June 27, 2008
While the price of oil has our attention, there's a renewed focus on finding cars that have the best fuel economy. Yet such vehicles are not necessarily the cheapest to own and operate.
For example, hybrids are hot right now. But they're not cheap to own. In fact, Edmunds.com has only 1 hybrid in the Top Ten on a new tally of truly cheap cars.
In addition to standard fuel costs, Edmunds looked at the purchase price; the rate of depreciation; the cost of insurance and more in making its selections. One word of warning: You can't draw any inferences about quality from this list; it only pertains to the raw costs associated with cars.
Without further ado, here are the 10 cheapest cars to own and operate:
1. Chevy Aveo
2. Hyundai Accent
3. Honda Fit
4. Toyota Yaris
5. Honda Civic
6. Nissan Versa
7. Kia Rio
8. Mazda 3
9. Toyota Corolla
10. Honda Civic Hybrid
As you can see, these are all smaller cars. They all get around 30 mpg (composite) for average fuel economy. But their true cost is so much cheaper than most of the hybrids.
Out of this list, several cars also come highly recommended by Consumer Reports. They include the Fit, the Mazda 3, the Versa and the Honda Civic/Honda Civic Hybrid.
June 25, 2008
The car market continues to take a beating, with the latest blow coming from a horrible sales month in June. Fitch Ratings, meanwhile, has downgraded Chrysler and GM -- citing weak sales and rising fuel costs, among other things.
Ford is also struggling with collapsed sales. The F1 Series is falling further down the list, and Ford is delaying a new remake because they can't sell the old ones.
In short, any automaker that has had a heavy emphasis on unloved giant trucks and SUVs is hurting right now.
So what's a Big 3 automaker to do? Well, in the case of GM, they're offering sweeping rebates and great buying opportunities. Look for 0% interest on a 6-year loan and possible additional cash rebates.
Clark doesn't even like 5-year loansÉand here they're pushing 6-year ones!
But here's the bottom line: If you are in the market for a new SUV or pickup truck, there's never been a better moment to buy one. You're also likely to steal great deals if you're looking at used vehicles.
One caveat: As Clark has mentioned before, you should try to get it in writing that your Chrysler warranty will be honored no matter what.
June 12, 2008
Gas rebate credit cards are hot right now. Is that any surprise? We're all shell-shocked by prices at the pump and the promise of HUGE rebates sounds great. But beware that these offers may only be good for a couple of weeks or months.
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June 11, 2008
Here on The Clark Howard Show, we have something informally known as "Car Call Mondays." Every Monday, Clark's staffers have to ration the car calls because with used car purchases, you buy "as is" -- no matter what condition the car is in. The vehicle and all its warts become your problem. If it comes with any warranty, it's usually very limited.
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June 10, 2008
The Consumer Action Center has been getting a lot of questions about fuel economy boosters. During the energy crises of the '70s, the same thing happened with people selling pills and additives for your gas tank. The EPA now says that you shouldn't fall for these ploys. Out of 100 gas-saving devices tested, only 6 gave a tiny improvement in fuel economy -- and even those were nothing to write home about.
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