I’m not an advocate for buying new vehicles versus used. However, there is some merit in buying an extremely cheap new car and driving it until it’s time to take it behind the woodshed and put it out of its misery.
That being said, below is a list of the 10 cheapest vehicles of 2010 (from most to least expensive), based on MSRP. If you only buy used, go out and get one of these models in 3 years as their resale values are typically only about half of MSRP.
Foreign Automakers Dominate The List of Cheapest Vehicles
You’ll find that foreign automakers swept the list: Nissan (2), Scion (2), Toyota (1), Hyundai (1), Kia (3), and Honda (1). At these prices, the 2011 Ford Fiesta would jump in at the #5 spot next year at a price of $15,065 for the automatic s sedan model. It would also be the most fuel efficient with 30 mpg city and 40 mpg highway.
I decided to include only the automatic transmission versions of the models to compare apples to apples (sorry stick shift lovers). All associated costs are included. Sources include Vincentric, kbb.com, Edmunds.com, fueleconomy.gov, and each automaker’s website.
My Picks for Best Cheapest Vehicle of 2010
Based on price, aesthetics, and reputation, my money is on the Kia Soul, Nissan Versa, or Honda Fit. I’d stay away from Toyota and any of their brands, including Scion, at the moment. Next year, I’d put my money on the Fiesta. I’ve really been impressed with the quality of vehicles that Ford has been putting out lately.
10. Nissan Cube S 4dr hatch
Suggested retail price: $16,750 Dealer cost: $16,181 New Car Blue Book Value: $NA 5-year maintenance cost: $2,210 5-year repair cost: $916 Total 5-year service cost: $3,126 1-year insurance cost: $931 3-year resale value: NA% 5-year resale value: NA% City MPG: 28 Highway MPG: 30 1-year fuel cost: $1,480 Powertrain warranty: 5 years, 60,000 miles Limited basic warranty: 3 years, 36,000 miles
9. Scion xB 4dr hatch
Suggested retail price: $16,420 Dealer cost: $15,632 New Car Blue Book Value: $16,420 5-year maintenance cost: $2,134 5-year repair cost: $924 Total 5-year service cost: $3,058 1-year insurance cost: $961 3-year resale value: 60% 5-year resale value: 42% City MPG: 22 Highway MPG: 28 Powertrain warranty: 5 years, 60,000 miles Limited basic warranty: 3 years, 36,000 miles 1-year fuel cost: $1,755
8. Honda Fit 4dr hatch
Suggested retail price: $16,410 Dealer cost: $15,858 New Car Blue Book Value: $16,410 5-year maintenance cost: $1,638 5-year repair cost: $916 Total 5-year service cost: $2,554 1-year insurance cost: $941 3-year resale value: 59% 5-year resale value: 40% City MPG: 28 Highway MPG: 35 1-year fuel cost: $1,389 Powertrain warranty: 5 years, 60,000 miles Limited basic warranty: 3 years, 36,000 miles
7. Scion xD 4dr hatch
Suggested retail price: $16,270 Dealer cost: $15,490 New Car Blue Book Value: $NA 5-year maintenance cost: $2,055 5-year repair cost: $916 Total 5-year service cost: $2,971 1-year insurance cost: $941 3-year resale value: 56% 5-year resale value: 40% City MPG: 27 Highway MPG: 33 1-year fuel cost: $1,453 Powertrain warranty: 5 years, 60,000 miles Limited basic warranty: 3 years, 36,000 miles
6. Kia Rio LX 4dr
Suggested retail price: $15,390 Dealer cost: $14,895 New Car Blue Book Value: $NA 5-year maintenance cost: $2,147 5-year repair cost: $770 Total 5-year service cost: $2,917 1-year insurance cost: $899 3-year resale value: NA% 5-year resale value: NA% City MPG: 27 Highway MPG: 36 1-year fuel cost: $1,405 Powertrain warranty: 10 years, 100,000 miles Limited basic warranty: 5 years, 60,000 miles
5. Kia Forte LX 4dr
Suggested retail price: $15,390 Dealer cost: $15,105 New Car Blue Book Value: $15,390 5-year maintenance cost: $2,300 5-year repair cost: $965 Total 5-year service cost: $3,265 1-year insurance cost: $938 3-year resale value: 45% 5-year resale value: 28% City MPG: 25 Highway MPG: 34 1-year fuel cost: $1,506 Powertrain warranty: 10 years, 100,000 miles Limited basic warranty: 5 years, 60,000 miles
4. Kia Soul 4dr hatch
Suggested retail price: $13,995 Dealer cost: $13,450 New Car Blue Book Value: $13,995 5-year maintenance cost: $2,361 5-year repair cost: $965 Total 5-year service cost: $3,326 1-year insurance cost: $929 3-year resale value: 54% 5-year resale value: 37% City MPG: 26 Highway MPG: 31 1-year fuel cost: $1,524 Powertrain warranty: 10 years, 100,000 miles Limited basic warranty: 5 years, 60,000 miles
3. Toyota Yaris 2dr hatch
Suggested retail price: $13,905 Dealer cost: $13,247 New Car Blue Book Value: $13,905 5-year maintenance cost: $2,231 5-year repair cost: $916 Total 5-year service cost: $3,147 1-year insurance cost: $914 3-year resale value: 54% 5-year resale value: 37% City MPG: 29 Highway MPG: 35 1-year fuel cost: $1,360 Powertrain warranty: 5 years, 60,000 miles Limited basic warranty: 3 years, 36,000 miles
2. Hyundai Accent GS 2dr hatch
Suggested retail price: $13,715 Dealer cost: $13,380 New Car Blue Book Value: $13,715 5-year maintenance cost: $NA 5-year repair cost: $NA Total 5-year service cost: $NA 1-year insurance cost: $NA 3-year resale value: 41% 5-year resale value: 24% City MPG: 27 Highway MPG: 36 1-year fuel cost: $1,405 Powertrain warranty: 10 years, 100,000 miles Limited basic warranty: 5 years, 60,000 miles
1. Nissan Versa 4 Door
Suggested retail price: $12,710 Dealer cost: $12,423 New Car Blue Book Value: $12,710 5-year maintenance cost: $2,222 5-year repair cost: $1146 Total 5-year service cost: $3,368 1-year insurance cost: $883 3-year resale value: 53% 5-year resale value: 31% City MPG: 26 Highway MPG: 33 1-year fuel cost: $1,487 Powertrain warranty: 5 years, 60,000 miles Limited basic warranty: 3 years, 36,000 miles
Cheap Car Discussion:
- Do you own any of these vehicles? If so, would you recommend it or not?
- Do you only buy used or new vehicles? Why?
- Any automaker, including Ford, that you’d recommend or urge to stay away from?
- Has the recent series of Toyota recalls changed your views of Toyota?
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