Your advice on what vehicle to purchase to achieve the lowest cost of ownership?

[IndyIan]

If you aren't doing some part swapping yourself, I would go new, or almost new. Do some price comparisons of new cheap cars and how much the 8 year old one is worth now.
If you do part swap, then a good condition 12 yr old manual trans Corolla/Focus/Matrix can probably be run for decades if you keep the rust out of them.

 

[CharBaby]

The only cost savings when buying an economy car(unless you get some super deal/lots of money on the hood) such as the Versa, Accent/RIO, Yaris iA/Mazda2 or Mirage(or when there were others etc.), is in the initial acquisition fee when comparing MSRPs only. Again, unless you get a screaming deal.
There are better cars in the next category level up in their basic trim that get equal/better fuel economy, fewer repairs, similar insurance premiums and on & on…in 8-10 yrs of ownership.

Cheap new cars are cheap for a reason…and cost cutting is everywhere where we can’t see. For example:
Early Strut/Shock replacement
Wheel bearings
Exhaust parts
Half shaft/rubber boot replacement
Suspension parts
Etc., etc., etc.

 

[Sequoiasoon]

Paging @macarose and your research links

And maybe some options to purchase.

 

[CKN]

The only cost savings when buying an economy car(unless you get some super deal/lots of money on the hood) such as the Versa, Accent/RIO, Yaris iA/Mazda2 or Mirage(or when there were others etc.), is in the initial acquisition fee when comparing MSRPs only. Again, unless you get a screaming deal.
There are better cars in the next category level up in their basic trim that get equal/better fuel economy, fewer repairs, similar insurance premiums and on & on…in 8-10 yrs of ownership.

Cheap new cars are cheap for a reason…and cost cutting is everywhere where we can’t see. For example:
Early Strut/Shock replacement
Wheel bearings
Exhaust parts
Half shaft/rubber boot replacement
Suspension parts
Etc., etc., etc.

This includes Toyota-BTW. And not just the Corolla.

 

[fdcg27]

It has been my experience that low cost of ownership is some combination of purchase price, fuel economy, insurance costs and maintenance and repair expenses.
If you don't really go anywhere far from home, a used EV with their heavy depreciation would check all of these boxes.
For more versatility, a new Camry HEV can be had for under $30K (I shopped seriously early in the summer and found this to be the case), or an Accord Hybrid for a bit more, or an Altima can be bought new dirt cheap (like $16K) and does offer good fuel economy as well as old and well-proven tech, and yeah, the JATCO CVT durability issues of old have been resolved, although you should still do regular fluid changes.
Decide what you like and what you'd like to spend up front and go from there.
I'll edit to add that your willingness to wrench matters greatly in selecting a vehicle. Something old but decent is going to need far more attention than anything new. It isn't a matter of ability either, since you'll learn as you gain experience.
Been there, done that, enjoyed it at the time but am now old enough not to want to do a whole lot more than fluid changes and brakes.

 

[ecotourist]

Lots to consider: initial cost vs residual value, maintenance costs, repair costs, energy cost (gasoline vs electricity), insurance cost, whether you're into DIY, whether there is a reliable (probably non dealer) specialist for that particular brand nearby.

The low cost winner might be a used Tesla Model 3. Apparently they depreciate rapidly (so not too expensive to buy), the main battery should last for well over 200,000 miles (and maybe double that), there is very little maintenance, they're fairly reliable and they're cheap to run as long as you can charge at home. If you're going for minimum cost a used one would likely be cheaper than a new one overall.

You can take any Tesla on a long trip (we just got back from a 4,000 km trip) but they're not as convenient on a long trip as an ICE. But then again they're more convenient for local use or for a reasonable commute (no more than 100 miles/day).

 

[JeffKeryk]

The Toyota/Honda value proposition is well known. Resale and insurance play a part as well.
IMO, service history, if you can get it, is key. Knowing the previous owner can be a huge plus.

 

[wsar10]

My experience has been anything Japanese
Domestic vehicles are money pits and unreliable in comparison when considering past overall ownership.



Again, not my opinion, but rather my personal expediencies since driving. I also only consider gas/diesel engines, not ones powered by unicorn farts, feelings and rays of sunshine

 

[eljefino]

Used 2nd gen Prius. $6000 will buy a lot, so get one with a refurbed battery with transferrable warranty and ~150k miles.

Or get a 2018 era Corolla for a little more money.

 

[dan7055]

Lots of good information here. For those asking, I would like to err on the side of very little personal wrenching. I'm capable of doing it, but prefer not to.

 

[dan7055]

Thankful a Versa isn't on your radar right?

I can't imagine being so brand, type, age agnostic that anything is worth considering and cost is the only parameter.

There is something very freeing about relegating your car purchase to a mere tool. You gain satisfaction from the money you save and door dings seize to bother you.

Also, it can be very bothersome to spend money on an expensive car only to find there are more gadgets to break or that it still has an annoying rattle.

 

[Insertcoolname]

so far my nissan versa has been very inexpensive . any effecient model if you can get a dealer incentive like oil changes for life etc.

 

[97prizm]

Hey all, I wanted to get your thoughts on how to purchase a car and get a low cost of ownership over the next 8 or so years.

Basically I am looking for a vehicle with the following requirements that offers the best combination of low ownership costs and reliability. By ownership costs, I mean taking into account everything from insurance premiums to gas and maintenance.

.It should have 4 doors and comfortably sit at least 4, maybe 5
.It can be gas, hybrid, or electric
.Can be used or new
.Will be used in a Midwest environment / climate (Kansas City)
.Does not need to be AWD or do off-roading, FWD is fine for Kansas City snow.
.It would be nice if it had the range for cross-country road-trips but not necessary as I somewhat rarely take them.
.Most driving is the average combo of city/highway, I typically drive 10k - 15k miles per year

I realize there is not one right answer to this, but what vehicle would you buy if you were me? Would you go for a used vehicle in the $20,000 range that you know will be totally reliable and then get it fully insured? Or would you go for something in the $6,000 range and save money on insurance by being comfortable with having liability-only coverage? Would you lean towards hybrid, gas, or fully electric? What vehicle would you start shopping for?

Here's an article on the top rated lowest cost of ownership vehicles.
2025 lowest cost of ownership

 

[samiamz]

Lots to consider: initial cost vs residual value, maintenance costs, repair costs, energy cost (gasoline vs electricity), insurance cost, whether you're into DIY, whether there is a reliable (probably non dealer) specialist for that particular brand nearby.

The low cost winner might be a used Tesla Model 3. Apparently they depreciate rapidly (so not too expensive to buy), the main battery should last for well over 200,000 miles (and maybe double that), there is very little maintenance, they're fairly reliable and they're cheap to run as long as you can charge at home. If you're going for minimum cost a used one would likely be cheaper than a new one overall.

You can take any Tesla on a long trip (we just got back from a 4,000 km trip) but they're not as convenient on a long trip as an ICE. But then again they're more convenient for local use or for a reasonable commute (no more than 100 miles/day).

^^Agree fully.
Another vehicle to consider which has not been mentioned here yet, I think, is a 3-5 yr old used Camry Hybrid. Reliable hybrid system, excellent mpg, good resale value, low repair costs, latest safety technology, good size for comfort on trips, no range issues on long trips but may have a higher purchase price.

 

[andrew_j]

Mitsubishi Mirage.

Can’t imagine spending 10-15k miles / year in one for the next 8 years. Maybe half that mileage / year

 

[andrew_j]

Buy a Camry or Corolla for $20k and ownership will be really low because when you sell it they have incredible resale.

 

[ecotourist]

Or you could buy an older cream puff like my '07 Accord 4 dr, V6, 6MT. It wouldn't be expensive, reliable as anything, good on fuel, comfortable (and dare I say it, even a bit fun to drive). Of course finding one for sale wouldn't be easy.

 

[PandaBear]

What is your height, weight, and BMI?

Assuming a 5'9" 170lb male, 5'6" 150lb female, 2 children, etc. A Prius or Corolla would be great.

 

[99Saturn]

I can't believe I'm saying this, but if low cost of ownership was my main objective, I'd buy a new Versa with a manual.

I think they stopped producing the manual Versa earlier this year.

 

[SOUNDMAN5000]

I have never researched that question but off the top of my head I would think a small 4 door from the likes of Honda or Toyota, Subaru?
I always look at re-sale value first and so does those leasing companies as a lease is always less expensive on a car that holds value and Honda always comes to mind as well as Subaru Toyota.