One great way to keep your vehicle costs down is to buy a car that will be relatively inexpensive to keep on the road.
A recent report from Kelley Blue Book features the 5-Year Cost to Own Awards, which list the 2022 models that it says will cost you the least amount of money over the first five years of ownership.
Which Cars Cost the Least To Own?
“Toyota and its luxury sibling Lexus take home the top brand prizes for 5-Year Cost to Own in 2022,” Janice Yoell, senior manager of valuations for Kelley Blue Book, says in a news release. “Both brands benefited from the strength of several Toyota and Lexus models’ high residual values, which ultimately leads to low vehicle depreciation.”
Aside from depreciation, the awards were tabulated by factoring in several expenses a vehicle owner would face during the first five years:
- Purchase price
- Resale value
- Fuel and maintenance costs
- State tax and registration fees
Let’s take a look at the Kelly Blue Book winners.
|Compact Car||Toyota Corolla|
|Midsize Car||Honda Accord|
|Full-Size Car||Toyota Avalon|
|Entry Level Luxury Car||Acura ILX|
|Luxury Car||Volvo S90|
|Sports Car||Subaru BRZ|
|Hybrid Vehicle||Toyota Corolla Hybrid|
|Electric Vehicle||Nissan Leaf|
|Subcompact SUV||Hyundai Venue|
|Compact SUV||Subaru Forester|
|Mid-Size SUV: Two-Row||Subaru Outback|
|Mid-Size SUV: Three-Row||Subaru Ascent|
“Shoppers can save hundreds, if not thousands, of dollars over time when they choose to buy a vehicle with low ownership costs,” Janice is quoted as saying. “Taking the time to research what it will cost to own a new car can help savvy shoppers keep more money in their pockets in the long run.”
As a fan of electric vehicles, I can attest to the low maintenance and costs associated with one model on the list: the Nissan Leaf.
Aside from tires and wiper blades, I haven’t had to bring my car to the shop in more than five years.
Of course, the current car market is a bit crazy when it comes to prices and inventory. Here’s how Clark says you can get a deal right now.