When it comes to buying a new car, crossover, or truck, the sticker price won’t exactly tell you if you’re getting a good deal. Many outside factors can cause that seemingly inexpensive car to cost you more money in the long run.
Smart car buyers who are looking to stretch their dollar not only look at the sticker price but also take into consideration the total cost of ownership. Some of the factors that can affect this number include*:
- Loan Interest
Kelley Blue Book (KBB) puts out an annual report of the cars, crossovers, and trucks with the lowest 5-year cost of ownership. They calculate this number by taking out of pocket expenses and adding those to the overall depreciation to come up with a dollar amount that you can expect to pay over the next five years.
We’ve used the KBB numbers to determine the top seven 2020 model year cars, trucks, and crossovers with the lowest 5-year total cost of ownership. Read on to see which ones will provide you with the greatest overall value.**
2020 Hyundai Accent SE
- Price: From $15,295
- Fuel: $6,175
- Maintenance: $1,797
- Repairs: $666
- 2020 5-Year Cost of Ownership: $28,321
The 2020 Hyundai Accent SE is a crowd favorite, and it’s not hard to see why. Reliable and cost-effective, this best in class 4-door sedan is the least expensive subcompact car on the market.
A 1.6-liter, 4-cylinder engine provides 120 horsepower. Drivers can choose from a 6-speed manual or Smartstream® Intelligent Variable transmission that offers a combined city/highway average of 33mpg of fuel economy.
2020 Chevrolet Spark LS
- Price: From $13,400
- Fuel: $6,236
- Maintenance: $2,295
- Repairs: $1,762
- 2020 5-Year Cost of Ownership: $28,865
While the 2020 Chevrolet Spark LS may initially cost $2,000 less than the Hyundai Accent, the total 5-year cost of ownership is almost $500 higher. However, that doesn’t make this great little car a lousy deal—far from it.
This zippy 4-door hatchback comes equipped with standard tech features such as a 7.0-inch central touchscreen that’s integrated with Android Auto and Apple CarPlay. The 1.4L, 4-cylinder engine provides drivers with 98hp and an estimated city/highway of 30/38 mpg of fuel efficiency.
2020 Honda Fit LX
- Price: From $16,190
- Fuel: $6,370
- Maintenance: $1,755
- Repairs: $1,719
- 2020 5-Year Cost of Ownership: $29,031
The 2020 Honda Fit LX offers drivers a fuel-efficient 1.5L, 4-cylinder engine that translates into a whopping 40-mpg highway fuel economy rating. It earned a five-star crash-test rating from the National Highway Traffic Safety Administration (NHTSA); however, it was not listed as a Top Safety Pick by the Insurance Institute for Highway Safety (IIHS).
Standard features include Bluetooth audio and phone connectivity, steering-wheel audio controls, and one USB port. Optional safety features include adaptive cruise control, lane-departure warning, and automated emergency braking.
2020 Kia Soul LX Wagon
- Price: From $16,217
- Fuel: $7,392
- Maintenance: $2,762
- Repairs: $679
- 2020 5-Year Cost of Ownership: $30,996
Resembling a toaster on wheels, the 2020 Kia Soul is a compact car icon that has a massive cult following. There’s no mistaking the boxy profile and snub nose as it’s driving down the street. Inside you’ll find a roomy interior with tons of leg and headroom. A very spacious 62 cubic feet of cargo space awaits when you fold the back seats down.
Powered by a 2.0-liter Atkinson-cycle i4 engine, it produces 147 horsepower and 132 lb-ft of torque. Paired up with a CVT transmission, it powers this car from 0-60 in 8 seconds flat. Not exactly Fast-and-Furious, but still very respectable for a car of this size.
2020 Toyota Corolla L
- Price: From $19,600
- Fuel: $6,109
- Maintenance: $2,227
- Repairs: $1,732
- 2020 5-Year Cost of Ownership: $31,725
The Toyota Corolla was first introduced to the world in 1966 and has come a long way since its original 1100 cc K pushrod engine. The 2020 Corolla comes with a 1.8L engine and pumps out 139hp and 126 lb-ft of torque for a total city/highway 38mpg of fuel economy. If you’re looking for reliable transportation that will last for a very long while, this is the car to buy.
While the L model is the entry-level base trim, it does come with a bevy of standard base safety features such as daytime running lights, lane departure warning, accident avoidance system, and 4-wheel ABS. While accouterments are sparse, the Corolla LE does get a rearview camera, interior air filtration, and electric power steering.
2020 Toyota Tacoma Double Cab SR
- Price: From $26,022
- Fuel: $9,529
- Maintenance: $3,322
- Repairs: $1,745
- 2020 5-Year Cost of Ownership: $36,783
The 2020 Toyota Tacoma Double Cab SR offers buyers the best 5-year total ownership cost out of all other current-year model mid-size pickup trucks. It’s not hard to see why. In addition to the relatively low maintenance and fuel costs compared to similar models, the Tacoma comes with many standard features such as 16-inch wheels, an infotainment system, and a subscription-based Wi-Fi hotspot.
Ask anyone who’s ever owned a Toyota pickup truck, and they’ll tell you that they hold their value for a very long time. There are eight different variants, with the Double Cab SR being the entry-level model. If you’re in the market for a mid-size pickup truck that will save money and hold its value, look no further than the Tacoma SR.
2020 Honda CR-V LX 4-Door
- Price: From $25,050
- Fuel: $6,656
- Maintenance: $2,182
- Repairs: $1,719
- 2020 5-Year Cost of Ownership: $36,273
While the 2020 Honda CR-V may have the highest 5-year total cost of ownership out of all vehicles on this list, it’s the lowest out of all compact SUV/Crossovers. A 1.5L, 4-cylinder turbo CVT powertrain may not sound like much—but it pumps out a whopping 190 hp and 179 lb-ft of torque that helps ensure on-demand freeway passing power.
A comfortable, spacious interior fits five adults comfortably. When you fold the back seats down, it offers space for up to 10 carry-on suitcases. It earned a five-star crash-test rating from the NHTSA and was named a Top Safety Pick by the IIHS. It also comes with a suite of driver-assistance technologies such as adaptive cruise control and automated emergency braking with pedestrian detection.
Discover Low Cost Of Ownership In Your Next Vehicle Purchase
We hope this list of the top cars, crossovers, and trucks with the lowest total cost of ownership will help you make a more informed buying decision.
Click the links below for more helpful resources on car buying:
- How To Get An Affordable Online Auto Loan
- Auto Financing: How To Do It The Smart Way
- How To Get The Best Financing On Your Next Car
*For brevity purposes, we have intentionally left out the following information in the total cost of ownership breakdown of each of the above cars: state fees, insurance, and financing. Regardless, the total 5-year cost of ownership, as reported by Kelley Blue Book, still adds up to the respective values for each car.
**(Keep in mind that the numbers are based on averages—your total cost could be less or more based on your driving style and several other factors such as physical location, down payment, interest, and actual costs of repair)*