Ten Cars that are Budget Friendly

Before you purchase a vehicle, you need to check more than the price. The buying price may fit into your budget, but you will need to take other things into consideration, including repair costs, maintenance costs and insurance. You might find a great deal on a used Mercedes, but it’s not one of the most budget friendly cars. PaydayLoansCashAdvance put together a list of 10 budget friendly cars to help you buy your next vehicle.

Insurance

Before you start looking at inexpensive cars, check insurance premiums. If you have an idea what insurance will cost before you start looking, you can cross certain vehicles off your list. A vehicle that may seem like it fits into the budget friendly cars category may be knocked out just because of insurance costs. Insurance premiums are based on many things, including location, value of the vehicle and the driver’s age and driving history.

Maintenance and Repairs

Maintenance is something that is required to keep your car in good running condition. It is cheaper to maintain your car than it is to allow something to go bad, than make the repair. If you hear your brakes squeaking, replace the brake pads immediately. If you don’t, the metal on the back of the pads will gouge the rotor and could over-extend the calipers. You just went from an $80 repair to several hundred dollars. Change the oil often — a $25 oil change every three months will save you from having to replace the engine because the oil no longer lubricates the engine.

Furthermore, be aware of the cost of parts. Some vehicles, while may seem like they belong in the budget friendly cars category, are not, because of the cost of repairs and maintenance.

Budget Friendly Cars

This list is not in any particular order, but all vehicles are budget friendly for insurance, maintenance and initial cost.

Honda Fit: The Honda Fit is one of the best inexpensive cars you can buy. Honda engines are known to last long with proper maintenance, the cost of the parts is not completely out of the ball park, and the cost to insure the vehicle is not outrageous, either. As of early 2013, the MSRP is $15,000 to $20,000 depending on the model and options you choose.

Mazda3: The base model Mazda3 (i SV four-door car) is also a budget friendly car. As of early 2013, the base model is just under $17,000. It has excellent fuel economy with a cost of just over $1,700 in fuel costs per year and just over $1,100 per year to insure.

Nissan Versa: The Nissan Versa is another inexpensive car. At an initial cost of under $12,000 for the base model, it also has excellent fuel economy and is not too expensive to insure. The average cost is about $1,800 per year for fuel and about $1,000 per year to insure.

Toyota Yaris: The Toyota Yaris starts out at about $14,000 MSRP. The fuel cost for this vehicle, is just under $1,700 per year and just under $1,100 to insure. While maintenance is inexpensive, certain parts may cost more than other cars, but if you properly maintain your vehicle, you should be able to get at least 60,000 miles before you have to do any real maintenance or repairs, such as the water pump, timing belt and other parts.

Kia Reo: The Kia Reo starts out at just under $14,000. Fuel cost is approximately $1,600 per year and insurance runs just over $1,000 per year. The Kia also have an excellent warranty, which saves you should you need repairs; and maintenance is inexpensive.

Hyundai Accent: The Hyundai Accent is one of the better-looking budget friendly cars. At a starting price of just over $14,000, it is also great on gas and easy on the insurance premiums. Your average cost for fuel, is just over $1,600 per year; and insurance will cost you just over $1,000 per year.

Ford Fiesta: The Ford Fiesta is also a budget friendly vehicle. The MSRP starts out at about $13,000 for the base model; and costs about $1,400 per year in fuel costs. If you prefer the hatchback model, you are still in the ball park.

Kia Sportage: If you need a little more room for kids or pets, you may consider the Kia Sportage, which starts out at about $19,000. It is estimated to cost about $1,150 per year to insure.

Dodge Grand Caravan: Surprisingly enough, the Dodge Grand Caravan is under $20,000 for the 2013 model. The cost to insure the Grand Caravan is about $1,200 per year. You can easily play soccer mom with the Grand Caravan, or use it to take family trips and still stay within budget. You’ll spend approximately $2,200 per year on fuel costs, but that’s if you drive mostly in the city. If more than 45 percent of your driving is highway driving it is estimated that you would have additional savings of about $100 per year.

Subaru Outback: If you need a fun car, the Subaru Outback will fit in most people’s budgets. While the initial cost is higher than others on this list, the cost for fuel and insurance match the average budget friendly car. The MSRP for the 2013 Outback is about $23,500, but you’ll only spend about $1,150 per year on insurance; and about $1,975 per year in fuel costs if most of your driving is in the city.

Always check fuel and insurance costs for your situation. Location and your personal situation is going to dictate these costs, and they should be figured into the cost of the vehicle to ensure that it fits into your monthly budget. If you can find one of these models used and it passes a trusted mechanic’s inspection, you can save even more per month. You can also check with several dealerships in the area; or with Kelly Blue Book if you are buying a used vehicle.

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