Yahoo Finance

Owning a car is getting more expensive.

It's not just the purchase price for new vehicles, which has jumped about 25% since early 2020, according to Kelley Blue Book.

A September report from AAA found the cost to own and operate a new vehicle in 2024 was a little over $1,000 per month when accounting for expenses like fuel, maintenance, depreciation and finance charges. That's up $115 from the year prior.

The cost to own and operate a vehicle has been “steadily increasing over the years” thanks in part to COVID-19-era supply chain issues, according to Greg Brannon, AAA’s director of automotive research.

“COVID and some of the supply shortages during that time really changed many of the dynamics in the car market,” Brannon said. “We’re still seeing the impact.”

So which car models will help owners cut costs in the long run? There’s no easy answer – Brannon said a number of factors will influence how much someone pays for their car, including the buyer’s location – but there are a few tips and featuresbuyers can watch out for.

Which cars have the lowest maintenance costs?

Online car marketplace CarEdge pulled together a list of the least expensive cars to maintain, based on an updated sample of 175 popular models and 174 luxury models, shared with USA TODAY.

Among the sample, the least expensive vehicles to maintain based on 10-year maintenance costs include:

• From Toyota:

  • Corolla Hatchback ($4,145)

  • Prius ($4,231) and Prius Prime ($4,283)

  • Corolla ($4,307)

  • Camry ($4,535)

  • GR Corolla ($4,612) GR86 ($4,740), GR Supra ($5,206)

  • Crown ($4,887)

  • Mirai ($5,026)

  • Corolla Cross ($5,808)

  • RAV4 ($5,927)

• Mitsubishi Mirage ($5,236) and Mirage G4 ($5,543)

• Honda Civic Hatchback ($5,412), Civic ($5,725) and Accord ($5,748)

• Tesla Model 3 ($5,417)

• Nissan Versa ($5,688), Leaf ($5,724) and Sentra ($5,844)

• Lexus ES 350 ($5,829) and IS ($5,864)

• Mazda Mazda3 sedan ($5,839)

• Volkswagen Golf GTI ($5,866)

Meanwhile, CarEdge's analysis found vehicles from luxury brands like Bentley, BMW and Jaguar were among the most expensive when it comes to 10-year maintenance costs.

"Reliable, mass-market brands often deliver more predictable and affordable upkeep, while higher-end or specialized models can lead to substantially larger repair bills over time," said Zach Shefska, founder and CEO of CarEdge.

It's the end of the road for these cars: Models that won't make it to 2025

Which vehicles have the lowest ownership costs?

Another analysis conducted by financial technology company Self Financial used AAA data to compare ownership costs for 50 of the bestselling models in the U.S. The analysis factored in maintenance costs, plus fuel or energy costs, insurance, depreciation, finance costs, fees and taxes.

The study found the most affordable cars to run include a mix of gas-powered, electric and hybrid vehicles, with brands Tesla, Nissan and Honda coming out on top. Meanwhile, Lexus, Ram and GMC vehicles were found to be more costly when compared to the other models in the sample.

The five least expensive cars to run per year, according to the analysis, are:

• Tesla Model 3: $5,061

• Hyundai Elantra: $5,104

• Toyota Corolla: $5,182

• Kia Forte: $5,235

• Honda Civic: $5,282

The most expensive vehicles to run per year, among the sample, include:

• Chevrolet Tahoe: $8,644

• Lexus RX: $8,046

• Ram pickup: $7,981

• Toyota 4Runner: $7,820

• Chevrolet Silverado: $7,699

Brannon of AAA warned that costs to operate a vehicle will fluctuate, depending on who's driving the car. For example, say you’re calculating the costs to drive an electric vehicle. That price will vary based on where you live and how high your electricity rates are.

Brannon suggested plugging personalized information into a calculator, like AAA’s “Your Driving Costs Calculator,” to get a better picture of the estimated costs of owning a specific vehicle.

Tips for car buyers

Looking for a vehicle that won’t cost an arm and a leg? There are a few things buyers should keep in mind as they’re browsing.

• Don’t forget to factor in depreciation – the amount of money the car devalues each year as it gains age and mileage – before buying a vehicle. AAA said it’s the most significant cost category associated with ownership in its 2024 analysis. While luxury brands tend to have a “quite high” depreciation rate thanks in part to their high price tags, cars that are "more reliable, according to consumers, have lower depreciation,” Brannon said. “So your brands like Honda, Toyota and others that are perceived – and some of the data supports – that are more reliable have pretty good depreciation rates."

• Insurance rates can vary, depending on the car. Brannon said buyers should call their auto insurance for a quote before making a purchase.  “This is where the safety systems and some of those other aspects really come into play,” he said. “Some vehicles are more prone to be in accidents, some vehicles are much more expensive to repair when they are in an accident, and some vehicles are less. So an insurance company will consider all those things when they’re pricing policies.”

• Don’t forget to factor in fuel costs. Brannon said hybrids have some of the lowest ownership costs, per AAA data.

• Consider what you’ll need from your vehicle. Someone who is going to be using the vehicle for a daily commute likely won't need to splurge on a pickup truck if they need to haul large items once a year. Instead, look into borrowing or renting a larger vehicle for those trips. "You’re probably paying twice what you could in a smaller, hybrid sedan if that would actually get the job done for you,” Brannon said.

• Keep an eye out for how many recalls a vehicle has. Even if the recall repair is covered by the manufacturer, it could be a sign that the vehicle may be more susceptible to out-of-pocket repair costs, according toShefska from CarEdge. “Those are some of the data inputs that help inform why certain vehicles have a higher likelihood of maintenance and repair costs than others,” he said. “The likelihood of something going wrong with those vehicles is, unfortunately, significantly higher.”

This article originally appeared on USA TODAY: What is the cheapest car to own and maintain?