If you love to drive exotic cars at events like the DFW Drive Your Dream Tours but drive a small car during the week to save money, you should be aware of five small cars that have surprisingly high ownership costs.
The payment is just one portion of the cost of vehicle ownership. Total cost of ownership includes money for gas, vehicle repairs and maintenance, insurance, and cosmetic concerns like auto detailing. For those who own and drive collector or exotic cars, there’s the added expense of trying to find affordable car storage.
All in all, this total cost of ownership can end up being twice as much as the purchase price of your vehicle. Knowing which cars have the best total cost of ownership lets you shop smart when you buy a new car, especially if you’re looking at budget-friendly small cars.
Yahoo Autos recently ran a helpful article comparing total cost of ownership for five popular small cars. Using data from IntelliChoice, a great source for total ownership cost information, and vehicle rankings from U.S. News and World Report, the article evaluated the degree to which certain small cars were bargains for consumers.
The Chevrolet Aveo, which has a starting retail price of under $12,000, got good marks for its interior roominess and gas mileage. Chevy’s warranty also added to the value of this little car. However, IntelliChoice ranked the Aveo “Below Average” and “Average” in nearly every value category. Total cost of ownership could be well over $25,000.
Another car with a surprisingly high cost of ownership was the Mitsubishi Lancer. While the retail price starts below $15,000, you’ll have to buy the highest trim level, which costs over $27,000, to get decent ratings from IntelliChoice. Total cost of ownership for this car ranges from $24,000 to $32,000.
For consumers interested in a crossover vehicle, the Suzuki SX4 appears to be a good deal. All-wheel drive is rare in this price range, and the SX4 typically retails for under $20,000. However, mediocre fuel economy and a high ownership cost, typically about $32,000, may mean this car isn’t a great choice.
The Scion tC, a Toyota product, also has a high cost of ownership. Starting at around $17,000, the car appears to be a bargain, but total ownership costs can be almost $31,000.
With a starting MSRP of just under $16,000, the Ford Focus also looks like a good deal. The Focus’s cool gadgets, such as Ford’s new Sync system, make it a popular car, but it received a value rating from IntelliChoice of “Poor” to “Below Average.” The total cost of ownership was around $30,000.
Instead of these cars, Yahoo Autos recommends that consumers consider the Nissan Versa, Toyota Corolla, Honda Fit, Mini Cooper, and Honda Civic.
Kate Miller-Wilson is a professional freelance writer, specializing in web content and technical writing.
