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Forbes magazine recently publish their list of the top 10 cheapest cars to own.  With gas prices skyrocketing and projected to go even higher I think many people that live in the suburbs should take a look at purchasing a more economical car.  I have read some reports or analysis saying in a couple of years we could see $6-$7 a gallon due to a bubble.  Thank goodness I work from home.

Note that the cheapest cars to buy are not necessarily the cheapest cars to own.  For example a Kia or Hyundai may be cheaper to purchase than a Toyota or Honda but the resale value is much stronger for a Toyota or Honda, also in general it is more reliable.  Many people buy cars not thinking about the resale value and other long term costs.  By the way, I think in the past couple of years resale values of those gas guzzling SUV must have really taken a nose dive.  Supply and demand, nobody wants a gas guzzler anymore.

Top 10 Cheapest Cars to Own:

1. Toyota Yaris
2. Honda Fit
3. Chevrolet Aveo5
4. Nissan Versa S
5. Hyundai Accent GS
6. Dodge CAliber SE
7. Kia Rio
8. Chevrolet Cobalt LS
9. Scion xD
10. Honda Civic DX Sedan

See Full List

Check out the 2009 Toyota Prius which is rumored to get up to 80 miles per gallon.  They are also talking about bring out a plug in version of the Prius in 2010 or 2011 which would easily be a 100+ mile per gallon car.

An Even Cheaper Ride

On a side note, I have been thinking about purchasing a bike since I live in the city of Honolulu.  I think I want to purchase a foldable bike because it is very convenient  and allows you to put it in your car, office, home or even on the bus.  It is a bit smaller and easier to ride.  Plus the weather is great and I could use the exercise.  My only concern is my own safety from aggressive drivers.

I recommend anyone that lives in a large city to check this list of foldable bikes at TreeHugger.  Parking in downtown Honolulu can cost as much as $250 a month.  When I visited Japan, I was amazed how many people used bikes and public transportation.  I think as gas prices go up we will see more bikes friendly cities.

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