Car ownership expenses have been on the rise due to various factors, including supply chain issues from the pandemic era. According to AAA, owning and operating a new vehicle in 2024 costs over $1,000 per month. This increase is driven by fuel, maintenance, depreciation, and finance charges. While luxury brands often come with higher upkeep costs, there are ways to minimize expenses. Buyers can consider vehicles with lower maintenance and ownership costs, as well as factor in depreciation, insurance rates, and fuel efficiency.

A detailed analysis reveals that some of the most affordable cars to maintain over ten years include models from Toyota, Honda, Nissan, and Tesla. Meanwhile, luxury brands such as Bentley, BMW, and Jaguar tend to incur higher repair bills. Additionally, financial technology company Self Financial identified Tesla Model 3, Hyundai Elantra, Toyota Corolla, Kia Forte, and Honda Civic as the least expensive cars to operate annually. Conversely, Chevrolet Tahoe, Lexus RX, Ram pickup, Toyota 4Runner, and Chevrolet Silverado rank among the priciest.

Cost-Effective Maintenance Choices

When it comes to maintaining a car, certain models stand out for their affordability. A comprehensive study conducted by CarEdge highlights several vehicles known for low long-term maintenance costs. These include popular models from Toyota, Mitsubishi, Honda, Tesla, Nissan, Lexus, Mazda, and Volkswagen. Luxury brands like Bentley, BMW, and Jaguar, however, require significantly more investment in repairs and upkeep over time. Understanding these differences can help buyers make informed decisions about which cars align with their budgetary needs.

Maintenance costs play a crucial role in determining the overall expense of car ownership. Vehicles from reliable, mass-market brands typically offer predictable and cost-effective upkeep compared to high-end or specialized models. For instance, Toyota's Corolla Hatchback ranks among the cheapest options at just over $4,000 in ten-year maintenance costs. Similarly, other non-luxury brands such as Honda and Nissan provide similar value through their respective models. Zach Shefska, founder and CEO of CarEdge, emphasizes that while premium cars might initially impress, they often lead to much larger repair bills down the line. Therefore, opting for dependable mainstream brands can save owners considerable amounts of money over the lifespan of their vehicle.

Tips for Economical Car Purchases

Purchasing a car involves more than just considering its sticker price; potential buyers must also account for ongoing expenses like depreciation, insurance, fuel consumption, and personal usage patterns. Depreciation represents one of the largest components of total ownership costs, particularly affecting luxury brands with steep price tags. On the other hand, reliable brands like Honda and Toyota experience relatively lower depreciation rates due to their reputation for durability. Moreover, obtaining upfront quotes from insurers before finalizing any purchase decision ensures no surprises regarding coverage premiums later on.

Fuel efficiency remains another critical consideration when evaluating different makes and models. Hybrids generally boast some of the lowest ownership costs according to AAA data, making them attractive choices for eco-conscious consumers seeking economical alternatives. Furthermore, assessing individual driving requirements helps prevent unnecessary expenditures—such as purchasing oversized trucks for infrequent heavy loads—while renting suitable equipment during specific occasions proves far more practical financially. Lastly, monitoring recall histories serves as an indicator of potential future repair liabilities associated with particular vehicles. As noted by CarEdge’s Zach Shefska, frequent recalls may signal underlying reliability concerns warranting closer examination prior to committing financially.