Mazda, Lexus among cheapest cars to run for 5 years
Annual survey from Kelley Blue Book looks at full ownership costs for new 2013 models, including depreciation and insurance.
The annual report studies how much it costs to own 2013 models for the first five years, by taking into account fuel, insurance, repair, maintenance, state fees and financing costs in addition to purchase prices and depreciation. Mazda won the overall top spot, with Lexus as the No. 1 luxury brand, displacing Kia and Audi as last year's most affordable brands.
The Lexus GS ranked as the least expensive luxury car, at $58,153 over five years, while the Mazda5 was the least expensive minivan at $38,891 -- although it's much smaller and sparser than its competitors. To illustrate the spectrum of what KBB deems affordable, the Porsche Panamera rang in at $87,411 (best high-end luxury car) and the Scion iQ was $60,000 cheaper (best subcompact).
Other standouts doubled up in certain categories: Two Hyundai Veloster models took the compact classes, two Ford Mustang models were the cheapest among sports and high-performance cars, and two Lincoln crossovers beat out all competitors in the mid- and full-size luxury SUV/crossover segments. The Jeep Patriot, which is the cheapest SUV on sale in the U.S., scored highest for compact SUVs, while the Mitsubishi Outlander and Ford Explorer took honors in the larger sizes.
What's really weird is the 2013 Chevrolet Impala, which was ranked as the cheapest full-size new car on sale. But at $48,086 over five years, you would have to be an absolute fool to spend that kind of money on something so outdated and uncompetitive.
The final average prices of given models are weighted by the sales figures of each trim, so that more expensive and less popular trims -- say, a Mercedes E63 versus the E350 -- don't skew the results. Average prices are based on what Kelley Blue Book calls the "fair purchase price," which is often below a manufacturer's suggested retail price and is supposed to reflect what people are actually paying dealers. Many of the prices are based on Kelley's five-year residual estimates, which were released in November.
Just curious about insurance rates? Find out the cheapest and most expensive 2013 models to insure. Also, be sure to review Kiplinger's best car values sorted by segment.
You won't see any BMWs on this list. The value of these cars drops faster than Kim K's panties at a rapper convention. As an owner of one of these over-hyped pieces of junk, I'm amazed at the depreciation. WOW!!! Run from this brand! I wish I had.
About a year ago, I bought the Mustang in my avatar -- and I'm enjoying the heck out of it! It's reliable, fun to drive, and turns heads everywhere I go!
And, as was said before me, FORD DID NOT REQUEST A GOVERNMENT BAILOUT.
It's a WIN - WIN deal. Trust me on this -- go get a Mustang. :)
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