicles to Own [Forbes]
(Photo:blue_j)
@iMike: even used cars cost thousands a year in insurance, gas, maintenance, warranties, etc. no car is the way to go.
@OKH: 440 is weak. Need more motor.
Heh. We own an Aveo and a paid-off Corolla. Great gas mileage, next to nothing in maintenance costs, and they both fit nicely inside our garage.
@forever_knight: It was nice in Germany but not here. Not much in the way of mass transit. Also still cheaper for going a few hundred miles on the East Coast then train, the dog, or air.
An argument for used cars:
I’d be interested to see exactly what went into those numbers. I had a Lincoln V8 for my daily 30-mile round-trip commute in the DC metro area. Each way takes about 40 minutes, so you can imagine that’s mostly stop-and-go. I was averaging about 17 mpg with the Lincoln.
When gas prices started to head for low-earth-orbit, I decided I needed something that gets better mileage, with good space inside (room for two car-seats + stroller + week’s worth of groceries), stick shift, sunroof. I was looking at the Vibe/Matrix, or Mazda 3 kammback. I could find any of those cars, three years old, <30K miles, ~30mpg highway, for about $13-15K. Then I found an ’03 PT cruiser, like new, stick, sunroof, 30K miles, for $7,800 up in Lancaster, PA. Slightly worse gas mileage (although I’m averaging 27 mpg on my crappy commute). So, my unscientific calculation for 5-year costs is:
$7,800 (acquisition)
$2,200 (cost of funds over 5 years compared to ING CD)$
6,000 (fuel)
$2,500 ($500/yr maintenance, probably conservative)
$18,500 Total
Having $12,000 + that I didn’t spend on a new car: priceless.
@forever_knight: Up for biking 40 miles round-trip in 110-degree heat? I didn’t think so.
Woohoo! Number 1 on the list. The Yaris is a nice little car. The sedan (which I have) has a lot more room than you might think. It gets more road noise on the highway than a more expensive car, but that’s really my only complaint. Now I think I’ll wrap this up before I start sounding like a corporate shill.
The Vibe/Matrix can haul a lot. I’ve always been amazed at what can fit in there, especially with the seats folded down.
I understand the initial price may be different on the two, but I don’t understand why they are so far apart in the rankings? Its the same car. There were some ratings that came out a year or so ago by Edmunds or JD Power or someone that had the Vibe and Matrix listed first and third respectively. Once again, its the same car. Did no one tell them?
i have a ’07 ford focus hatchback, base model. i bought it back in december, new from the dealership, for $10.5k out the door. it would have been 10k out the door, except that lojack was installed by default on all vehicles at the dealer. initially, i was looking at a yaris, but the sale price on the focus definitely helped change my mind.
i’ve never had any troubles so far with my focus, and it gives me about 27-32mpg constantly (this is decent to good mileage for my driving style, as i drive a bit on the faster side).
the only issue i’ve heard about focuses is that some people have had troubles with the starter. i’m personally planning to sell this car in about a year and three months (used zx3s with 2years / 25k miles on them seem to go for ~$10k), so this hopefully shouldn’t be an issue for me.
Woo! My next car is at #2!
I’m a big fan of my new Honda Fit. I’m amazed at the mileage it gets and how much stuff can fit inside it.
Plus, as a not-big-fan-of super huge minivans and SUVs that take over more than one parking space (note: I only hate the big cars that have owner who don’t know how to park, not ALL big cars.)… I do get some silly satisfaction from seeing cars pause and pass by a teeny parking spot in the Chicago neighborhoods where parking is hard to find. Then I drive up in my Fit and squeeze in. Yay.
I am a happy owner of a Matrix, and I totally recommend it. It will see 5 adults comfortably (even my 6′ 6″ stepfather fits in the backseat or front seat). Not to mention you can easily haul 2 by 4′s that are 8 feet long in it. For the price I would say get it.
Also I read a consumer reports a year or so ago that stated while the Vibe and Matrix are pretty much the same car, they did state that the Vibe has a different and slightly less reliable engine / drive train, so they recommended the Matrix.
@okh
“it’s dark, we’re both wearing sunglasses. Hit it.”
‘At’s a funny movie raht thar. An I don’t care who you are.
I always liked the styling of the Vibe, I just wish there was a V6 option. It’s like the Matrix’s cooler, younger brother.