We’re all looking for ways to be frugal right now. And for many, the furor over Cash for Clunkers (not to mention the fact that cars have been on sale all year) has prompted thoughts about new cars.
Even though Cash for Clunkers may no longer be available, there are still some great deals on cars. And if all you need is something relatively basic, there are plenty of cars out there with a low cost of ownership. Yahoo! Finance offers this list of 10 cars that are the least expensive to own over time when you buy them new:
- Hyundai Accent GS: 35 cents per mile.
- Nissan Versa Base: 36 cents per mile.
- Chevy Aveo5 LS: 38 cents per mile.
- Suzuki SX4 Sedan: 39 cents per mile.
- Pontiac G3: 39 cents per mile.
- Mazda3 iSport: 39 cents per mile.
- Honda Fit: 39 cents per mile.
- Pontiac Vibe: 39 cents per mile.
- Toyota Yaris: 39 cents per mile.
- Nissan Sentra: 39 cents per mile.
All those care with 39 cents per mile are in order of initial cost — the starting cost to buy. The overall cost takes into account the cost of gas and maintenance, and owning the car for five years, driving 15,000 miles per year. I’m not sure that the calculation includes the cost of interest if you finance.
Of course, if you buy used, you can reduce your costs, provided you don’t make up for it in extra maintenance costs. We recently bought a 2007 Prius, for $14,997. According to the Edmunds true cost to own calculator, it costs 38 cents per mile. Not bad. It displaces #4 on the list, although the starting cost is higher.
Do you know how much your car truly costs to own?