One of the largest financial commitments you make is your car. Over five years, approximately half of the costs of a new car relates to the depreciation or decline in your car’s resale value. While it may feel like more, one-quarter of your costs are fuel. The remaining costs are interest on your car loan, insurance, maintenance/repair and taxes.
Comparing new cars, Consumer Reports analyzed the least and most expense cars to own and operate. The most economical car to drive is the Toyota Prius C at approximately $5,000 per year while the BMW 750Li was the highest at $21,500 per year.
Subcompacts
Just behind the Toyota Prius C were the Toyota Corolla, Honda Fit, Smart Car, Mazda2, Scion xD and Toyota Yaris. In this car class, the Chevy Cruze at $7,500 was the most expensive.
Sporty Cars & Convertibles
At only $5,750, the Mini Cooper hatchback led this class followed closely by the Honda CR-Z and Fiat 500. While a far different drive than the Mini Cooper, the Jaguar XK was the most expensive in this class at $19,000.
Upscale and Luxury Cars
The Lexus CT 200h and Buick Verano led this car class with annual costs of approximately $7,750. The Audi A3, Buick Regal and Acura TSX were top performers as well. The most expensive were the BMW 750Li, Mercedes Benz S550 and Audi A8 – all having annual costs of over $20,000.
SUVs
In the upscale or luxury SUV class, the BMW X3 at $10,250 was the most cost effective followed closely by the Land Rover LR2 and Infiniti EX. The Cadillac Escalade at $17,250 was the costliest followed by the Mercedes Benz GL450, Range Rover Sport and Toyota Land Cruiser.
Amongst small SUVs, the Toyota RAV4 cost the least at $7,000 with the Honda CR-V and Nissan Juke close also rans. The Volkswagon Tiguan at $9,750 was the most expensive to operate.
Looking at midsized SUVs, the Hyundai Santa Fe, Chevy Equinox and GMC Terrain all cost $8,000 per year. One of the most popular SUVs, the Jeep Grand Cherokee was the most expensive by a wide margin at $12,750 followed by the Ford Explorer.
The Ford Flex, GMC Arcadia and Chevy Traverse were the most cost effective large SUVs at $10,500 while the GMC Yukon was by far the most expensive in this class at $15,000 annually.
Minivans & Wagons
The Toyota Prius V led this class at only $6,000 with the Volkswagon Jetta Wagon TDi a close second. The Chrysler Town & Country at $10,750, Nissan Quest and Kia Sedona were the least cost effective.
Family Sedans
The Toyota Camry Hybrid and Volkswagon Passat TDi led this class at a cost of $6,500 per year. The standard Toyota Camry, Hyundai Sonata and Honda Accord were also best in class. At $9,250, the standard Volkwagon Passat was the most expensive with the Mazda6 a close second.
Pickup Trucks
The Toyota Tacoma led the pack by a wide margin at $8,500. Turbodiesels like the GMC Sierra and Silverado cost $14,250 annually.
Stepping back and looking at all of the cars, trucks and SUVs, the survey shows that a Ford Flex and a Land Rover LR2 cost the same amount annually. Would you rather drive a Jeep Grand Cherokee or the less expensive Range Rover Evoque? Why would you drive a Kia Sedona when the Prius V costs 40% less per year? As the Smart Car and Mini Cooper cost essentially the same amount, which would you prefer?
The full report can be found at consumerreports.org.
