Everyone focuses on the sticker price. But the price you pay at the dealership is just the beginning. Insurance, fuel, maintenance, repairs, and depreciation add up to thousands per year, and the cheapest car to buy is rarely the cheapest car to own.
We calculated the real 5-year total cost of ownership (TCO) for popular used cars using actual data: AAA driving cost studies, RepairPal maintenance averages, EPA fuel economy ratings at current gas prices, and real-world depreciation curves. The results might surprise you.
What Goes Into Total Cost of Ownership?
Before the rankings, here is what we are actually measuring:
Purchase price is the amount you pay, which matters but is only one piece.
Depreciation is the biggest hidden cost. A car that costs $20,000 today and is worth $12,000 in five years "cost" you $8,000 in depreciation. A car that costs $15,000 today and is worth $5,000 in five years cost you $10,000 in depreciation, even though it was cheaper to buy.
Fuel costs are calculated at $3.25/gallon and 12,000 miles per year (the national average).
Insurance varies by driver, but we use average annual premiums from insurance comparison data for each model.
Maintenance covers scheduled services: oil changes, tire rotations, brake pads, filters, and fluid flushes.
Repairs are the unscheduled fixes: things that break unexpectedly. This is where unreliable cars destroy your budget.
Total cost per mile takes all of the above and divides by 60,000 miles (12,000/year over 5 years). This is the truest measure of how much a car actually costs you.
The 15 Cheapest Used Cars to Own (5-Year TCO)
Tier 1: Under $0.35 Per Mile
1. Toyota Corolla (2018-2021) — Purchase: $14,000-$18,000
5-Year TCO Breakdown:
- Purchase price: ~$16,000
- Depreciation (5yr): ~$5,500
- Fuel (5yr at 33 MPG): ~$5,900
- Insurance (5yr): ~$7,800
- Maintenance (5yr): ~$1,750
- Repairs (5yr): ~$1,200
- Total 5-Year Cost: ~$22,150
- Cost per mile: $0.37
The Corolla is the gold standard for low ownership costs. The 2.0L engine uses a timing chain (not belt), meaning you skip the $800+ timing belt service entirely. Brake pads last 50,000-70,000 miles. Oil changes every 7,500 miles with synthetic. There is simply less to spend money on.
Why Corolla wins: Extremely slow depreciation (Toyotas hold value), the lowest repair frequency in the sedan segment, and 33+ MPG combined fuel economy. The combination of low running costs AND strong resale value makes it the cheapest car to own, not just the cheapest to maintain.
2. Honda Civic (2018-2021) — Purchase: $16,000-$20,000
5-Year TCO Breakdown:
- Purchase price: ~$18,000
- Depreciation (5yr): ~$6,200
- Fuel (5yr at 33 MPG): ~$5,900
- Insurance (5yr): ~$8,200
- Maintenance (5yr): ~$1,875
- Repairs (5yr): ~$1,400
- Total 5-Year Cost: ~$23,575
- Cost per mile: $0.39
The Civic costs slightly more to buy and insure than the Corolla, but it holds value nearly as well and offers a more engaging driving experience. The 2.0L naturally aspirated engine (LX, Sport) is the low-cost pick. The 1.5L turbo (EX, Touring) adds about $200/year in maintenance costs due to the turbo system.
3. Toyota Prius (2016-2021) — Purchase: $15,000-$22,000
5-Year TCO Breakdown:
- Purchase price: ~$18,000
- Depreciation (5yr): ~$5,800
- Fuel (5yr at 52 MPG): ~$3,750
- Insurance (5yr): ~$7,600
- Maintenance (5yr): ~$1,600
- Repairs (5yr): ~$1,100
- Total 5-Year Cost: ~$19,850
- Cost per mile: $0.33
The Prius might actually be the cheapest car to own, period. The hybrid system saves $2,000+ in fuel over 5 years compared to a standard sedan, and Toyota's hybrid technology is proven to 200,000-300,000 miles. The battery pack rarely needs replacement within the first 150,000 miles, and even when it does, costs have dropped to $1,500-$2,500 for aftermarket replacements.
The hybrid battery myth: People worry about hybrid battery replacement costs. In reality, Toyota hybrid batteries last 150,000-250,000 miles in most cases. At 12,000 miles per year, that is 12-20 years of driving before you even need to think about it.
Tier 2: $0.35-$0.42 Per Mile
4. Mazda3 (2019-2022) — Purchase: $16,000-$21,000
5-Year TCO: ~$23,800 | Cost per mile: $0.40
Lower purchase price than Civic/Corolla equivalents due to brand perception, but comparable reliability. The Skyactiv engines are efficient and low-maintenance. Interior quality feels like a car that costs $10,000 more.
5. Hyundai Elantra (2020-2023) — Purchase: $14,000-$19,000
5-Year TCO: ~$22,500 | Cost per mile: $0.38
The sleeper pick. Hyundai's 2020+ Smartstream engines (NOT the older Theta II) are genuinely reliable, and the Elantra depreciates faster than Toyota and Honda, which means cheaper to buy. The 10-year/100,000-mile powertrain warranty (transferable for 5yr/60K to second owner) provides peace of mind.
Important: We are specifically recommending the 2020+ Elantra with the new 2.0L Smartstream engine. Older Elantras with the Theta II engine have different reliability profiles.
6. Toyota RAV4 (2018-2021) — Purchase: $20,000-$25,000
5-Year TCO: ~$27,200 | Cost per mile: $0.45
The cheapest SUV to own long-term. The RAV4 depreciates so slowly that your 5-year depreciation cost is only about $7,000-$8,000, much less than competing SUVs that lose $10,000-$12,000 in the same period.
7. Honda CR-V (2020-2022) — Purchase: $21,000-$24,500
5-Year TCO: ~$28,100 | Cost per mile: $0.47
Strong value retention and low repair costs keep the CR-V competitive. The 2020+ 1.5L turbo is the one to get (earlier models had oil dilution issues that are largely resolved in this generation).
8. Kia Forte (2020-2023) — Purchase: $13,000-$17,000
5-Year TCO: ~$22,800 | Cost per mile: $0.38
The budget champion. The Forte uses the same 2.0L Smartstream engine as the Elantra but costs even less to buy. Kia's warranty coverage is identical to Hyundai's. The trade-off is faster depreciation (Kia's brand still carries a discount versus Honda/Toyota), but that actually helps buyers since it lowers the purchase price.
Tier 3: Budget Picks Under $15K Purchase Price
9. Toyota Camry (2015-2018) — Purchase: $12,000-$16,000
5-Year TCO: ~$21,500 | Cost per mile: $0.36
Older Camrys are reliability workhorses. The 2AR-FE 2.5L engine has a bulletproof track record. At this price point you get a car with 70,000-100,000 miles that will happily run to 250,000+. Maintenance costs are minimal: oil changes, brake pads, tires, and not much else.
10. Honda Fit (2015-2020) — Purchase: $12,000-$17,000
5-Year TCO: ~$20,200 | Cost per mile: $0.34
The Fit was discontinued after 2020, which is a shame because it was one of the most practical and affordable cars ever built. The 1.5L engine gets 36 MPG highway, the Magic Seat system creates cargo space that embarrasses vehicles twice its size, and repair costs are among the lowest of any car on the road.
11. Mazda CX-5 (2018-2021) — Purchase: $18,000-$23,000
5-Year TCO: ~$26,500 | Cost per mile: $0.44
Comparable reliability to the RAV4 and CR-V but 10-15% cheaper to buy due to Mazda's lower brand recognition. The 2.5L Skyactiv engine is naturally aspirated (no turbo to fail) and gets reasonable fuel economy. Interior quality that makes it feel like a luxury vehicle.
12. Subaru Crosstrek (2019-2022) — Purchase: $19,000-$23,000
5-Year TCO: ~$27,000 | Cost per mile: $0.45
Standard AWD makes the Crosstrek the value pick for anyone in snow country. The 2.0L and 2.5L Boxer engines are reliable, and Subaru has resolved the head gasket issues that affected earlier models. Slightly higher insurance costs than some competitors due to the AWD system.
Cars That Are Cheap to Buy but Expensive to Own
The sticker price trap catches a lot of buyers. Here are popular used cars that look like bargains but eat your budget in maintenance and repairs:
Nissan Altima (2013-2019): ~$0.55/mile Cheap to buy ($9,000-$14,000) but the CVT transmission is a ticking time bomb. Budget $3,000-$5,000 for transmission replacement between 80,000-120,000 miles. That alone erases any purchase price savings.
BMW 3 Series (2014-2018): ~$0.65/mile Tempting at $15,000-$20,000, but maintenance costs run $1,500-$3,000 per year after warranty. Oil changes cost $100+, brake jobs run $500-$800, and electronics gremlins can be expensive to diagnose.
Volkswagen Jetta (2015-2018): ~$0.48/mile Affordable to buy, but German engineering means German parts prices. The 1.4T engine is decent, but electrical issues and higher-than-average maintenance costs add up.
Chrysler 300 / Dodge Charger (2015-2019): ~$0.55/mile Comfortable and powerful, but depreciation is steep, fuel economy is poor (19-23 MPG), and repair costs escalate after 80,000 miles.
How to Calculate Your Own Cost Per Mile
Here is a simple formula:
Annual cost = (Depreciation/year) + (Miles/year / MPG x gas price) + Insurance + Maintenance + Repairs
Then divide by your annual miles.
For a 2019 Corolla driven 12,000 miles per year:
- Depreciation: $1,100/year
- Fuel: $1,182/year (33 MPG at $3.25)
- Insurance: $1,560/year
- Maintenance: $350/year
- Repairs: $240/year
- Total: $4,432/year or $0.37/mile
The Real Lesson: Reliable Cars Are Cheaper Cars
The data makes this clear: the most reliable cars are almost always the cheapest to own. A Toyota Corolla costs $0.37 per mile. A Nissan Altima with a CVT replacement costs $0.55 per mile. Over 60,000 miles, that is a $10,800 difference, more than enough to buy the more expensive Toyota in the first place.
Reliability is not just about avoiding breakdowns. It is the single biggest factor in your total cost of ownership.
Check Any Car's Reliability Before You Buy
Use our free Car Lifespan Check tool to analyze the reliability and expected lifespan of any make, model, and year combination.
Keep Reading
- Most Reliable Used Cars Under $15K - Best picks on a tighter budget
- Most Reliable Used Cars Under $25K - More budget, more options
- Cheapest Cars to Maintain Long Term - Deep dive into maintenance costs specifically
- Most Reliable Used Cars 2026 - Our overall top reliability picks
- Worst Used Cars to Buy in 2026 - Models that will drain your wallet