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Best Auto Value? Don't Look At Hybrids

Chevrolet Aveo Is Cheapest To Own

UPDATED: 4:39 pm EDT July 17, 2008

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AP Photo/Haraz N. Ghanbari
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:
  1. Chevrolet Aveo
  2. Hyundai Accent
  3. Honda Fit
  4. Toyota Yaris
  5. Honda Civic
  6. Nissan Versa
  7. Mazda3 i Sport
  8. Kia Rio
  9. Scion xB
  10. Toyota Corolla

The following are the 10 least expensive hybrid vehicles to own $4.06 per gallon:
  1. Honda Civic Hybrid
  2. Toyota Prius
  3. Nissan Altima Hybrid
  4. Chevrolet Malibu
  5. Ford Escape Hybrid
  6. Mercury Mariner Hybrid (FWD)
  7. Toyota Camry Hybrid
  8. Mercury Mariner Hybrid (AWD)
  9. Toyota Highlander Hybrid
  10. Lexus RX 400h

"Many consumers neglect to consider total ownership costs when deciding which vehicle to buy," said Philip Reed, senior consumer advice editor for Edmunds.com. "Shoppers should look beyond fuel economy and consider the big picture when determining how a vehicle purchase will fit into their household budget."

Edmunds.com's calculations make the following assumptions: Ownership expenses are for a five-year time span; vehicles are driven 15,000 miles per year; vehicles are financed using traditional financing and not leased; buyers pay 10 percent down on the vehicle; buyers are in the "Gold" credit tier for the purpose of determining the finance rate; the loan term is 60 months; and buyers represent the average demographic in their state for insurance rates.

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