Cheap Dates: 2 of the Least Expensive Cars to Own

Looking at sticker price, insurance costs, and fuel economy to determine the cheapest cars to own.

When it’s time to buy a new car and desperation comes calling, all other priorities peel away, leaving price alone to govern the decision. But simply buying the cheapest car isn’t necessarily the cheapest route. Cars—even the affordable ones—are expensive to own and operate. So we went in search of the answer to an important question: What is the cheapest car to buy and own? Fuel is an obvious consideration, but insurance can’t be ignored, either.

To normalize purchase-price variations based on the terms of a loan, I'm using MSRP for purchase price and settled on a three-year ownership window. On top of MSRP, I rolled in the cost of insurance over three years for a 28-year-old male, single, living in Michigan. Fortunately for him, he has no tickets. To that sum, I added the cost of fueling each car during that time based on 12,000 miles traveled annually and using the EPA’s combined fuel-economy rating and the nationwide average price of regular gas over the past year—which, at $2.57 a gallon, sounds mighty appealing. Although the EPA’s figure doesn’t perfectly reflect the fuel economy people will see in day-to-day use, it does provide an accurate prediction of how vehicles will fare relative to one another.

Hyundai Elantra

Base MSRP: $14,865

EPA Combined Mileage: 29 mpg

Three-Year Fuel Cost: $3194

Three-Year Insurance Cost: $3527

Total Three-Year Cost: $21,586

A manual transmission is the short-changed buyer’s best friend, as manuals are typically $1000 or so cheaper than automatics and, except in the case of today’s most bleeding-edge transmissions, are more fuel efficient to boot. This Hyundai is a perfect example, as the only manual transmission available in the entire 2010 Elantra sedan lineup is in the base Blue model tuned for—you guessed it—maximum fuel efficiency. Lower-rolling-resistance tires, a more efficient alternator, and electric power steering—instead of hydraulic—also aid fuel economy. We here at C/D like manuals because they increase driver involvement, too, an area in which the Elantra sedan could use some improvement, so there’s a bonus.

Hyundai Accent Three-Door Hatchback

Base MSRP: $10,690

EPA Combined Mileage: 31 mpg

Three-Year Fuel Cost: $2988

Three-Year Insurance Cost: $4351

Total Three-Year Cost: $18,029

The Accent is something of a darling. It’s a delightfully tossable little blob, and there’s something liberating about driving around in a brand-new car with a replacement price of less than $11,000.

DISCLAIMER: The figures below are accurate as of the publishing date. However, MSRP varies almost daily. Fuel mileage will vary depending on driving conditions, driving style, and other factors. Insurance rates vary town to town, driver to driver, and minute to minute.