High gas prices and general economic uncertainty are motivating consumers to look for the least expensive cars to own and operate. However, a new study by Edmunds.com shows that when you compare many compact and subcompact vehicles with hybrids the compact is a better choice. On the top of the list as number one is the Chevrolet Aveo. No hybrids even made the top ten list.
“When consumers think about cars that will save them money, hybrids are typically top of mind because of their fuel efficiency,” said Jesse Toprak, Edmunds.com executive director of Industry Analysis. “But when you take a look at the real-world costs of car ownership, you realize that many subcompact and compact cars are actually a much better value proposition.”
Unlike other analyses that only look at fuel economy and sticker price, including one released by Consumer Reports. Edmunds’ incorporates projected model-specific average vehicle ownership costs, consisting of depreciation, financing, taxes, fees, insurance premiums, fuel costs, maintenance, and repairs.
When all of these factors are considered, some popular vehicles look less appealing on a cost-per-mile basis than their fuel economy would suggest.