These 10 Cars Cost the Least To Own in the First 5 Years
The average new car costs $48,334, though many vehicles cost much more or less than that. But the cost of a vehicle isn’t all about its purchase price — many other factors can increase the overall expense.
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According to Kelley Blue Book (KBB), the five-year cost to own a vehicle includes everything you’d need to pay in the first 5 years of having that car. This includes fuel, maintenance, insurance, repairs, state fees, financing and depreciation. Even if two cars have the same purchase price, these factors can quickly make one vehicle much more expensive than the other.
If you’re trying to find an affordable car, here are some of the most affordable vehicles to own in the first 5 years — according to KBB.
2024 Tesla Model 3 — Luxury Car
Fuel costs: $3,144
Maintenance: $3,115
Insurance: $24,900
Repairs: $2,510
Financing: $6,475
State fees: $5,054
Total out-of-pocket expenses: $45,248
Depreciation: $23,972
5-Year Cost to Own: $69,220
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2024 Audi S3 — Luxury Sports Car
Fuel costs: $8,462
Maintenance: $3,716
Insurance: $13,860
Repairs: $1,822
Financing: $7,294
State fees: $5,652
Total out-of-pocket expenses: $40,886
Depreciation: $23,951
5-Year Cost to Own: $64,837
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2023 Volkswagen Arteon — Full-Size Car
Fuel costs: $8,015
Maintenance: $2,611
Insurance: $16,380
Repairs: $1,221
Financing: $6,666
State fees: $5,194
Total out-of-pocket expenses: $40,087
Depreciation: $34,305
5-Year Cost to Own: $74,392
2024 Subaru Outback — Mid-size SUV/Crossover
Fuel costs: $7,921
Maintenance: $3,872
Insurance: $8,760
Repairs: $1,768
Financing: $4,631
State fees: $3,707
Total out-of-pocket expenses: $30,659
Depreciation: $15,150
5-Year Cost to Own: $45,809
2023 Toyota Tundra Double Cab — Full-size Pickup Truck
Fuel costs: $11,274
Maintenance: $3,539
Insurance: $6,600
Repairs: $1,755
Financing: $6,205
State fees: $4,857
Total out-of-pocket expenses: $34,230
Depreciation: $16,112
5-Year Cost to Own: $50,342
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2023 Chevrolet Bolt EV — Compact Car and Electric Vehicle
Fuel costs: $3,223
Maintenance: $3,228
Insurance: $4,320
Repairs: $3,411
Financing: $4,283
State fees: -$4,045
Total out-of-pocket expenses: $14,420
Depreciation: $20,002
5-Year Cost to Own: $34,422
2023 Subaru Legacy — Mid-size Car
Fuel costs: $7,474
Maintenance: $3,872
Insurance: $19,380
Repairs: $1,799
Financing: $3,814
State fees: $3,111
Total out-of-pocket expenses: $39,450
Depreciation: $14,531
5-Year Cost to Own: $53,981
2023 Subaru BRZ — Sports Car
Fuel costs: $9,935
Maintenance: $3,872
Insurance: $17,400
Repairs: $1,804
Financing: $4,748
State fees: $3,795
Total out-of-pocket expenses: $41,554
Depreciation: $14,461
5-Year Cost to Own: $56,015
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2023 Ford Transit Connect Passenger Wagon — Minivan
Fuel costs: $8,770
Maintenance: $3,010
Insurance: $12,600
Repairs: $1,895
Financing: $5,601
State fees: $4,415
Total out-of-pocket expenses: $36,291
Depreciation: $19,399
5-Year Cost to Own: $55,690
2024 Ford Expedition — Full-Size SUV/Crossover
Fuel costs: $11,679
Maintenance: $3,037
Insurance: $9,900
Repairs: $1,885
Financing: $9,407
State fees: $7,197
Total out-of-pocket expenses: $43,105
Depreciation: $34,407
5-Year Cost to Own: $77,512
Other Cars With a Low Cost in the First 5 Years
GOBankingRates also spoke with Nigel Tunnacliffe, an automotive expert and co-founder at Coastline Academy, to get his take on vehicles that cost the least in the first few years of ownership.
Here’s what he said:
Toyota Corolla Hybrid — $23,000 to $27,140
“The Toyota Corolla delivers some of the best value in its class, performing at an exceptionally high level across virtually every important category,” said Tunnacliffe.
This vehicle has excellent fuel economy and low maintenance costs.
“When combined with its fairly low up-front price, the long-term value is difficult to outperform,” said Tunnacliffe.
Kia Soul — $21,315 to $25,316
“The Kia Soul is a great choice for an affordable subcompact SUV. As far as family vehicles go, it strikes a great balance between affordability and comfort,” said Tunnacliffe. “It is a very well-built vehicle, delivering reliable fuel economy over a long time. Designed for everyday use and built to last, it is the kind of car that you can expect to gain an impressive amount of mileage on.”
Hyundai Elantra — $22,775 to $29,615
The Hyundai Elantra is versatile and affordable — especially for city driving.
“It mainly earns a spot on this list because the lower-priced options still sport good enough fuel economy and a wide array of amenities to make the vehicle competitive with other more expensive cars,” said Tunnacliffe. “Its fuel economy is good, but suffers somewhat on highways, meaning that it might not be the best nor most cost-effective option for drivers who need to frequently go beyond city limits. As a commuter vehicle, however, it is a solid, affordable choice.”
Photo Disclaimer: Please note photos are for illustrative purposes only and might not feature exact models, base models or the cars’ specific trim levels.
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This article originally appeared on GOBankingRates.com: These 10 Cars Cost the Least To Own in the First 5 Years
