Purchasing a new car is an important investment. It is something that most individuals only do a few times in their life. The cost of car ownership extends far beyond the price of the initial purchase. The average cost of a new car in the United States is $34,112. Savvy shoppers may find ways to spend under the national average yet find a car that can last them decades. Hastings & Hastings notes, there are a number of costs in, including finance rates, insurance premiums, plus maintenance, repair, and fuel costs. Hastings & Hastings shares additional information regarding 2016’s least expensive cars.
The Kelley Blue Book releases an annual list of the 22 cheapest cars to own. In compiling this list they consider each of the factors discussed above. For 2016, the Kelley Blue Book has determined that the least expensive car to own is the Nissan Versa. Next up, and almost always on the list of inexpensive cars to own, was the Toyota Corolla, which had the lowest 5-year cost of ownership for any car in the Compact class. The Ford Focus, Toyota Camry, and Chevrolet Impala rounded out the Kelley Blue Books 5 cheapest cars.
Hastings & Hastings advises cost-conscious shoppers to consider one of the listed vehicles if they are in the market for a new car in 2016.
Dan Ingle, the Vice President of Vehicle Valuations at Kelley Blue Book offers this advice, “new-car shoppers usually pay a lot of attention to how much a car will cost upfront; 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.”
Kelley Blue Book’s five cheapest cars to own make the list because they have low maintenance costs, excellence fuel economy, and typically have long lives.
“Owning a car is expensive. Sometimes it seems like the costs never end. You have to get gas, you have to pay for repairs, you have to pay for insurance; the bills just keep coming. It can be very smart to invest in a car that you know has low operating costs,” said David Hastings, the founder of Hastings & Hastings.
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