WASHINGTON – The initial price of a car and the interest on a car loan are only part of the cost equation when it comes to buying a new vehicle.
A lot more goes into how much it costs to own certain vehicles, including insurance payments, depreciation, taxes and fees, cost of fuel and the amount of money spent on service and repairs over the years.
Jessica Anderson, associate editor with Kiplinger’s, says all of the cars on the list get good gas mileage, but points out the Nissan Versa, which tops the list, gets 27 miles-per-gallon in the city and 36 mpg on the highway. The Hyundai Accent, in second place, gets 30 mpg in the city and 40 mpg on the highway. The Ford Fiesta, which places third on the list, gets 28 mpg in the city and 38 mpg on the highway.
The Fiesta is the only American-made car on the list. And only two of the top 10, the Scion iQ and the Honda Insight, have automatic transmissions, Anderson says.
All 10 cars cost about $30,000 to own and operate over five years. Anderson says they all drive very well for small cars.
“The only one on the list I haven’t driven is the Scion iQ,” she says. “It’s actually one of the smallest vehicles sold, it’s only 10 feet long.”
All of the cars had at least six airbags, anti-lock brakes and traction control.
Here’s Kiplinger’s list:
Nissan Versa S 4-door: 5-Year fuel cost: $9,048; 5-Year insurance cost: $5,134; Total 5-Year ownership cost: $27,135.