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The Edmunds True Cost to Own™ calculator acknowledges the realities of owning vehicles, namely the need to invest in cars and trucks beyond scheduled maintenance. This calculator factors in the MSRP, loan interest, taxes, fees, and projected depreciation to determine short-term costs. Edmunds also applies projected costs for fuel, repairs, and insurance premiums to create accurate estimates of ownership costs.
Once you have entered a vehicle into the True Cost to Own™ calculator, Edmunds© provides three important pieces of data. The True Cost to Own™ measurement provides an overall cost for buying and maintaining a new vehicle over its first five years. The Total Cash Price figure is the upfront cost of buying a new car, which helps consumers compare short-term costs with long-term expenses. Edmunds© also offers an Average Cost per Mile figure to break down the costs of owning a vehicle even further. For example, the 2010 Toyota Corolla© costs $28,466 over five years with a cash price of $17,060 and an average cost per mile of $0.38.
Low Cost Chevrolet© Models
The American auto industry has struggled over the past five years to make its vehicles affordable for average consumers. Chevrolet© just recently emerged from bankruptcy, but the automaker’s renewed focus on value has yielded two models with low costs of ownership. The 2010 Chevy Aveo® offers a five-year cost of $24,394 according to Automotive.com©, which uses similar metrics as Edmunds.com©. This four-door sedan features a 1.6-liter engine, an upfront cost of $11,965, and a highway EPA rating of 34 miles per gallon.
Drivers looking to buy a reliable and cost-effective hatchback should check out the 2010 Chevy Aveo5©. This diminutive hatchback features a five-year cost of $24,342 according to Automotive.com©, only slightly under its four-door counterpart. This five-year cost projection takes into account the historic reliability of Chevrolet© as well as the increasing fuel mileage for newer models. Chevrolet© is gradually heading away from its SUVs and trucks toward models like the 2010 Chevy Aveo5® to reflect consumer interest.
Low Cost Toyota© Models
Toyota© has become the gold standard in recent years for low cost of vehicle ownership with its small cars and hybrid models. The Japanese automaker is losing ground a bit to Nissan©, Honda©, and Hyundai©, but remains an important source for vehicles to budget-conscious consumers. The 2009 Toyota Yaris® represents the company’s approach to small, budget-friendly cars deliverable around the world. The Yaris® is projected to cost $21,251 within the first five years of ownership according to Automotive.com©, by far the best cost rating on the website. The 2009 Toyota Yaris® features lightweight parts, an efficient 1.5-liter engine, and a highway EPA rating of 35 miles per gallon.
The future of Toyota© models depends on the growing market for hybrid and alternative-fuel vehicles. Toyota© has been producing its Prius® gas-electric hybrid since 1999, and the 2010 version builds on years of battery, engine, and design improvements. The 2010 Toyota Prius® features a five-year cost of ownership of $24,479 despite an MSRP of $21,000. This low cost of ownership comes from an EPA fuel mileage rating of 51 MPG on the highway and 48 MPG in the city. As additional hybrids hit the market, the cost of ownership for the Toyota Prius® and other models will decrease because of improvements in production and design.
Other Low Cost Models
Automobiles from the 2009 and 2010 model years offer plenty of options for consumers interested in low costs of ownership. Honda© has become a major competitor to Toyota© not only in the green vehicle niche, but the entry-level vehicle market. The 2009 Honda Fit© is a coupe with a five-year cost of ownership at $23,648 with an initial cost of $17,110. The Fit® is popular among younger drivers interested in the 35 MPG fuel mileage rating, the vehicle’s simple styling, and the automaker’s reputation for reliability. Honda also attracts consumers with the 2009 Honda Civic® sedan, which costs $23,794 over the first five years of ownership. The Civic® is ideal for families and commuters interested in saving money on gas, thanks to the 45 MPG fuel mileage rating.
Nissan© and Hyundai© have entered the fray in recent years with entry-level vehicles to compete with Toyota© and Honda©. The 2009 Nissan Versa® hatchback offers value to consumers with a projected five-year cost of $21,867. The Versa® features a 1.6-liter engine and a highway fuel mileage rating of 33 MPG to help consumers save on gas. The 2009 Hyundai Accent® is a favorite option of first-time car owners, thanks to a five-year ownership cost of $23,048. The Accent® conserves fuel to the tune of 35 miles per gallon on the highway, thanks to a 1.6-liter engine. Both automakers are building on these models to decrease costs and increase production in the next decade.
Consumers interested in models “outside the box” look to Smart© and Kia© for their latest models. The 2009 Smart fortwo® is a minicar favored by drivers interested in substantial fuel savings during daily commutes. This two-seat minicar costs $24,404 over its first five years with an MSRP price of $11,996 according to Automotive.com©. The 2009 Smart fortwo© acts as a second vehicle to many, though the automaker is improving its designs to blend fuel efficiency (41 MPG highway) with passenger comfort. The 2010 Kia Soul® is the largest of the models listed here and features a five-year cost of $24,436. This hatchback looks similar to the Nissan Cube® or Scion xB® in terms of boxy design, but features a 1.6-liter engine capable of achieving 31 miles per gallon on the highway.
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