In today’s world of high-priced gas, many consumers are looking for vehicles featuring high mile per gallon ratings. However, before making a purchase, consumers need to know that a vehicle’s fuel-efficiency rating is just one factor that determines the true cost of a vehicle.
When assessing vehicles, want-to-be owners need to look at the vehicles’ true ownership cost. That’s really what determines which vehicles are cheapest to own. Thankfully, Kelley Blue Book has evaluated this cost and come up with a list of vehicles that cost the least to own for five years. A few of these make good cars for teens, given their low cost of ownership. To do this KBB used a formula containing gas cost and fuel efficiency, insurance costs, and, of course, the biggies of purchase price and depreciation.
Speaking about the low cost rankings, Juan Flores, director of vehicle valuation for Kelley Blue Book, said, “Car shoppers should take the time to compare vehicles for total cost of ownership. While a vehicle might be less expensive up front, the cost of fuel for that model, insurance and other expenditures might make it the less appealing choice.”
Kelley Blue Book’s rankings of the lowest-cost vehicles are: Subcompact Car: Nissan Versa; Compact Crossover: Nissan Juke; Compact Car: Kia Soul; Crossover: Hyundai Santa Fe; Mid-Size Car: Hyundai Sonata; Luxury Crossover: Lexus RX 350; Full-Size Car: Chevrolet Impala; Mid-Size Sport Utility: Jeep Wrangler; Entry-Level Luxury Car: Volvo C30; Full-Size Sport Utility: Ford Expedition; Luxury Car: Audi A5; Luxury Sport Utility: Audi Q7; High-End Luxury Car: Lexus LS 460; Hybrid Utility: Ford Escape; Sports Car: Mazda MX-5 Miata; Mid-Size Pickup Truck: Toyota Tacoma Regular Cab; High-Performance Car: Lexus IS F; Full-Size Pickup Truck: Chevrolet Silverado 1500 Regular Cab; Hybrid Car: Honda Insight; Minivan: Mazda MAZDA5; Electric Car: Chevrolet Volt.