Picking a car or truck having the lowest ownership costs can save a bundle of money over tens of thousands of miles Wise car shoppers know that the best way to get the most for their vehicular dollars is to think long term, like a successful stock market investor, and select a model that not only meets one’s needs and budget, but will cost less to own relative to competing makes and models.
This means picking the model in a given class that’s inherently cheaper to finance, insure, maintain and repair, gets the best fuel economy and will return top dollar at trade-in time.
Such costs add up quickly, and can amount to a considerable wad of cash over time, with the cost differences becoming significantly richer among costlier vehicles, simply because there’s more money at stake.
Fortunately for time-strapped and budget-minded car shoppers, the experts at Kelley Blue Book in Irvine, Calif., maintain a comprehensive database of ongoing auto expenditures (www.kbb.com) and recently announced the winners of its annual Five- Year Cost to Own Awards. As the name implies, these are the new models in 21 separate categories that are expected to be the most budget-friendly over the course of an average five-year ownership period. We’re featuring the 2015 award winners in the accompanying box.
“New-car shoppers usually pay a lot of attention to how much a car will cost upfront,” says Dan Ingle, vice president of vehicle valuations for Kelley Blue Book. “However, sometimes an even more expensive car on the front end can actually save you money during the first five years of ownership by having low total ownership costs.” The two brands KBB determined having the lowest overall ownership costs for 2015 are Subaru and Lincoln. Subaru is cited among mainstream nameplates for its particularly strong residual values and generous dealer discounts, while Lincoln gets the nod among luxury brands for its low maintenance bills and modest depreciation and insurance costs. Otherwise, General Motors placed the most models among KBB’s award winners with nine cars, trucks and SUVs/crossovers out of 22 represented coming from its Buick, Chevrolet and GMC divisions.
The most-affordable vehicle among all classifications in KBB’s Five-Year Cost to Own Awards is the 2015 Chevrolet Spark at an estimated $26,905. With a low sticker price — the subcompact Spark starts at around $13,000 — it’s also highly fuel-efficient at an EPA-rated 31/39-mpg city/highway, which accounts for an annual fuel cost of just $900, based on 15,000 miles driven and gas at $2.07 a gallon. According to the EPA, this factor alone makes the Spark $2,000 cheaper to own than the average car over a five-year term.
Coming in second, overall, at a projected $28,964 is the all-electric Spark EV, which is rated at the electric equivalent of 119 mph in combined city/highway driving, with average five-year fuel savings pegged at $4,750.
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Cheapest-to-own 2015 cars, trucks and crossovers
Subcompact Car: Chevrolet Spark; $26,905.
Compact Car: Toyota Corolla; $30,416.
Sporty Compact Car: Honda Civic Si; $35,716.
Mid-Size Car: Mazda Mazda6; $35,321.
Full-Size Car: Chevrolet Impala; $45,399.
Entry-Level Luxury Car: Buick Verano; $40,934.
Luxury Car: Audi A5; $57,527.
High-End Luxury Car: Lexus LS; $84,447.
Sports Car: Mazda MX-5 Miata; $40,178.
High-Performance Car: Ford Mustang GT; $49,545.
Hybrid/Alternative Energy Car: Toyota Prius c; $34,780.
Plug-In Vehicle: Chevrolet Spark EV; $28,964.
Compact SUV/Crossover: Jeep Patriot; $35,272.
Mid-Size SUV/Crossover: Jeep Wrangler Unlimited; $37,834.
Full-Size SUV/Crossover: Ford Explorer; $48,840.
Luxury Compact SUV/Crossover: Buick Encore; $40,266.
Luxury Mid-Size SUV/Crossover: Lincoln MKX; $50,806.
Luxury Full-Size SUV/Crossover: Buick Enclave; $59,700.
Hybrid SUV/Crossover: Toyota Highlander Hybrid; $51,337.
Mid-Size Pickup Truck: Chevrolet Colorado Crew Cab; $35,891.
Full-Size Pickup Truck: GMC Sierra 1500 Regular Cab; $42,881.
Minivan/Van: Mazda Mazda5; $38,623.
Source: Kelley Blue Book. Note: Estimated costs are based on a five-year ownership period for new vehicles with proprietary valuation methodology and financial data supplied to KBB by third-party providers.