Best Auto Value? Don't Look At Hybrids
Chevrolet Aveo Is Cheapest To Own
UPDATED: 4:39 pm EDT July 17,
2008
  Toyota Image |
High gas prices, the housing crisis and general economic uncertainty are motivating consumers to look for the least expensive cars to own and operate.A new study by Edmunds.com, indicates that many compact and subcompact vehicles are actually better choices than hybrids for consumers looking to save money. The data also suggest that only one hybrid, the Honda Civic Hybrid, would break into the top 10 least expensive vehicles if gas prices were to increase to $5 per gallon.The results are based on Edmunds.com's "True Cost to Own" data, which accounts for total vehicle costs over a five-year period.The study incorporates projected model-specific average vehicle ownership costs, consisting of depreciation, financing, taxes, fees, insurance premiums, fuel costs, maintenance and repairs in addition to fuel economy and sticker price. When all of the factors are considered, some popular vehicles look considerably less appealing on a cost-per-mile basis than their fuel economy would suggest."When consumers think about cars that will save them money, hybrids are typically top of mind because of their fuel efficiency," said Jesse Toprak, Edmunds.com executive director of industry analysis. "But when you take a look at the real-world costs of car ownership, you realize that many subcompact and compact cars are actually a much better value proposition."The study evaluated the ownership costs of vehicles assuming gas prices of $4.06, the national average on June 23, $5 and $6. With gas prices at $4.06 per gallon, the standard model Toyota Prius costs owners 50 cents per mile -- ranking 33rd among all vehicles.The top-seeded Chevrolet Aveo, on the other hand, costs 42 cents per mile, resulting in annual savings of $1,200 to consumers who choose the Aveo over a Prius. In the event gas prices rise to $5 or $6 per gallon, the Aveo remains in the top spot and the Prius moves to positions 25 and 17 respectively.The following are the 10 least expensive vehicles to own at $4.06 per gallon:
- Chevrolet Aveo
- Hyundai Accent
- Honda Fit
- Toyota Yaris
- Honda Civic
- Nissan Versa
- Mazda3 i Sport
- Kia Rio
- Scion xB
- Toyota Corolla
- Honda Civic Hybrid
- Toyota Prius
- Nissan Altima Hybrid
- Chevrolet Malibu
- Ford Escape Hybrid
- Mercury Mariner Hybrid (FWD)
- Toyota Camry Hybrid
- Mercury Mariner Hybrid (AWD)
- Toyota Highlander Hybrid
- Lexus RX 400h
Previous Stories:
- May 8, 2008: 2009 Chevrolet Aveo5
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