What are the least expensive cars to buy, maintain, and own over their entire lifespan? That’s what we’re diving into today. Welcome to Carhelp Corner, where we empower you, the consumer, to master the car buying and ownership process. While most new cars are money pits that drain your wallet, a few models buck the trend and are genuinely smart buys that save you cash
According to the latest study from IC Cars, the average vehicle costs owners $4,200 per year and lasts about 11.5 years. But some cars beat those numbers by a wide margin, offering low purchase prices, reliability, cheap maintenance, and long lifespans. Let’s jump right in, starting with number 10.
10. Toyota Prius
The IC Cars study shows the Prius has an average annual ownership cost of just $2,650 and a lifespan of 13 years—way better than the average vehicle’s $4,200 per year and 11.5-year lifespan. As a hybrid, the Prius proves that eco-friendly cars can be wallet-friendly too, with a rock-solid reputation for reliability and a hybrid system that can easily hit 200,000 miles (or over 300,000 kilometers) with minimal issues.
9. Kia Soul
Coming in at number 9, the Kia Soul surprised me a bit. It boasts an average ownership cost of $2,417 per year, thanks largely to its low purchase price—one of the cheapest crossovers out there. However, its average lifespan is only 10 years, shorter than the 11.5-year average, due to a history of engine issues. While it’s affordable, there are safer bets on this list.
8. Toyota RAV4
The Toyota RAV4 lands at number 8 with an average ownership cost of $2,411 per year and an impressive 14.5-year lifespan, outshining most SUVs. Known for reliability, both the gas and hybrid versions are stellar choices, making the RAV4 a no-brainer for those seeking a dependable SUV.
7. Honda CR-V
Neck-and-neck with the RAV4, the Honda CR-V takes the number 7 spot with an average ownership cost of $2,400 per year and a 15-year lifespan—one of the longest in the study. That’s $800 less per year than the average vehicle and 3.5 years longer. Like the RAV4, the CR-V offers gas and hybrid options, both with some of the lowest ownership costs among SUVs.
6. Mitsubishi Outlander Sport (RVR)
The Mitsubishi Outlander Sport (also known as the RVR) ties the RAV4 and CR-V with a $2,400 annual ownership cost. Its lower purchase price helps it compete, though its 12-year lifespan is decent but not as impressive as the top dogs. It’s a budget-friendly option, but it doesn’t match the reliability of the RAV4 or CR-V.
5. Subaru Impreza
Moving away from SUVs, the Subaru Impreza claims number 5 with a $2,400 annual ownership cost and an 11-year lifespan. This well-priced, reliable compact car is a top pick for no-nonsense transportation, especially if you need all-wheel drive, a Subaru hallmark.
4. Honda Accord
At number 4, the Honda Accord shines with a $2,340 annual ownership cost and a 13-year lifespan, leading the pack among mid-size sedans. It’s significantly cheaper than the average vehicle’s $4,200 per year. While SUVs dominate the market, the Accord remains a fantastic choice for sedan lovers.
3. Mazda 3
Kicking off the top three, the Mazda 3 has an average ownership cost of $2,260 per year and a 14-year lifespan. I’m a huge fan—I own one myself and love it. It’s reliable, affordable, and an all-around excellent pick for anyone seeking value and quality.
2. Toyota Corolla
The Toyota Corolla takes the number 2 spot with a $2,166 annual ownership cost and a 12-year lifespan. Its lower purchase price edges out the Mazda 3, making it the ultimate choice for cheap, reliable transportation. You can’t go wrong with a Corolla.
1. Honda Civic
The Honda Civic claims the top spot as the least expensive car to own, with an average annual cost of just $2,000 and a 14-year lifespan. That’s $2,200 less per year than the average vehicle—less than half the cost—while lasting 2.5 years longer. Affordable to buy, maintain, and repair, the Civic is the gold standard for budget-conscious drivers.
Honorable Mentions
A few other vehicles didn’t make the top 10 but are still worth mentioning for their low ownership costs
- Toyota Camry Hybrid: The number two mid-size sedan, just behind the Accord.
- Toyota Highlander: The top mid-size SUV for lowest ownership costs.
- Lexus RX 350: The leading luxury SUV.
- Toyota Tacoma and Toyota Tundra: The top mid-size and full-size trucks, respectively.
The Big Picture
The IC Cars study highlights that larger, pricier vehicles like full-size SUVs have the highest ownership costs, averaging $7,888 per year—nearly double the average vehicle.
The study’s strength lies in its massive dataset, analyzing over 300 million used vehicles and their odometer readings over 15–20 years to determine longevity. If you’re after the cheapest, most reliable ride, this list is your roadmap. Have you owned any of these cars? What’s your experience been like?
Melanie Lopez is a passionate content specialist at American National Car Insurance, dedicated to simplifying car insurance for every American driver. With years of industry expertise, she crafts informative and engaging articles to help users make confident insurance decisions.