Hyundai
- Owning a car costs an average of $8,500 a year in the US, so looking for a car that's cheap to own can save you thousands of dollars.
- The cheapest cars to own are not always the cheapest in terms of sales price, as you can make up the difference with savings on maintenance, repairs, and fuel.
- Some of the cheapest cars to own come from manufacturers like Honda, Kia, and Ford.
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According to AAA, the true annual cost of car ownership in America averages out to about $8,500 per year.
That includes car payments, insurance, gas, maintenance, and more, all of which works out to just over $700 each and every month.
So seeking out a car that's cheap to own can potentially save you hundreds of dollars each year and thousands of dollars over the entire period of vehicle ownership.
"If you really want to get the least expensive new car you have to look beyond purchase price," the experts at Kelley Blue Book wrote earlier this year.
So if you're looking for a new car to buy, don't just look at the sticker price. Make sure you consider the overall cost of ownership as you deliberate, as cars that cost you more up front could save you money in the long run thanks to their lower ownership costs.
In other words, buying the cheapest new car might not leave you with the cheapest car after all. And it may leave you with a very poor asset when it comes time to sell that used ride later, as re-sale value is very much a factor here.
With that in mind, here are seven of the least expensive cars to own.