It would be great if the sticker price were the only consideration when making a decision to buy that new car you’ve been eyeballing.
But with the economy still barely sputtering along and unemployment holding steady, or increasing, depending on who you talk to, most of us need to consider the overall cost of car ownership when deciding which ride to take home with us.
One of the main drawbacks to car ownership is the cost to insure our vehicles.
While the liability portion of auto insurance is determined mostly by our choice of limits, age, sex, and driving record, the physical damage portion of the policy is mostly determined by the expected cost to repair damage to the vehicle.
Simply put, the more your car is worth, the more expensive it is to fix if damaged, and the more expensive it is to insure. Period.
Tip: You may want to consider purchasing gap coverage on a newer vehicle if you owe more than the car is currently worth.
So let’s take a look at the top 10 cars cheapest cars to own (with car insurance included), based on a recent survey from Car and Driver:
10. Hyundai Elantra
Total ownership: $21,586
9. Kia Forte Sedan
Total ownership: $21,533
8. Suzuki SX4 Sedan
Total ownership: $21,487
7. Kia Soul
Total Ownership: $21,063
6. Toyota Yaris Three-Door Hatchback
Total ownership: $19,847
5. Kia Rio Sedan
Total ownership: $19,378
4. Chevy Aveo Sedan
Total ownership: $19,309
3. Smart Fortwo Coupe
Total ownership: $18,487
2. Hyundai Accent three-Door Hatchback
Total ownership: $18,029
1. Nissan Versa 1.6 Base
Total ownership: $17,506
Car and Driver rolled in the cost of car insurance over three years assuming the driver was a 28-year-old single male with no tickets, living in the same area as its Ann Arbor offices.
You may notice the insurance costs do not necessarily correlate directly with the cost of the vehicle or the total ownership cost. Some vehicles may be more expensive to repair or may be inherently more dangerous to drive.
Read more: How can I lower my car insurance rate?