The cost of owning a car exceeds the price you pay for it. Gas, car insurance, and car tax costs are easy to add up. Don’t forget that global supply chain issues have caused auto prices to skyrocket over the past few years. But if he wants to beat the competition, he has one Honda hatchback with the lowest running costs.
Which Honda model has the lowest cost of ownership?
If you’re looking for the cheapest model to own, the 2018 Honda Fit is for you. The Fit is a small five-passenger hatchback with plenty of room for all your luggage. With an average fuel cost of $3,817.20 and an annual insurance premium of $1,186, Zutobi says it’s also very cheap to own.
Additionally, the 2018 Fit received a 4.5 out of 5 reliability rating from Repair Pal. The site also reports that annual repairs and maintenance can cost an average of $311. Considering the car can easily hit about 40 mpg on the highway, I can see why the Fit is the cheapest car to own.
The second cheapest car to own is a discontinued Toyota
The Toyota Yaris is the second cheapest car to own. The Yaris was discontinued in 2020, but you can buy it relatively cheaply on the second-hand market. Data found by Zutbi shows that the Yaris averages $3,944.44 in fuel costs and $1,310 in insurance each year.
Hyundai hatchbacks are the third cheapest cars to own
Considering that the two cheapest cars to own are hatchbacks, it’s no surprise that the third cheapest car is the Hyundai Accent. The 2021 Hyundai Accent was named the “Best Subcompact Car for the Money” by US News, so we’re not surprised it’s cheap to run.
According to Zutobi, the Hyundai Accent averages $3,817 in annual fuel costs and drives an average of 12,000 miles per year. For annual premiums, buyers can expect to pay an average of $1,536.
Check out the rest of the cars and their average annual cost of ownership below.
The most expensive cars you own are 2 trucks and 1 SUV
In case you’re wondering, the three most expensive cars you own each year are trucks. His most expensive truck is a 2022 Ford F-150 Raptor, which costs him $5,853 in fuel and $1,749 in insurance on average each year. The second most expensive truck is the GMC Sierra 5.3 with an average fuel cost of $5,216.84 and insurance of $1,774, and the third most expensive vehicle is the Toyota 4Runner. A midsize Toyota SUV has an average fuel cost of $5,344.08 and insurance of about $1,585.
Check out the list of the most expensive cars to own below.
Bottom line, the total cost of owning a car exceeds the price you pay for the car itself. If you’re looking for the cheapest car to own, a small hatchback is best. can be expected.
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