No doubt the abysmal economy has dealt you some blows. But if your mind is set on purchasing a new car, there is good news: It's a buyer's market out there, and dealers need to make room for next year's models. With money tight, however, you probably want something that's affordable up front and economical over the long haul. To help, we compared cars based on their price, fuel efficiency, and cost to maintain searching for the 10 least expensive cars to own. Here's what we found.
Chevrolet Aveo
Small by American standards, the Aveo is Chevy's top seller in the European market, where fuel economy and compact size are a greater concern. The 2009 Aveo carries a 1.6-liter Gen 3 Ecotec engine, and with a manual transmission the Aveo earns an Environmental Protection Agency fuel-economy rating of 27/34 mpg (city/hwy).
Honda Fit
Honda's peppy Fit has been the center of much well-deserved attention. For being thrifty and compact, the Fit pulls off a surprising amount of style and performance, and it carries Honda's solid reputation for reliability and strong resale value. IntelliChoice ranks the Fit as having the lowest maintenance cost among compact cars, and it was also in Kelley Blue Book's top 10 Best Resale Value Awards for 2009.
Hyundai Accent
Introduced in 1995, the Accent may not excel in the resale value category, but with a starting price of less than $10,000 it certainly is one of the cheapest cars to purchase. The Accent isn't likely to let you down in reliability, either. This year J.D. Power and Associates called the model the most dependable subcompact, based on responses from 52,000 owners of 2005 Accents. Its 1.6-liter engine and 110 horses might not get you there fast, but at least you'll have some money to spend when you arrive.
Kia Rio
The latest model of the Rio from Korean carmaker Kia delivers improved power from its 110 horsepower 1.6-liter engine. Available with four doors or a hatchback, the Rio boasts a better warranty than most, and its tempered appetite for fuel gives the Kia an EPA rating of 27/33 mpg (city/hwy).
Nissan Versa
First appearing in 2007, the Versa packs more power than its peers with a 1.8-liter engine that offers 122 horsepower through a continually variable transmission. With starting price of less than $10,000, the Versa vaunts enough quality and features to earn the Consumers Digest Best Buy Award for the third year in a row, and ForbesAutos.com ranked the Versa in the top half of its 10 cheapest cars to own.
Pontiac Vibe
Redesigned for 2009, the Pontiac Vibe strikes a respectable balance of efficiency, cost and style. A 1.8-liter 4-cylinder engine paired with a manual 5-speed transmission gives the Vibe an mpg of 26/32 (city/hwy), and buyers can opt for a 2.4-liter engine, as well as all-wheel drive. Lastly, the Vibe is assembled in a U.S. plant that Pontiac shares with Toyota, which is a good clue when looking for quality.
Scion xB
Although it lost some of its sharper corners in its 2008 redesign, the Scion xB is still instantly recognizable. Despite its quirky, hipster edifice, the xB is a wise buy and one of the less expensive cars to own. A 2009 xB, with a 2.4-liter 4-cylinder engine, earns 22/28 mpg (city/hwy) with a starting price of $16,420. But offsetting its higher sticker price is its place in Kelley Blue Book's top 10 for best resale value.
Suzuki SX4
A collaborative effort between Suzuki and its Italian partner Fiat, the SX4 ranks on the low side in terms of mileage, with 22/30 mpg (city/hwy), but is an economical choice overall. The SX4 crossover took the IntelliChoice crown in 2007 for lowest ownership costs. It is also an affordable way to get all four wheels turning via an inexpensive AWD option.
Toyota Corolla
While the sight of a Corolla might not set your adrenal glands tingling, this old faithful could make any accountant smile. Fully rehashed for 2009 with a 1.4-liter engine and a 4-speed automatic transmission, the Corolla earns an EPA fuel-economy sticker of 27/35 mpg (city/hwy). The 2008 Corolla was IntelliChoice's pick for highest retained value and lowest ownership costs in the compact category, and the 2009 model earns a place in this year's Kelley Blue Book awards for best retail value. "From a financial perspective," says KBB, "there aren't many smarter choices than the Corolla."
Toyota Yaris
Edgy on the outside, economical on the inside, the Yaris is a paragon of thrift while still delivering the sass factor. Trips to the pump will be few and far between: A 2-door Yaris with a 5-speed manual gearbox and a 1.5-liter engine earns an EPA fuel-economy rating of 29/36 mpg (city/hwy). The Yaris was among Kelley Blue Book's 2009 Best Resale Value Award winners, and took the IntelliChoice awards for lowest ownership cost, lowest fuel cost and lowest operating cost in the subcompact category.
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