When you consider the prices in the vehicle market over the past few years, you may feel that buying a vehicle today is an expensive endeavor.
Money expert Clark Howard has said that prices will continue to drop, with used vehicles leading the way, but another thing you should seriously consider when buying a car is the true — and overall — cost of ownership.
What Vehicles Will Cost You the Least After 5 Years?
Kelley Blue Book’s (KBB) 5-Year Cost to Own projections reveal the overall financial costs associated with a vehicle, including the price tag and other hits to your wallet down the road.
KBB came up with its results by considering the car costs for you to drive it off the lot, maintenance, fuel, insurance, repairs and its market value after five years of ownership.
Let’s take a look at vehicles with the most favorable five-year costs overall along with how they compare in their respective segments. For the purposes of this article, we’ll look at a range of 2023 model classes, including subcompact SUVs, midsize cars, hybrids and more.
Here’s What These Vehicles Are Projected To Cost Over the First 5 Years
| Make and Model | Vehicle Class | 5-Year Cost to Own | Compared To Segment Average |
|---|---|---|---|
| 2023 Toyota Tundra | Fullsize Pickup Truck | $48,254 | -$10,988 |
| 2023 Hyundai Venue | Subcompact SUV | $31,686 | -$5,033 |
| 2023 Subaru Forester | Compact SUV | $37,367 | -$3,635 |
| 2023 Subaru Impreza | Compact Car | $31,041 | -$1,936 |
| 2023 Honda Accord | Midsize Car | $36,732 | -$3,094 |
| 2023 Lexus LS | Fullsize Luxury Car | $83,727 | -$19,730 |
| 2023 Lexus ES | Midsize Luxury Car | $53,063 | -$9,913 |
| 2023 Subaru BRZ | Sports Car | $39,908 | -$16,519 |
| 2023 Toyota Corolla Hybrid | Hybrid Car | $30,207 | -$11,054 |
| 2023 Chevrolet Bolt EV | Electric Car | $28,610 | -$10,066 |
| 2023 Toyota Sienna | Minivan | $42,669 | -$6,307 |
Read the full report from KBB.
Final Thoughts
To ensure that the money you spend on a vehicle is worth it, reliability is key — but price is still a major consideration. While new car prices continue to trend downward, they’re still on the high end. When it comes to prices for used cars, Clark says his car-buying advice is going back to normal.
“There was a time during COVID when I said it’s better to buy a new car instead of used, but now I’m back to saying the traditional advice: Used instead of new,” he says.
Want more car-buying advice? Read our seven-step used car buying guide.
