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.

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:

Keep your car until the wheels fall off, keep up the maintenance until the cost outweighs the benefits of keeping the vehicle on the road.
Sell your vehicle and walk, carpool, bike, or take public transportation.
If you have more than one vehicle in your household, downsize. Example: 3 cars to 2 or 2 cars to 1. You may find the savings will outweigh any inconvenience.
Can’t live without a car, that’s okay most of us can’t. I’m not 100% sold in the “don’t buy new, always buy used” saying. More and more manufacturers are offering incentives making some new cars a cheaper option. At this time the used car market is booming with prices moving further north by the month. With a little new car research you’ll find an economical option that best fits your driving needs.

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:

Factory invoice price (You may be able to buy the vehicle even cheaper, do your homework first)
Manufacturer Suggested Retail Price (MSRP) Never pay this amount for a vehicle
Fuel Economy (city and highway MPG)
Manufacturer warranty information
Annual fuel cost as per fueleconomy.gov ($2.55 per gallon, 15,000 miles a year, 45% City / 55% Hwy)
Vehicles listed have the base automatic transmission. Some of the listed vehicles do not have the option for a manual transmission. If they do, they’re hard to sell, hard to find, or don’t come with A/C. If you can opt for a manual transmission, statistics show it can save you anywhere from $800 to $1,200 annually.

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 (Lift-back | 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 Ryde Shopper and Motor Trend 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.