It’s no secret that cars cost money to own and operate, but the differences in running expenses between models can be shocking. MarketWatch Guides’ new study calculated the five-year costs for gas models, finding that the Hyundai Venue is less than half as expensive to own as some luxury vehicles. The Venue’s five-year costs amounted to $22,761 in the study, followed by the Hyundai Elantra at $22,788. The study also found that the most expensive vehicle to run was the Porsche Cayenne, requiring an outlay of $56,010 over five years. The study did not use depreciation to calculate running costs, but MarketWatch ran the numbers to separately compare residual values between comparable gas and electric models.
## The 10 Cheapest Vehicles to Run for 5 Years
MarketWatch used gas, insurance, repairs, and financing costs to calculate the running expenses of various vehicles. The list included the Hyundai Venue, Hyundai Elantra, Nissan Sentra, Honda Accord, Toyota Corolla, Hyundai Tucson, Kia Soul, Hyundai Sonata, Ford Escape ST-Line Select, and Volkswagen Tiguan. The Venue’s 31 mpg combined fuel economy rating likely helped it achieve its impressively low running costs. Most of the vehicles on the list are affordable in terms of purchase price, which also extends to their operating expenses.
## Depreciation Comparison Between Gas and Electric Models
While the study did not use depreciation to calculate running costs, it did compare the residual values between comparable gas and electric models. The Mini Cooper Countryman and Mini Cooper Electric had similar depreciation costs over five years, with just $283 between their numbers. The Chevy Malibu and Chevy Bolt were second closest in terms of depreciation, with $635 separating them. The biggest difference in depreciation was seen in the Audi A3 and Audi E-Tron GT, with the electric E-Tron registering a $29,164 larger price drop after the five-year period.
## Factors Influencing Running Costs
Several factors can influence a vehicle’s running costs over time. Fuel economy, insurance rates, repair costs, and financing expenses all play a role in determining the total cost of ownership. Vehicles with higher fuel efficiency ratings tend to have lower fuel costs over time, while models with expensive replacement parts can lead to higher repair expenses. Additionally, insurance rates can vary significantly depending on the make and model of the vehicle.
## Making Informed Decisions
Before purchasing a vehicle, it’s important for consumers to consider not only the upfront cost of the car but also the long-term expenses associated with ownership. By researching the expected running costs of different models and comparing factors such as fuel economy, insurance rates, and depreciation, consumers can make more informed decisions about which vehicle best fits their budget and lifestyle. Conducting thorough research and utilizing resources like the MarketWatch study can help individuals save money in the long run and avoid unexpected financial burdens associated with car ownership.