KBB.com, which is part of the Kelley Blue Book empire, has issued its 2012 model year cost of ownership awards. While the information focuses on new cars, you can used this list as a good guide for buying used.
The all-new 2012 awards honor current model-year vehicles and brands (in both the luxury and non-luxury categories) with the lowest projected ownership costs, based on Kelley Blue Book Total Cost of Ownership data for the initial five-year ownership period. Consult the list to see what cars might be on the list that are older and ready to be bought as used cars.
Kia as a brand was the overall winner in the non-luxury brand and Audi won the luxury brand. Unfortunately values on used Kias are high right now because they are mostly compacts and sub-compacts. However, you can rest assured in looking at the brand because of Kia's strong warranties. Problems are going to be fixed before these models hit the used car market.
Audi, I'd have to admit some reticence to owning because repair costs can be high once the vehicles come off warranty. The KBB.com survey only looks at the first five years of ownership. Audi's warranty covers four years or 50,000 miles and the latter is more likely to come first. What's really interesting is Consumer Reports gives the Audi A6, for example, poor marks for its five years of ownership costs.
2012 TOTAL COST OF OWNERSHIP: BY VEHICLE CATEGORY
- SUBCOMPACT CAR: Nissan Versa - it's a great little car that deserves more respect. It is a strong contender that flies under the radar.
- COMPACT CROSSOVER: Nissan JUKE It's only been on the market since 2010 so a used Juke is going to be as good as a new one for projecting ownership costs.
- COMPACT CAR: Kia Soul - first introduced in 2008, the Soul could be in for a major overhaul soon. A four-year old used model could continue to be cheap to own.
- CROSSOVER: Hyundai Santa Fe - again you have another model ready for a redesign. The Santa Fe makes a lot of sense because it has not changed substantially in the last five years.
- MID-SIZE CAR: Hyundai Sonata - It's only a year or so old. The previous generation wasn't as good as car. It was pretty good but the two models are substantially different.
- LUXURY CROSSOVER: Lexus RX 350 - I once interviewed a man who was in an RX 350 and was hit broadside by a tractor trailer. He walked out of the emergency room that night. Need I say more? It's been out three years so a used one especially makes sense.
- FULL-SIZE CAR: Chevrolet Impala - OK, I admit it. I just have something against the Impala. It's an affordable car but it is also uninspired. However, you can't deny its affordability if you simply want to get from Point A to Point B.
- MID-SIZE SPORT UTILITY: Jeep Wrangler - this icon of the Jeep brand has been around forever but it's only in the 2011 model year that it actually became suitable for daily commuting. Spend some time behind the wheel before buying a used one.
- ENTRY-LEVEL LUXURY CAR: Volvo C30 - Fun little car. Been on the market a few years. A used one is going to make sense. Plus, Volvos are exceptionally safe.
- FULL-SIZE SPORT UTILITY: Ford Expedition - this is the embodiment of a full-size SUV, which means affordability has to be qualified. However, it is in the fifth year of the current generation. It's a good SUV if you need to own one this size.
- LUXURY CAR: Audi A5 - again I have my concerns about Audi reliability but this is a heckuva luxury coupe. It just envelops you in comfort.
- LUXURY SPORT UTILITY: Audi Q7 - it got a facelift in 2009 so you're going to find three-year old Q7s coming off lease that are going to be worth considering but then again it is an Audi.
- HIGH-END LUXURY CAR: Lexus LS 460 - LS indicates long standing because the LS 460 has been around seemingly forever (about 23 years). It's overdue for a substantive overhaul so a four-year old LS 460 is going to be a good deal in terms of cost of ownership.
- HYBRID UTILITY: Ford Escape - one of the great sleepers in the hybrid wars has been the Escape. Snap one up if you can get a good price. It's a great vehicle.
- SPORTS CAR: Mazda MX-5 Miata - it's the best selling sports coupe ever and it's affordable to own. What's not to like? Pick up a used one and your cost of ownership is going to low.
- MID-SIZE PICKUP TRUCK: Toyota Tacoma Regular Cab - as pickups go it does the job. Serious pickup owners might not desert the domestic brands, which would work in your favor when pricing used Tacomas.
- HIGH-PERFORMANCE CAR: Lexus IS F - the inclusion of the IS F saddens me but only because I've always considered it one of the great secrets of high performance cars. Now the whole world is going to know its affordable in addition to be an absolute dream to drive.
- FULL-SIZE PICKUP TRUCK: Chevrolet Silverado 1500 Regular Cab - We defer to KBB.com's expertise on this because of the sheer volume of Ford F150s that have been sold over the decades.
- HYBRID CAR: Honda Insight - the hybrid that nobody wants to own. It might be a deal but consider that it has not been well received.
- MINIVAN: Mazda MAZDA5 - it was updated for the 2011 model year but you're going to do fine with a 2008 model year Mazda5. I can say that with confidence because I own one. Keep in mind that it is a mini-minivan. It's basically a station wagon with sliding doors but it will seat six comfortably in a pinch.
- ELECTRIC CAR: Chevrolet Volt - is this really an electric vehicle? Technically it is because the electric motor drives the wheels but it has a gas engine to keep you going when electricity runs out. It's still relatively new to the market but you can buy a used electric vehicle like the Volt.
Using the KBB.com true cost of ownership is a good metric for determining what your used car is going to cost you. As always, keep in mind you are going to need a used car inspection. Otherwise your used car is going to cost you a lot more than you ever thought.
