Top 10 Cheapest Cars to Buy and Maintain That Are Most Reliable

what are the cheapest cars to buy maintain and keep for a very long time that's what we're going to find out welcome to Club corner where we help you the consumer Master the process the car buying and car ownership for this video I'm going to share the top 10 car models from each vehicle category that have the lowest cost of ownership over a five-year period by lowest cost of ownership I mean 10 cars that are not only the cheapest to buy and finance but also the cheapest in terms of depreciation Insurance maintenance and fuel costs the data for this video was provided by car Edge a reputable company that provides professional tools and resources to help consumers make informed educated decisions in the car buying process and before we get into the list if you enjoy and get value of this video make sure to subscribe to my channel I post two videos a week always straight to the point valuable car buying advice designed to help you the consumer so we're going to start this list off with number 10. in the full-sized SUV category we have the Toyota Sequoia full-sized SUVs are certainly not not inexpensive to own but if you had to pick one for the lowest cost of ownership the winner would undoubtedly be the Toyota Sequoia according to the study the Sequoia has a five-year cost of ownership of 50 682 U.S which is the equivalent of around 69 000 Canadian no surprise the majority of that cost has to do with depreciation and fuel these are very expensive vehicles to buy brand new so it is normal for them to experience above average depreciation and of course they also consume a lot of gas so it is normal to see 24 of your five-year costs going only to fuel in terms of your interest or financing costs which is the cost of a loan over five years and your insurance costs the Sequoia is about average but where you see a lot of savings is maintenance the Sequoia only costs 1 839 dollars to maintain over five years which is well below average for a full-sized SUV overall car Edge gave the Sequoia an a grade which I would have to agree with if you want to buy a full-sized SUV the Sequoia is a safe Choice it has a strong reputation for reliability low repair costs and it also has much better resale value than the average full-sized SUV and next up in the number nine spot we'll do the electric car category with the winner being the Tesla Model 3. electric vehicles are another category where the five-year cost of ownership is a little bit on the high side this is mostly due to the fact that electric vehicles are quite expensive to buy initially and also because they seem to suffer from above average depreciation when compared to other car categories according to car Edge however the Tesla Model 3 has the lowest five-year cost of ownership in the electric car category with a five-year cost of thirty nine thousand one hundred seventy five us which is the equivalent of just over 53 000 Canadian and if we look at the breakdown the majority of that five-year cost of ownership is due to depreciation insurance and the cost of borrowing or the cost of financing the model 3 which makes a lot of sense where the model 3 makes up for it however like other electric cars is fuel and maintenance costs which are very low when compared to almost every other category of car even so courage only gives the model 3 A B minus grade which might improve over time as you continue to save more money on fuel and maintenance to make up for the initial High purchase price and next up in the number 8 spot we'll do the truck category with the winner being the Nissan Frontier trucks are another category that no surprise are quite expensive to own for the Long Haul but if you want to pick a truck that has a lower cost of ownership than the rest well then the winner is going to have to be the Nissan Frontier according to car Edge the frontier has a five-year cost of ownership of 33 375 dollars which is the equivalent of just over 45 000 Canadian and if we look at the breakdown of that five-year cost we can see that fuel depreciation and insurance are split pretty evenly costing roughly eight to nine thousand dollars over five years which leaves your interest or cost of financing at around forty five hundred dollars and your cost of Maintenance at around twenty two hundred dollars car Edge gave the frontier a B plus grade which is fairly good for a truck and certainly much better than most other trucks that were looked at including every single full-size truck which are far more expensive to own one honorable mention however that was very close to the frontier in the study is the Toyota Tacoma which does make a lot of sense given that it is very close in price to the frontier and also has a very strong reputation for reliability and low repair costs and next up in the number 7 spot we'll do the mid-sized SUV category with the winner being the Toyota Highlander Hybrid if you want to have a mid-sized three-row SUV you're not going to find a cheaper option to own than the Highlander Hybrid according to car Edge the Highlander Hybrid has a five-year cost of ownership of thirty thousand eight hundred and three dollars which is the equivalent of just under 42 000 Canadian looking at the breakdown the majority of that five-year cost goes to depreciation and insurance at around ten thousand one hundred seventy one dollars and eight thousand six hundred ninety dollars which leaves your cost of financing at five thousand three hundred eighty two dollars fuel at four thousand eight hundred forty dollars and your maintenance at only one thousand seven hundred twenty dollars it's worth noting that both Fuel and maintenance costs are where the highlighter hybrid gets a major win both of these numbers are well below average for a mid-sized three row SUV which is why car Edge gave the Highlander Hybrid an A plus grade which I would have to agree with although the regular gas powered Highlander non-hybrid also got a very good score and only cost a thousand dollars more than the hybrid version over five years and next up in the number six spot we'll do mid-size sedans with the winner being the Toyota Camry according to car Edge the Toyota Camry has a five-year cost of ownership of 26 six thousand eight hundred ten dollars which is the equivalent of just over thirty six thousand Canadian and no surprise where you save the most amount of money with the Camry is maintenance only costing one thousand one one hundred sixty eight dollars over five years which is below average for a mid-size sedan core Edge gives the Camry an a grade for the five-year cost of ownership which is very good although it is worth mentioning a few honorable mentions including both the Subaru Legacy and the Honda Accord which were very close behind the Camry in this study and next up at number five we'll do compact SUVs with the winner being the Toyota RAV4 much like the Camry this one is not a huge surprise the RAV4 has always had a great reputation for having strong reliability and also offering excellent value for money turns out compact SUVs have a very similar five-year cost of ownership to mid-size sedans with the RAV4 having a five-year cost of twenty six thousand ninety five dollars which is the equivalent of just over 35 000 Canadian that five-year cost is split fairly evenly between depreciation insurance and fuel costs which are all below average for the compact SUV category with the RAV4 but where the RAV4 does best no surprise is the maintenance category only costing one thousand five hundred three dollars over five years overall core Edge gives the RAV4 an a grade for overall cost of ownership which I would absolutely have to agree with although some honorable mentions worth mentioning include both the Honda CRV and the Subaru Forester both of which perform very good too and next up at number four we'll do sub compact SUVs with the winner being the Honda HRV according to the study subcompact SUVs have very similar costs to compact SUVs with the major difference being price which makes sense given that they are smaller and less expensive to buy the cheapest subcompact SUV to own however is the Honda HRV with a five-year cost of ownership but 25 322 dollars which is the equivalent of just over thirty four thousand Canadian both depreciation and maintenance are lower than other SUVs in this category which does make sense given that the HRV has a good reputation for reliability and also maintaining High resale value too although car Edge gives the HRV a B plus grade other subcompact SUVs that perform very well in the study too include both the Mazda cx-30 and the Subaru Crosstrek and next up in number three we'll do the winner for the best compact car with the winner being the Subaru Impreza no surprise compact cars are one of the most affordable categories of cars to buy and own for a five-year period and the winner in the compact car category is the Subaru Impreza according to the study the Impreza has a five-year cost of ownership of twenty three thousand four hundred forty one dollars U.S which is the equivalent of just under 32 000 Canadian although both insurance and fuel costs are more or less average over the five-year period where the Impreza performs extremely well is depreciation interest or financing costs and your maintenance costs all of which are very low compared to other vehicle categories car Edge gives the Impreza an a grade although other honorable mentions in this category include both the Honda Civic and the Toyota Corolla both of which also performed extremely well but there is another category of car with an even lower cost of ownership compared to compact cars and that is hybrid cars and the winner for the best hybrid car is the Toyota Prius this one should be no surprise the Toyota Prius has earned a very strong reputation for being affordable to buy having very low fuel and maintenance costs and just generally being a very inexpensive car to own according to car Edge the Prius has a five-year ownership cost of 22 595 dollars which is the equivalent of just over 31 000 Canadian and if we look at the breakdown of that five-year cost everything is remarkably low the Prius is inexpensive to finance over five years it has very affordable fuel costs which is no surprise given that it is a hybrid and it also has extremely low maintenance cost too only 1124 dollars which is extremely impressive you just can't get much better than a hybrid when it comes to cost of ownership which is why car Edge gives it an A plus grade which I would absolutely agree with but believe it or not there is one other category of car that's even less expensive to own over five years when compared to hybrids and that is the subcompact category with the winner being number one the Kia Rio thanks to its very low purchase price the Kia Rio has a five-year cost of ownership of 21 115 which is the equivalent of just over 28 000 Canadian and if we look at the price breakdown of the five-year cost of ownership we can see exactly why that is even though the Rio does consume more fuel and have slightly higher maintenance costs when compared to the Prius The Five-Year cost of financing is way lower and that's simply due to the fact that the Rio costs a lot less money to buy it as a whole the Kia Rio gets an A minus grade rating from car Edge although other subcompact cars also performed extremely well in the survey for similar reasons including the Chevy Spark and the Mitsubishi Mirage 2. but of course not everybody wants to have a subcompact car mostly due to practicality reasons so if you want to have a low cost of ownership experience but have something that's a little bit more practical than your best bet is to buy a hybrid car or a compact car or a compact SUV like one of the options in the study so let me know what you thought of the results of the study was anything a surprise to you and let me know what you thought of this video and if you have any suggestions for any future car videos just leave a comment below and if you enjoyed this video make sure to like And subscribe you can also take a look at my other car videos by clicking these links over here make sure to follow me on Tick Tock and Instagram and if you need additional car buying advice recommendations or help with getting a great deal in your next new car purchase make sure to check out carhelpcan.com thanks for watching and see you next time

Channel: Car Help Corner

Views: 83,146

Keywords: cheapest cars to buy, cheapest cars to maintain, cheapest cars 2023, affordable cars 2023, affordable cars to buy, most affordable cars, most expensive cars to maintain, most reliable cars, most reliable cars 2023, most reliable suvs, most reliable trucks, most affordable suvs, cheapest suvs to buy, cheapest suv to maintain, cheapest trucks to buy, cheapest trucks to maintain, cheapest cars to insure, cars with the cheapest insurance, cars with the lowest cost of ownership

Id: lgcL1EDxoj8

Length: 12min 4sec (724 seconds)

Published: Wed Mar 15 2023