13 Budget-Friendly Cars With the Lowest Cost per Mile in 2024

Costs are rising, and that is making it even more difficult to decide what car to buy. Now more than ever, economics and efficiency play an ever-increasing role in what we buy, and it doesn’t just stop with the purchasing price.

The more economical that a car is to drive, the better it is for your long-term finances. Plus, with the quality of modern vehicles so high now, buying something cheap to run doesn’t mean you are sacrificing features and overall quality. As we are about to prove, you can still get great cars, for good prices, that are not expensive to run.

We have brought together 13 of the best new and used cars that money can buy that are cheap to run. This worked out with a cost per mile and the MSRP of the cars to show which are the cheapest to buy outright and then keep driving for years to come. It will perhaps come as no surprise that hybrids make up a large proportion of this list, showing us just how much electrification now matters.

Toyota Prius

While it was the subject of a few jokes over the years, the new Toyota Prius is one of the best-looking cars on the market. Plus, it costs less than $30,000, with Toyota currently retailing the hybrid at $27,950, making it highly affordable even before you factor in its low running costs.

CNBC says the Prius will cost you just 7.2 cents per mile. To put that into context, the Bugatti Veyron, with its 16-cylinder engine, would cost you around 36 cents per mile to run. Power for the Prius comes thanks to its 2.0-liter four-cylinder hybrid powertrain that produces up to 196-hp in the all-wheel drive model.

Ford Fusion Hybrid

While it is no longer available in North America, the Ford Fusion Hybrid was another extremely cheap vehicle to run in the USA. CNBC also reports on the Fusion Hybrid, stating that you would be looking at just 7.6 cents per mile in terms of running costs with the Fusion Hybrid.

The second-generation Fusion Hybrid was an excellent sedan with a 2.0-liter Atkinson-cycle inline-four engine and a power output of 185-hp and 130 ft-lb of torque. The fuel economy was terrific with the Fusion Hybrid, which achieved 47 MPG combined, a fantastic rating and one that many more modern vehicles have struggled to match. Ford also produced another Fusion hybrid, the Fusion Energy, from 2013 to 2020.

Ford C-MAX Hybrid

Another hybrid version of a Ford hybrid was the C-MAX Hybrid. The C-MAX hybrid crossed over several generations and versions of the vehicle, including the Fusion, and the final generation from 2013 to 2017 was one of the best produced. At the time, it could achieve a higher top speed than the Toyota Prius on electric power, at 85 mpg versus 65 mph for the Prius.

The C-MAX is another Ford vehicle that is cheap to run, again costing just 7.6 cents per mile. It is also clever, reusing more than 95 percent of its braking energy thanks to its regenerative braking system. Sadly, Ford is no longer producing the C-MAX Hybrid but has vastly improved its hybrid offerings.

Volkswagen Jetta Hybrid

While it isn’t the prettiest or most exciting sedan on the market, the Volkswagen Jetta, with an MSRP of just $21,345, is still an excellent choice for most Americans. The hybrid was also a fantastic offering, but again, this is another car no longer in production, with Volkswagen not bringing it to the American market since 2016. The standard non-hybrid Jetta, however, is still in production.

The turbocharged four-cylinder hybrid powertrain under the hood was good enough to ensure you paid no more than eight cents per mile with the Jetta, making it one of America’s most economical cars in 2016. However, there is always a chance that the Jetta Hybrid will return one day.

Lincoln MKZ Hybrid

Like the Volkswagen Jetta Hybrid, the Lincoln MKZ Hybrid is no longer in production. This is a shame, as this stylish and luxurious sedan also just costs eight cents per mile to run, making it one of the most economical vehicles in the Lincoln lineup. Lincoln ceased production of the second-generation MKX in 2020 to make way for more Ford vehicles.

The hybrid powertrain was the 2.0-liter four-cylinder with extra hybrid power, and parent company Ford made the hybrid MKZ available at the same price as the non-hybrid mode. When the second generation in hybrid form debuted in 2013, the U.S. Environmental Protection Agency gave the MKZ a combined fuel mileage rating of 45 MPG.

Honda Insight Hybrid

Hybrids comprise most of this list, with another being the Honda Insight Hybrid. With its wild styling, the original Honda Insight is the best known, but the final third generation of the Insight was in production from 2018 to 2022. Under the hood, it packed a new two-motor hybrid powertrain, formed of a 1.5-liter gasoline Atkinson cycle engine, plus an electric motor and lithium-ion battery pack.

The Insight was one of the most efficient cars in Honda’s lineup, with a combined MPG of 55. AutoBlog states that the Insight costs just $1.46 per mile to run. This is more than the other cars on this list, but we are still quite a way off from the cost of the Bugatti Veyron.

Hyundai Ioniq Hybrid

While the Hyundai Ioniq 5 and Ioniq 6 have recently stolen the headlines, it is easy to forget that Hyundai also produces a hybrid version of the Ioniq. This was the first car to bear the Ioniq name, and its usability and efficiency were just two reasons it stood out.

The Ioniq has a sleek, smooth design and comfortably seats five people. It was far more stylish at its launch than the contemporary Toyota Pirus. Under the hood, the Ioniq Hybrid packs a naturally-aspirated 1.6-liter four-cylinder engine paired up with an electric motor and battery pack. The Ioniq is incredibly efficient, and you will only pay around $1.81 per mile when you drive it.

Toyota Corolla Hybrid

With an MSRP of just $23,500 in 2024, the current Toyota Corolla Hybrid is one of the planet’s cheapest and most fuel-efficient cars. Toyota says of the Corolla Hybrid that we should “take our trips to new lengths,” while the manufacturer says owners can get up to 50 MPG combined with the Corolla hybrid.

Under the hood of the Corolla Hybrid is a 1.8-liter four-cylinder engine providing up to 138 hp. An excellent part of the package is that Toyota makes the Corolla Hybrid available in front-wheel and all-wheel drive form. At the same time, you get the usual safety features and infotainment system that you would get with any modern Toyota. The Corolla Hybrid will cost you just $1.86 per mile to run.

Hyundai Elantra Hybrid

At the moment, Hyundai is on a roll with some spectacular cars, and one of the best-looking in its range is the 2024 Elantra Hybrid. The Elantra is a sleek, curvacious, and comfortable vehicle with one of the best exterior designs of any sedan currently on the market. At a starting price of just $26,250 it is also excellent value for money.

The Elantra Hybrid costs just $2.18 per mile, which is a good deal for saving money. Under the hood, you get a 1.6-liter four-cylinder GDI hybrid powertrain providing up to 139-hp and 195 lb-ft of torque. These are solid figures and more than enough for any daily driver.

Chrysler Pacifica Plug-In Hybrid

While less affordable than the Elantra, the Chrysler Pacifica plug-in hybrid is another extremely cost-effective vehicle. According to AutoBlog, a minivan with a running cost of just $2.32 per mile represents excellent value for money in one of the most practical vehicles on the market.

Chrysler proudly proclaims that the Pacific, in hybrid form, is America’s first and, so far, only plug-in hybrid minivan, a claim that certainly makes it stand out from the competition. However, as it is a larger vehicle, you will pay more from the off with the current MSRP of the Pacifica at $51,095.

Ford Escape Hybrid

The Blue Oval is beginning to improve its offerings in both the hybrid and fully electric segments. The current Escape Hybrid is an example of that progress, with the current model costing around $2.40 per mile to run. Currently, there are two hybrid Escapes to choose from.

The first is the 192-hp hybrid with all-wheel drive, and then there is the 210 hp plug-in hybrid, which is front-wheel drive only. Currently, the base price for the Escape Hybrid is $28,990 for the Escape ST-Line, and under the hood, it has the 2.5-liter iVCT Atkinson Cycline inline-four hybrid engine.

Toyota Camry Hybrid

This is yet another hybrid, this time the Toyota Camry Hybrid, and at $2.40 per mile, this is just as cheap to run as the Ford Escape Hybrid. Toyota is gearing up for the new 2025 Camry, with a starting MSRP of $28,400 for the base model. The new Camry looks just as good as the last model, but it will need a few revisions to bring it up to date.

All trim levels of the 2025 Camry will come with a hybrid powertrain, and the base LE model has a 2.5-liter four-cylinder electric hybrid (HEV) engine under the hood. The electric motor and four-cylinder engine produce 225-hp with both front-wheel drive and all-wheel drive available on the base 2025 Camry.

Hyundai Sonata Hybrid

The new Hyundai Sonata Hybrid will become the flagship of Hyundai’s hybridized range, and Hyundai is making as big a deal out of it as possible. The previous generation Sonata Hybrid cost $2.60 per mile to run, and it’s likely the new version will cost at least the same, perhaps even a little cheaper.

The hybrid version of the Sonata comes in the form of a 2.0-liter HEV GDI engine, which has around 149 hp available. Hyundai has so far given little else away about its new Sonata range, including the hybrid, and for now, the MSRP of the Sonata Hybrid is a closely guarded secret.