We review the latest list of new cars that make up the 5-year Cost to Own Award Winners from KBB.com and narrow it down to those that are most affordable for borrowers with credit issues.
Financing New Cars with Bad Credit
Since new cars come with full manufacturer warranties in addition to their new car smell, and the strong auto lending market means many borrowers with bad credit may qualify to finance a new car, financing a new car right now is often a good decision.
Credit-challenged consumers also want to get the best deal possible. But the selling price of a new car is just the beginning. Fuel, finance charges and insurance are a few of the costs that add up every month. In fact, the actual cost of the vehicle itself – that is, the amount you pay minus the amount you get back when you sell it — is typically less than half the total cost of ownership over five years.
Other expenses also have to be considered. These include depreciation (loss of value), fuel costs, insurance fees, maintenance and repair costs and state fees. Most borrowers, even those on a strict budget, often find it difficult deciding which cars offer the most value for their hard-earned money.
Fortunately, the experts at Kelley Blue Book have taken it upon themselves to recognize those new cars with the lowest projected ownership costs over a 5-year period.