Top 10 Cheapest New Cars You Can Buy In 2015

Price is not the only thing when it comes to buying a cheap new car. You will also want to take into consideration all the ownership costs associated with the vehicle.

Finance charges, insurance, fuel and preventive maintenance are just a handful of costs that will add up over the life of the vehicle. In actuality, the total of the vehicle's payments will only make up about half of what the cost of owning the vehicle will be over a five year auto loan.

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Some financial experts say, "A new car is one of the worst depreciating assets you can buy." I guess it's hard to argue with that statement, however you have to have a vehicle to get anywhere in this world.

You have a few options to decrease or avoid vehicle ownership costs altogether:

Take a look at my new car buying advice chapter to learn how to properly research and compare new cars online before contacting a dealership. I'll also show you how car dealers make money selling new cars and how to recognize and avoid tricky car dealer scams.

One ownership cost you can control right away is insurance. What rate you pay is normally based on several factors including miles driven, age, driving record, gender, where you live and credit rating. Vehicles are also rated differently, vehicles with lower repair costs or claim histories will normally have cheaper insurance premiums. New sports cars tend to attract young and/or aggressive drivers and luxury vehicles have higher repair costs, these types of vehicles will typically always have higher insurance rates. Some compacts, sedans, crossover SUVs and minivans tend to have the cheapest insurance rates available.

Many dealers will greatly discount new cars not selling on their lot to entice new car shoppers to buy. Choosing a new car based on a cheap price, only to save a few dollars up front, can end up costing you more money over time. You must be cautious and keep a look out for vehicles that depreciate much quicker over time. This is also true with vehicles that cost more to maintain, consume more fuel or cost more to insure.

Methodology

As stated above, finding the least expensive vehicle to own is not just by looking for the cheapest sticker price. I've also included the following information in this list:

If you're a new car shopper wanting to get a vehicle that's cheap, affordable and inexpensive to own, you may want to consider one of the vehicles on my top 10 list below.

Top 10 Cheapest Cars You Can Buy in 2015

#10 - 2015 Toyota Yaris L 3 Door (Liftback | Hatchback)

  • MSRP: $16,395
  • Factory Invoice: $16,111
  • MPG: 30 City | 36 Hwy
  • Annual Fuel Cost: $1,200
  • Engine: 1.5L 4 Speed Automatic Transmission, 106 HP, 16-valve, 4-cylinder
  • Warranty: Basic 3 years or 36,000 miles | Powertrain 5 years or 60,000 miles

#9 - 2015 Mazda 2 Sport 4 Door Hatchback

  • MSRP: $16,364
  • Factory Invoice: $16,355
  • MPG: 28 City | 34 Hwy
  • Annual Fuel Cost: $1,300
  • Engine: 1.5L 4 Speed Automatic Transmission 16-valve, 4 cyl, 100 HP
  • Warranty: Basic 3 years or 36,000 miles | Powertrain 5 years or 100,000 miles

#8 - 2015 Chevrolet Sonic LS 4 Door Sedan

  • MSRP: $16,320
  • Factory Invoice: $16,243
  • MPG: 25 City | 35 Hwy
  • Annual Fuel Cost: $1,350
  • Engine: 1.8L 6 Speed Automatic Transmission 138 HP, 16-valve, 4 cylinder
  • Warranty: Basic 3 years or 36,000 miles | Powertrain 5 years or 100,000 miles

#7 - 2015 Scion IQ 2 Door Hatchback

  • MSRP: $16,315
  • Factory Invoice: $15,663
  • MPG: 36 City | 37 Hwy
  • Annual Fuel Cost: $1,050
  • Engine: 1.3L Continuously Variable Automatic Transmission (CVT) 93 HP, 16 valve, 4 cyl.
  • Warranty: Basic 3 years or 36,000 miles | Powertrain 5 years or 60,000 miles

#6 - 2015 Kia Rio LX 4 Door Sedan

  • MSRP: $15,940
  • Factory Invoice: $15,632
  • MPG: 27 City | 37 Hwy
  • Annual Fuel Cost: $1,250
  • Engine: 1.6L 6 Speed Automatic Transmission 138 HP, 16-valve, 4 cylinder
  • Warranty: Basic 5 years or 60,000 miles | Powertrain 10 years or 100,000 miles

#5 - 2015 Ford Fiesta S Sedan, 4 Door

  • MSRP: $15,885
  • Factory Invoice: $15,124
  • MPG: 27 City | 37 Hwy
  • Annual Fuel Cost: $1,250
  • Engine: 1.6L 6 speed automatic transmission 120 HP, 16 valve, 4 cyl.
  • Warranty: Basic 3 years or 36,000 miles | Powertrain 5 years or 60,000 miles

#4 - 2015 Mitsubishi Mirage DE CVT, 4 Door Hatchback

  • MSRP: $14,890
  • Factory Invoice: $14,583
  • MPG: 37 City | 44 Hwy
  • Annual Fuel Cost: $950
  • Engine: 1.2L Continuously Variable Automatic Transmission (CVT) 74 HP, 3 cylinder
  • Warranty: Basic 5 years or 60,000 miles | Powertrain 10 years or 100,000 miles

#3 - 2015 Chevrolet Spark LS 4 Door Hatchback

  • MSRP: $14,405
  • Factory Invoice: $14,269
  • MPG: 30 City | 39 Hwy
  • Annual Fuel Cost: $1,100
  • Engine: 1.2L 4 Speed Automatic Transmission 84 HP, 16-valve, 4 cylinder
  • Warranty: Basic 3 years or 36,000 miles | Powertrain 5 years or 100,000 miles

#2 - 2015 Nissan Versa Sedan 1.6S, 4 Door

  • MSRP: $14,315
  • Factory Invoice: $14,117
  • MPG: 26 City | 35 Hwy
  • Annual Fuel Cost: $1,300
  • Engine: 1.6L 4 speed automatic transmission 109 HP, 16 valve, 4 cyl.
  • Warranty: Basic 3 years or 36,000 miles | Powertrain 5 years or 60,000 miles

#1 - 2015 Smart ForTwo Pure Coupe

  • MSRP: $14,020
  • Factory Invoice: $13,171
  • MPG: 34 City | 38 Hwy
  • Annual Fuel Cost: $1,250
  • Engine: 1.0L 5 Speed Automatic Transmission (CVT) 12 value, 70 HP, 3 cylinder
  • Warranty: Basic 4 years or 50,000 miles | Powertrain 4 years or 50,000 miles

If you're in the market for a "cheap-to-own" new car, I recommend using a free online referral service such as TrueCar and Edmunds to guarantee you pay the lowest price. These services will provide you with several quotes from local dealerships in your area. They'll also provide you with valuable information on what other people are paying for the vehicle you're considering and which local dealers are providing the best discounts from MSRP.