Top 10 Cheapest Cars to Own (Car Insurance Included)

It would be great if the sticker price were the only consideration when making a decision to buy that new car you’ve been eyeballing.

But with the economy still barely sputtering along and unemployment holding steady, or increasing, depending on who you talk to, most of us need to consider the overall cost of car ownership when deciding which ride to take home with us.

One of the main drawbacks to car ownership is the cost to insure our vehicles.

While the liability portion of auto insurance is determined mostly by our choice of limits, age, sex, and driving record, the physical damage portion of the policy is mostly determined by the expected cost to repair damage to the vehicle.

Simply put, the more your car is worth, the more expensive it is to fix if damaged, and the more expensive it is to insure. Period.

Remember, if you lease or have a loan on a vehicle, your lender, or loss payee, will require you to have full coverage (liability and physical damage) in order to protect their financial interest.

Read More: Is insurance included when you lease a car?

Tip: You may want to consider purchasing gap coverage on a newer vehicle if you owe more than the car is currently worth.

So let’s take a look at the top 10 cars cheapest cars to own (with car insurance included), based on a recent survey from Car and Driver:

10. Hyundai Elantra
Insurance: $3,527
Total ownership: $21,586

9. Kia Forte Sedan
Insurance: $3835
Total ownership: $21,533

8. Suzuki SX4 Sedan
Insurance: $3,563
Total ownership: $21,487

7. Kia Soul
Insurance: $3,760
Total Ownership: $21,063

6. Toyota Yaris Three-Door Hatchback
Insurance: $3,597
Total ownership: $19,847

5. Kia Rio Sedan
Insurance: $4,000
Total ownership: $19,378

4. Chevy Aveo Sedan
Insurance: $3,536
Total ownership: $19,309

3. Smart Fortwo Coupe
Insurance: $3,279
Total ownership: $18,487

2. Hyundai Accent three-Door Hatchback
Insurance: $4,351
Total ownership: $18,029

1. Nissan Versa 1.6 Base
Insurance: $3602
Total ownership: $17,506

Car and Driver rolled in the cost of car insurance over three years assuming the driver was a 28-year-old single male with no tickets, living in the same area as its Ann Arbor offices. (For more information, read our “How much is car insurance for a 16-year-old?“)

You may notice the insurance costs do not necessarily correlate directly with the cost of the vehicle or the total ownership cost. Some vehicles may be more expensive to repair or may be inherently more dangerous to drive.

Get insurance quotes online or contact your local independent insurance agent to ensure you get the coverage you need at lowest possible insurance premium.

Read more: How can I lower my car insurance rate?

(photo: paulhoule)