Cars With The Lowest Cost of Ownership For 2023

While the price of a new or used car can influence an individual’s purchasing decision, the price of a vehicle is not determined by its sticker price. The cost of ownership can add up over time and includes the vehicle’s daily expenses, such as insurance and fuel.

So, these cars are the cars with the lowest cost of ownership of 2023.

Let’s check it out.

#1. Nissan Versa

The Nissan Versa takes first place in the category of cars with the lowest cost of ownership. You get what you pay for with the Versa, but it doesn’t mean much. The interior is full of complex, cheap-looking plastic, the engine barely fits, and there are few accessories.  All of this helps explain the high depreciation.

• MSRP – $11,990
• Engine – 1.6-liter 4-cylinder
• Horsepower – 122-hp
• Torque – 172Nm
• Range – 324-mile
• MPG – 35 miles per gallon (32 miles per gallon city, and 40mpg on the highway.)
• Transmission – 5-speed manual
• Top Speed – 119 mph
• Trims – 03

#2. Kia Soul

The Kia Soul has the highest fuel cost due to its low depreciation rate and the lowest insurance premium.  That said, while it’s easy to significantly increase the price of Spirit by adding options, it might be difficult to recoup the extra money in three years.  The interior uses suitable materials, but the Spirit is practical and comfortable, with ample headroom and cargo space.

• MSRP – $16,100
• Engine – 2.0-liter four-cylinder,
• Horsepower – 201hp
• Torque – 132lb-ft
• Range – between 260 – 550 km
• MPG – 28 mpg city, 33 mpg highway & 30 mpg combined
• Transmission – six-speed manual or automatic
• Top Speed – 128 miles per hour
• Trims – 06

Buyers can focus on the vehicle with the lowest purchase price, but they must also consider the total cost of ownership of the various models.  A car may have the most budget-friendly sticker price, but it may not be the cheapest model if it has higher-than-average depreciation or is known for expensive repair costs. Let’s check out the lowest cost of owning cars.

#3. Honda Civic

The Honda Civic has one of the best depreciation rates so you can recoup some of the extra money at the point of sale.  The Civic is also relatively frugal, considering its size and the average level of insurance.  It should tick all the boxes for a comfortable, roomy, fun, reasonably fast, and budget-friendly compact car.

• MSRP – $18,740
• Engine – 2.0-liter four-cylinder
• Horsepower – 158-hp
• Torque – 138.Ib-ft
• Range – 430 miles
• MPG – 372 city miles and 458.8 highway miles
• Transmission – six-speed manual 
• Top Speed – 130 miles per hour
• Depreciation – $8,839 (47.2%)
• Trims – 04

#4. Mazda 3

The Mazda 3 may have slightly higher average insurance premiums, average fuel costs, and average MSRP, but that’s offset by a lower depreciation rate, making it fourth on our list of cars with the lowest cost of ownership. The Mazda 3 brings out the perfect blend of comfort, handling, and economy that only Mazda seems capable of.  If you’re looking for big fun on a tight budget, the Mazda 3 is worth a look.

• MSRP – $17,845
• Engine – 2.0L naturally aspirated I-4 
• 2.5-liter four-cylinder
• 2.5-liter turbocharged
• Horsepower – 155hp
• Torque – 186lb-ft
• Range – 598 miles
• MPG – 369.6 city miles and around 475.2 highway miles.
• Transmission – six-speed automatic
• Top Speed – 134 mph
• Trims – 07

Owning a car requires dedication, not passion.  When you buy a vehicle, receipts for registration, insurance, upgrades, accessories, and more start arriving.  Whether it’s a new or used car, repairs and maintenance are part of a driver’s life. Let’s look at the Cars with the lowest cost of ownership in 2023.

#5. Mitsubishi Mirage

The 2023 Mitsubishi Mirage is one of the most affordable new cars on the market, and it’s an affordable way to get from A to B with the basic comforts you’d expect from a modern vehicle.  The Mirage has some safety systems, and a 7.0-inch infotainment screen is also pleasing.  Gas mileage and warranty coverage are excellent.  The Mitsubishi Mirage is a five-seater vehicle available in four sizes.  The most popular model is the G4 ES CVT, which starts at $18,290 and comes with an I3 engine and all-wheel drive.

• MSRP – $17,290
• Engine – 1.2L MIVEC DOHC 
• Horsepower – 78hp
• Torque – 74lb-ft
• Range, MPG – 36 MPG in the city, 43 MPG on the highway, and 39 MPG combined
• Transmission –  5-Speed Manual
• Trims – 03

#6. Kia Rio

The Kia Rio has one of the highest depreciation rates relative to average fuel cost, but it still manages a respectable spot on our list of cars with the lowest cost.  Ownership, low asking price, and average premium. The Rio has nothing special except a 10-year, 100,000-mile warranty. It will be handy if you keep the car for a long time.

• MSRP – $14,165
• Engine – 1.6-liter inline-four engine
• Horsepower – 120-hp
• Torque – 112-lb-ft
• Range – 380.8/487.9 miles
• MPG – City 32mpg & highway 41mpg
• Transmission – continuously variable automatic
• Top Speed – 118mph
• Trims – 02

Some buyers prefer SUVs (sport utility vehicles) because of their size and space.  Some models can cost more to maintain, but KBB has rounded up the most cost-effective options for buyers who want a reliable SUV that won’t break their budget. So below are the SUVs with the lowest maintenance cost.

#7. Hyundai Venue

Hyundai Venue is not only small, but it also has some of the lowest sticker prices for new cars.  But this fast, compact SUV isn’t short on space or features. The Hyundai Venue is a five-seater vehicle available in three trim levels.

The Venue has a stylish arrangement, an excellent infotainment system, and an unexpectedly large amount of standard equipment. This Venue is a fantastic urban track with a short wheelbase and large windows that allow for clean U-turns and easy parking.  It also offers free maintenance for the first three years or 36,000 miles of Hyundai’s comprehensive standard warranty.

• MSRP – $19,000-$22,250
• Engine – four-cylinder 
• Torque – 113lb-f
• Range – 345.1 city miles and around 392.7 highway miles & around 368.9 combined miles
• MPG – 29 city and 33 highway mpg
• Transmission – continuously variable automatic 
• Top Speed – 165 miles per hour
• Trims – 03

#8. Subaru Forester

The Subaru Forester is an award-winning compact crossover like no other compact SUV.  In a competitive and dynamic class that also includes the excellent Honda CR-V and Toyota RAV4, the Subaru Forester has repeatedly won Kelley Blue Book’s Five-Year Cost-Efficiency Award.

There are no magic ingredients.  The Forester’s success can be attributed partly to its standard all-wheel-drive system.  The system offers superior safety ratings, A spacious cabin, and high resale value while remaining aggressively priced for two-wheel drive.

• MSRP – $25,195 – $35,295
• Engine – 2.5-liter flat-four-cylinder 
• Horsepower – 182-hp
• Torque – 239 Nm
• Range – 431.6/547.8 miles
• MPG – 28 mpg
• Transmission – Automatic
• Top Speed – 129 mph
• Trims – 06

Luxury cars represent luxury style, comfort, and performance. They have top-of-the-line equipment that helps you check most of the boxes you want in a car, where money is often acceptable.

While it may not attract some to its head-turning looks, many are put off by its high list price and high cost of ownership.  But luxury cars aren’t just for the rich!  By digging deep into the car market, you can bargain for a good luxury car and enjoy all the luxurious life offers without hurting your pocket.

#9. Acura ILX

The 2022 Acura ILX is our most affordable luxury car.  The ILX is based on the Honda Civic two generations ago, but you might not know it.  It has understated yet attractive styling and offers several premium features, such as heated front seats, adaptive cruise control, and lane-keeping assist. The 2023 Acura Integra is effectively replacing the ILX, so now might be the best time to buy one, as dealers may be rushing the ILX out the door to make room for the Integra.

• MSRP – $28,395
• Engine – 2.4-liter I-4
• Horsepower – 201hp
• Torque – 180-lb-ft
• Range – 316.8/448.8 miles
• MPG – 24 city, 33 highway & 27 combined
• Transmission – 8-Speed Dual-Clutch
• Top Speed – 130 mph
• Trims – 03

#10. Cadillac CT5

Despite being one of the most affordable luxury cars, the 2022 Cadillac CT5 is one of the most powerful sedans.  It’s also significant for this class, highlighted by heavy hitters like the BMW 3 Series, Mercedes-Benz C-Class, and Audi A4. 

Of course, the CT5 spans the compact and midsize tiers, and entry-level models come with a nine-speaker sound system, remote engine start, Wi-Fi hotspot capability, and GM’s OnStar system. 

There are many options but ticking all the boxes increases the price.  If you can get by without things like seat massagers or 12-inch HD touchscreens, the base “Luxury” trim is a roomy, detailed driving option.

• MSRP – $38,690
• Engine – 2.0-liter turbo I-4
• Horsepower – 235hp
• Torque – 258lb-ft
• Range – 391.0/561.0 miles
• MPG – 22 combined
• Transmission – standard 6-speed manual
• Top Speed – 205 mph
• Trims – 03

FAQs about Cars with the lowest cost of ownership

Conclusion

The cost of a new car is determined by the sticker price, deals available, current discounts, insurance premiums, car loan interest rates, gas price, number of miles driven per year, and depreciation.  Many of these costs are difficult to predict accurately. So, I think the above information will help you choose the car that is precisely suited to your budget.