Top 10 Most Economical Cars to Drive in 2024 Based on Cost per Mile

Automakers within the automotive industry are shifting their focus away from EV-only product roadmaps and towards more hybrids and PHEVs. Recent driving cost data from iSeeCars between November 2022 and April 2023 reveals interesting insights that suggest this shift may benefit buyers in multiple ways. While electric vehicles can save money on gas, they tend to have higher initial costs and are driven less, resulting in a higher cost per mile compared to other fuel types.

According to the study conducted by iSeeCars, the Honda Insight emerged as the least expensive vehicle to drive, costing $1.46 per mile or $1,463 per 1,000 miles. This highlights the cost-effectiveness of hybrids, with the Insight leading the list of the top 10 cheapest cars to drive per mile.

The decreasing prices of hybrid vehicles have made them more competitive with gas models, making them an attractive option for buyers seeking cost-effective transportation. The combination of reasonable purchase prices and fuel savings in city driving scenarios contributes to driving down the average cost per mile. While hybrids dominate the list, only one PHEV made it into the top 10, emphasizing the cost-efficient nature of hybrid vehicles.

On the other hand, the study revealed that EVs tend to be more expensive to purchase than vehicles running on other fuel types. High-end models of EVs are often driven less, resulting in higher per-mile costs. The Porsche Taycan emerged as the priciest vehicle in the study, costing an eye-watering $22.02 per mile. Similarly, the Porsche Cayenne PHEV followed closely behind as the second most expensive at $14.68 per mile. These high costs can be attributed to the extreme average purchase prices of these vehicles, all of which exceeded $48,000. The BMW i3, on the other hand, was identified as the cheapest option, highlighting the range in pricing within the EV market.

Overall, the data from iSeeCars underscores the importance of considering not just the purchase price but also the long-term cost efficiency of a vehicle. As automotive manufacturers continue to diversify their offerings, buyers have more options in finding a vehicle that aligns with their budget and driving habits.