Cheapest New Cars to Own for People with Bad Credit

Car buyers are always wanting to get the best deal possible when shopping for a new car, but getting the best price and financing available is only just the beginning of what you'll pay.

Having bad credit will only complicate matters for you with more obstacles to overcome and limited auto financing choices.

Once you've settled on the final price of a new car, you must still take in account other recurring monthly expenses such as finance charges, auto insurance and fuel. You can't forget about

The truth is, the amount you pay for a new car, minus the amount you get back when you sell it, is normally less than half of the true ownership cost over five years of driving it.

Every year Kelley Blue Book has their annual 5-year cost to own awards to help buyers know and understand what the average ownership costs on any particular vehicle will be. To determine the winners, they look at financing costs, average price paid, state fees, insurance costs, depreciation estimates and a few other factors such as fuel, preventive maintenance, etc.

Buying a car that has a lower overall cost of ownership is just as important as paying the best price for the vehicle. We've selected the best 2015 vehicles with the lowest five year ownership costs to help people with bad credit and help them re-establish themselves down the road.

Our goal is to save the credit challenged borrower the most money possible. To do this, we focused on the three most affordable categories: subcompact, compact and mid-size sedans. Many of the vehicles in the other categories fall outside the budgets of most bad credit car buyers so we chose to left them out.

Cheapest 2015 Subcompact Cars to Own With Bad Credit

Placement Year Make Model 5 - Year Ownership Costs
Winner 2015 Chevrolet Spark $26,905
2nd Place 2015 Nissan Versa $27,460
Third Place 2015 Scion iQ $27,953

2015 Compact Cars

Placement Year Make Model 5 - Year Ownership Costs
Winner 2015 Toyota Corolla $30,416
2nd Place 2015 Honda Civic $32,223
Third Place Hyundai Veloster $32,262

2015 Mid-size Sedans

Placement Year Make Model 5 - Year Ownership Costs
Winner 2015 Mazda Mazda 6 $35,321
2nd Place 2015 Subaru Legacy $35,757
Third Place 2015 Toyota Camry $35,765

In Between the Lines

It doesn't matter if you have good or bad credit. Choosing a vehicle with a lower five year ownership cost will save you a lot more money than working an outstanding deal on the wrong car. Read my chapter on auto finance to learn more on how dealers make money financing cars.

If you're considering the purchase of a new vehicle, I recommend using a free online referral service such as CarClearanceDeals and CarsDirect to guarantee you pay the lowest price. These services will tell you what others are paying for the vehicle you're considering in your local area and which dealers give the greatest discounts.