When shopping for a new vehicle, price is first and foremost the most important factor. You’ll typically have a budget or a set price that you just can’t exceed in regard to either total cost or monthly payments. Of course, there are other factors involved such as gas mileage, color, interior, and extra “bells and whistles.”
However, make sure you take into account the estimated maintenance costs as well. Items such as new tires, brakes, electrical issues, repairs, and even insurance costs can add up over the duration of the ownership of your new vehicle. Some cars just don’t age as well as others.
Continue reading to learn about five of the most cost-efficient vehicles you could own.
Vehicle #1: Toyota Prius
With the blue ribbon prize of 50 miles per gallon, you’ll save twice as much in fuel as in most other vehicles on the market. With its average of only $1,000 in repairs every five years, you won’t be getting super friendly with your mechanic, and that’s a good thing.
The only drawbacks with a Prius are its higher entry price around $25,000-$30,000, and the higher cost of insurance since its smaller size is more prone to accidents. The Pruis’ battery will cost $3,000 to repair but not until 150,000 miles.
With the average travel distance per year being between 12,000 and 15,000 miles, you’ll probably be ready for a new one before having to replace the battery.
Vehicle #2: Kia Soul
Although the Kia Soul isn’t anything close to being sexy, it will certainly save you money in the long run. The estimated repair cost is $4,700 over ten years and its miles per gallon comes in at 23/31 (city/highway). Although the mileage is not much compared to the Prius, its entry price is about $7,000 cheaper at around $18,000, which clearly makes up for the lower gas mileage.
Vehicle #3: Hyundai Elantra
The Elantra boasts of a more sporty and sleek style of vehicle that also comes in at an affordable price of $18,000 for the 2016 model. This model’s gas mileage is another feature worth bragging about as it can reach 32/40 saving you plenty of money in fuel.
The Elantra is somewhat of a compromise between the Prius and the Soul—very good gas mileage and also easy on the eyes. The Elantra will continue to run efficiently well past 100,000 miles and could quite possibly reach 200,000.
Vehicle #4: Honda Accord
The Accords are as close to luxury as you’ll get without the luxury price tag. With a spacious interior and simple design, the Accord has been the “go-to” vehicle for many drivers. Although the gas mileage is nothing to write home about at around 20 mpg, it’s low maintenance cost saves your money for the gas pump.
One of the most unfortunate things about buying a car is how much it loses value as soon as you drive it off the lot. However, the Honda Accord retains much more of its value than the average vehicle. A 7- or 8-year-old Accord could still resale at around $10,000. You’ll most certainly be able to get your money’s worth.
Vehicle #5: Subaru Impreza
Just because you purchase a used vehicle doesn’t mean it’s not new to you. Often buying a used car is more practical than having one right off the assembly line. The Sabura Impreza has a used price tag of only $3,000 to $7,000 for vehicles with under 90,000 miles. The gas mileage sits at 25/34 mpg for a used Impreza while newer models get even better fuel rates.
Although it sits on the higher end in regard to repair costs, it’s still in the top 20 at around $7,500 over ten years. It’s sleek, and sporty low-riding SUV look makes it an attractive car to own and may even turn some heads.