10 Cheapest Cars to Own in 2008

Photo by Bruno Guerreiro

Well, the list is in and my Lamborghini didn’t make the list of the 10 cheapest cars to own by BankRate.com. I’m just as surprised as you are!

BankRate compiled the list based on 8 factors:

1. MSRP
2. Taxes and fees
3. Depreciation
4. Finance interest
5. Insurance
6. Fuel Cost
7. Maintenance
8. Repairs

Drumroll Please!

If you thought the cheap American Chevy Aveo was number 1, you’d be wrong!

Starting from a base price of $13,950, the Honda Fit comes out to about a $34,000 cost of ownership after 5 years. Heck that’s nearing what I paid for my Honda Ridgeline truck after tax, registration and extended warranties! Maybe I should have gotten a Fit.
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HFC Auto Review: 2009 Hyundai Genesis Sedan

Screw BMW. Screw Mercedes. Screw Lexus and Audi. To us mere mortals, we perceive drivers with a shiny new Mercedes E class, or BMW 5-series as either flush with cash, or more likely, carrying long leases with heavy down payments just to barely afford that luxury. While you drive around in your flashy car with your cigar ablaze, I’m stuck in my crummy Honda. Not that I’m bitter or jealous or anything.

But not any longer. Now there’s a new luxury player in town. Are you ready for this? Get ready cause you won’t believe it. It’s the 2009 Hyundai Genesis sedan! And it’s even rear-wheel drive!

Stop laughing. I know it’s a Hyundai. But this isn’t like when Volkswagen tried to shove a $60,000-110,000 über-sedan (the Phaeton) into the market, expecting people who buy those kinds of cars to want to mingle with the ones buying $15,000 Jettas. Why is it different? Well first, the Genesis starts at just $32,250. Want a V-8 engine? Tack on another $5k. That’s still half the price of the Phaeton (VW had to bump up the price into the $80ks to make up for currency exchange and other costs).
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Get a Hummer H2 for almost $13,000 Off!

Thanks to the poor economy and distaste for gas-guzzling SUVs, now is the perfect time to buy a Hummer! If you couldn’t afford the starting price of about $58,000 for a base Hummer H2, you can now get almost $6,000 off during GM’s Summer Sale (aka Employee Pricing Discount), AND another $7,000 off using their regular cash back discount for a final price around $45,000 (see below):

Granted, you’ll use up that $13,000 savings for gas in the first year, but still, if you wanted a luxury towing machine that makes a statement (“I don’t give a crap about the environment or small children in my blindspot”), then go for it!

Most Reliable Cars in 2008

Although I admit that professional surveys mean little when it’s YOUR car that breaks down, I’d like to share the list of most reliable cars based on the recently released J.D. Power & Associates list of the most reliable cars of 2008.

At the top of the list is, of course, a Toyota brand (Lexus). However, interesting to note are #2 and #3: American brands. Who would have though that a Ford and a Chevy brand would beat out Toyota in reliability results, but given Toyota’s massive amount of recalls in the last few years, I guess it’s understandable:

1. Lexus
2. Mercury
3. Cadillac
4. Toyota
5. Acura
6. Buick
7. BMW
8. Lincoln
9. Honda
10. Jaguar

And what’s going on with Honda? Oh how the mighty have fallen. Perhaps Toyota and Honda now see what it’s like to be a top producer, in high demand, and rushed to produce more cars than their process can handle. That’s one big reason you see their quality slipping.

Here’s a look at the top models by segment:
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Small does not always mean Inexpensive

If you’re a technophile, or just happened to go shopping for a new laptop lately, you may have noticed that the smaller the laptop, the higher the price (with the exception of the Asus Eee). Why is that? Aren’t they using less silicone? Less liquid crystals for the screen? Less precious metals?

Well, for laptops, smaller sizes mean less room to put the parts. If you want a 12″ laptop with a 120Gb drive vs a 40 Gb drive, you’re going to pay more than someone buying a 15″ laptop because the factory has to be more creative to find room to put that part. In addition, they need to keep the parts cooled, which is harder when there’s less air-flow.

Why Small Cars aren’t Always Inexpensive

Now let’s compare laptops with cars. If you want a small car that provides decent elbow and hip room, plus 5-star crash ratings, a premium audio system, room for 4-5 passengers plus luggage, a high-powered engine, and luxury car-like quality, then you’re going to pay the price.
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