Before you buy your next used car, you may want to consider the total cost of ownership for that vehicle. While some expenses are easy to identify, like fuel and insurance costs, there are other factors to consider, like the amount of depreciation that is likely to occur. Kelley Blue Book has crunched the numbers and determined the lowest cost of vehicles to own over five years. The company chose winners in 21 different categories, but if you take those winners and crunch the numbers even further, you find the cheapest vehicles when it comes to ownership costs.
1. Toyota Corolla Hybrid – $30,028
Finishing in second place on the Kelley Blue Book list is the Toyota Corolla, which the company named the cheapest hybrid car to own over five years. It will cost you $30,028 to own this car, which is $5,286 below the cost to own the average hybrid. You can expect to get about 600 miles on a tank of gas in this five-seat automobile. Consider the redesigned options from 2020 because of the included safety features.
2. Hyundai Venue – $29,145
Kelley Blue Book named the Hyundai Venue as the lowest-cost subcompact SUV at $29,145. That is a cost of ownership that is $6,838 lower than other subcompact SUVs. This model that Hyundai introduced in 2020 is available with an automatic or manual transmission. This vehicle has a 1.6-liter, four-cylinder engine delivering a combined mileage of 32 miles per gallon. This vehicle holds five passengers.
3. Hyundai Elantra – $30,117
Kelley Blue Book named the Hyundai Elantra as the cheapest compact car to own for five years. This car will cost you about $30,117, which is $1,073 below other compact vehicles. This front-wheel-drive vehicle is available as a hatchback or sedan and has many safety features, like forward-collision warning with brake assist, lane-keep assist, a driver attention monitor, and a rearview camera. Helping to keep the cost of ownership low, this five-passenger vehicle gets up to 41 miles per gallon on the highway.
4. Volkswagen Passat – $36,368
The Volkswagen Passat is the cheapest mid-size car to own over five years, according to Kelley Blue Book. They say this five-seater car will cost you $36,368, which is $1,528 below other mid-size cars. Consider the 2020 redesigned model that comes with blind-spot monitoring, rear cross-traffic alert, and automatic LED headlights as standard equipment. If you are looking for a sportier version of a mid-size car, consider the Volkswagen Passat R-line.
5. Subaru Forester – $36,446
If you want a low-cost, compact SUV, Kelley Blue Book says that the Subaru Forester offers the lowest cost over five years. They say it will cost you $36,446 to own this vehicle, which is $3,307 less than the average compact SUV. A 2.5-liter four-cylinder engine powers this all-wheel-drive SUV. It can tow up to 1,500 pounds. This vehicle offers 33 highway miles per gallon, helping to keep the cost of ownership down.
6. Nissan Leaf – $37,680
Kelley Blue Book says that it costs $37,680 to own a Nissan Leaf over five years, the cheapest electric car. That is $5,906 below the average cost of owning an electric vehicle. You can find options that have an optional semi-autonomous driving mode. The Nissan’s e-pedal allows the driver to coast which recharges the battery while moving down the highway.
7. Acura ILX – $39,069
Since 2016, Kelley Blue Book has named the Acura ILX the cheapest entry-level luxury car to own over the cost of five years. They say this vehicle will cost you $39,069 to own, which is $13,201 below the average price to own an entry-level luxury automobile. With its 2.4-liter four-cylinder engine and eight-speed dual-clutch automatic transmission, this vehicle received a rating of superior from the National Highway Traffic Safety Administration for frontal crashes. Consider choosing an upgraded Acura ILX with the Premium and the A-spec packages if you are in the market for a car with a sportier appearance and upgraded technology.
8. Ford Ranger – $40,532
It will cost you $40,532, according to Kelley Blue Book, to own the Ford Ranger over five years. That is $2,308 less than the average mid-size pickup. Ford offers lots of configurations in this pickup that they reintroduced in 2019. This pickup is powered by a second-generation 2.3-liter twin-scroll turbocharged four-cylinder EcoBoost engine and a 10-speed automatic transmission. Ford says that they have aimed this vehicle at urban dwellers who love to play with their toys on the weekend.
9. Subaru Outback – $40,615
The Subaru Outback claims Kelley Blue Book’s award for being the cheapest two-row mid-size SUV to own over five years. They say that this vehicle will cost you $40,615 to own, which is $7,924 less than other comparable vehicles. Opting for these all-wheel-drive vehicles made in 2020, when the company redesigned the vehicle, gives you the convenience of a vertically oriented 11.6-inch infotainment system with two processors to give you quick access to your media and climate control. This vehicle takes advantage of face-recognition software to automatically control seating position and climate control for up to five drivers. Upper trim levels have a turbocharged 2.4-liter boxer-four engine while lower trim levels have a 2.5-liter flat-four engine.
10. Jeep Wrangler – $41,187
Kelley Blue Book named the Jeep Wrangler as the cheapest off-road SUV to own over five years. This vehicle will cost you $41,187, which is $2,825 less than the average price. Consider this vehicle with either a V6 turbocharged four-cylinder gas engine or a turbodiesel V6 engine. Depending on the configuration, you can tow up to 3,500 pounds. Increase the level of enjoyment by opting for a convertible SUV or choose a four-door model.
11. Mazda MX5 Miata – $42,330
If you are considering a sport’s car, then Kelley Blue Book says the cheapest to own over five years is the Mazda MX5 Miata. They say it will cost you $42,330 over five years to own this car, but $13,141 below the average sports car. A 2.0-liter engine powers this sports car. While many choose the manual transmission, a six-speed automatic transmission is also available. Consider upgrading to the Club model to get a front strut-tower brace, an induction sound enhancer, and a limited-slip differential.
12. Subaru Ascent – $45,935
Kelley Blue Book says that the Subaru Ascent is the cheapest three-row mid-size SUV. They say this vehicle will cost you about $45,935 over five years, but that is $3,513 less than the average for vehicles in its class. Choose between models seating seven because of the captain’s seats in the second row or models seating eight because of bench seating in the second row. The 2020 model offers 17.8 cubic feet of cargo space behind the third row and 86.5 cubic feet when the second-and-third-row seats are folded down. This all-wheel-drive vehicle gets 21 miles per gallon in the city and 27 miles per gallon on the highway.
If you are looking for a vehicle with a low cost of ownership, be sure to consider these models.
