24/7 Wall St. Insights
- With new car prices remaining high, customers can opt for value — buying a car with the lowest cost relative to its lifespan
- While compact cars certainly provide value, there are several midsize cars, SUVs, and even trucks that are also value purchases
- Find out if any of the car companies mentioned are also noted in our newsletter: 2 Dividend Legends To Hold Forever
Shares of automotive companies fell this week after they reported quarterly financial results. With high car prices, slowing sales, and growing inventories at dealerships, some companies had to offer deep discounts or other incentives that in some cases cut into their profits. Ford (NYSE: F) shares have declined nearly 20% so far this week, General Motors (NYSE: GM) shed over 9%, and Stellantis (NYSE; STLA) dropped over 14%.
Gone are the pandemic days when high-income earners spent above ticker price on vehicles loaded with premium features. Now, lower-income earners find it difficult to pay suggested retail prices for these inventoried expensive and fully-loaded vehicles. Inflation and high interest rates make it even more difficult for new car buyers.
It’s true that car prices have declined somewhat in recent months, but they remain high, and while inventories are higher than they were during the pandemic years, they remain low compared to pre-pandemic years. This leaves car buyers with a choice of going for value and getting a car that provides, at least, the best bang for the buck. One way to do this is to calculate cost relative to the lifespan.
To find the new cars that will give you the most mileage for your money, 24/7 Wall St. reviewed iSeeCar’s report: The Best New Cars for the Money for 2024. In its study, iSeeCar analyzed the prices of over 8.3 million high-volume new cars sold from September through December 2023 and the odometer readings of over 181 million used cars. For each model, iSeeCar calculated the average price and compared it to its average lifespan in miles to get the purchase price per 10,000 miles. The top 20 cars with the lowest cost per 10,000 miles are listed here. Car sales figures are from GoodCarBadCar.
The study found the average new car price to be $47,885, and the average mileage lifespan to be 172,331. This means that a new car costs $2,779 for every 10,000 miles of lifespan, on average. The 20 cars on the list cost less than $2,000 per 10,000 miles of lifespan.
At the top of the list is the Mitsubishi Mirage. With a relatively low average price of $18,991 and over 172,000-mile average lifespan, the price per 10,000 miles is $1,099. This compact car is not alone on the list. In fact, the top five value cars are all compact cars.
Not all the cars on the list are compact cars, however, with four small SUVs — Honda CR-V (at $1,617 per 10,000 miles), Subaru Forester (at $1,850 per 10K miles), Subaru Outback (at $1,970 per 10K miles), and Toyota RAV4 (at $1,983 per 10K miles) — making the list as well. Several midsize cars also make the list and even two midsize trucks, the Toyota Tacoma (at $1,746 per 10K miles) and the Honda Ridgeline (at $1,817 per 10 K miles). (Another way is to ask for deep discount on these models: The Slowest-Selling New Cars in 2024.)
Toyota has six models in the top 20, including No. 2 Toyota Corolla with a value cost of $1,374 per 10,000 miles. Next, Honda and Subaru, have four models each. Nissan has two models on the list, while Chevrolet, Mazda, and Volkswagen have one each.
Why are we writing about this
20. Toyota RAV4
- Price per 10k miles: $1,983
- Average new car price: $35,359
- Average lifespan in miles: 178,320
- Sales in first half 2024: 248,295 (#3 highest of 296 models)
- Brand owner: Toyota Motor Corp.
19. Subaru Outback
- Price per 10k miles: $1,970
- Average new car price: $39,809
- Average lifespan in miles: 202,033
- Sales in first half 2024: 81,703 (#21 highest of 296 models)
- Brand owner: Subaru Corp.
18. Chevrolet Malibu
- Price per 10k miles: $1,944
- Average new car price: $27,667
- Average lifespan in miles: 142,332
- Sales in first half 2024: 69,109 (#34 highest of 296 models)
- Brand owner: General Motors
17. Subaru Forester
- Price per 10k miles: $1,850
- Average new car price: $36,018
- Average lifespan in miles: 194,651
- Sales in first half 2024: 92,849 (#15 highest of 296 models)
- Brand owner: Subaru Corp.
16. Honda Ridgeline
- Price per 10k miles: $1,817
- Average new car price: $44,225
- Average lifespan in miles: 243,431
- Sales in first half 2024: 19,922 (#103 highest of 296 models)
- Brand owner: Honda Motor Co.
15. Nissan Sentra
- Price per 10k miles: $1,784
- Average new car price: $23,969
- Average lifespan in miles: 134,335
- Sales in first half 2024: 89,030 (#19 highest of 296 models)
- Brand owner: Renault-Nissan-Mitsubishi Alliance
14. Toyota Camry Hybrid
- Price per 10k miles: $1,767
- Average new car price: $35,631
- Average lifespan in miles: 201,644
- Sales in first half 2024: 155,241 (#6 highest of 296 models)
- Brand owner: Toyota Motor Corp.
13. Toyota Tacoma
- Price per 10k miles: $1,746
- Average new car price: $41,727
- Average lifespan in miles: 239,028
- Sales in first half 2024: 69,437 (#33 highest of 296 models)
- Brand owner: Toyota Motor Corp.
12. Volkswagen Jetta
- Price per 10k miles: $1,737
- Average new car price: $25,778
- Average lifespan in miles: 148,410
- Sales in first half 2024: 33,532 (#69 highest of 296 models)
- Brand owner: Volkswagen AG.
11. Subaru Legacy
- Price per 10k miles: $1,735
- Average new car price: $32,889
- Average lifespan in miles: 189,603
- Sales in first half 2024: 9,450 (#160 highest of 296 models)
- Brand owner: Subaru Corp.
10. Toyota Prius
- Price per 10k miles: $1,683
- Average new car price: $35,313
- Average lifespan in miles: 209,839
- Sales in first half 2024: 15,373 (#122 highest of 296 models)
- Brand owner: Toyota Motor Corp.
9. Mazda 3
- Price per 10k miles: $1,644
- Average new car price: $30,253
- Average lifespan in miles: 184,069
- Sales in first half 2024: 17,827 (#113 highest of 296 models)
- Brand owner: Mazda Motor Corp.
8. Honda CR-V
- Price per 10k miles: $1,617
- Average new car price: $35,490
- Average lifespan in miles: 219,509
- Sales in first half 2024: 196,204 (#4 highest of 296 models)
- Brand owner: Honda Motor Co.
7. Nissan Versa
- Price per 10k miles: $1,588
- Average new car price: $20,601
- Average lifespan in miles: 129,696
- Sales in first half 2024: 17,813 (#114 highest of 296 models)
- Brand owner: Renault-Nissan-Mitsubishi Alliance
6. Toyota Camry
- Price per 10k miles: $1,585
- Average new car price: $31,960
- Average lifespan in miles: 201,644
- Sales in first half 2024: 155,241 (#6 highest of 296 models)
- Brand owner: Toyota Motor Corp.
5. Honda Civic
- Price per 10k miles: $1,531
- Average new car price: $28,594
- Average lifespan in miles: 186,824
- Sales in first half 2024: 129,788 (#8 highest of 296 models)
- Brand owner: Honda Motor Co.
4. Honda Accord
- Price per 10k miles: $1,432
- Average new car price: $30,321
- Average lifespan in miles: 211,772
- Sales in first half 2024: 80,721 (#22 highest of 296 models)
- Brand owner: Honda Motor Co.
3. Subaru Impreza
- Price per 10k miles: $1,409
- Average new car price: $27,830
- Average lifespan in miles: 197,562
- Sales in first half 2024: 14,892 (#124 highest of 296 models)
- Brand owner: Subaru Corp.
2. Toyota Corolla
- Price per 10k miles: $1,374
- Average new car price: $25,017
- Average lifespan in miles: 182,133
- Sales in first half 2024: 121,991 (#10 highest of 296 models)
- Brand owner: Toyota Motor Corp.
1. Mitsubishi Mirage
- Price per 10k miles: $1,099
- Average new car price: $18,991
- Average lifespan in miles: 172,784
- Sales in first half 2024: 9,864 (#156 highest of 296 models)
- Brand owner: Renault-Nissan-Mitsubishi Alliance
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