The Hyundai Sonata and Honda Accord are closely matched vehicles where cost is concerned. Over a 5 year ownership, the total cost of owning the cars has a difference of just over $2,000. When the costs are broken down, the same ratio remains, whether you are comparing the insurance, depreciation rate, maintenance, or potential repairs. Since the two vehicles are so closely priced, the final decision will probably be a matter of personal taste rather than potential savings.
Insuring a Hyundai over a 5 year period will cost approximately $1,800 per year, or around $9,200 for the full 5 years. By comparison, the Honda will cost something close to $1,400 or a 5 year total of about $7,000. The Hyundai is a little more expensive to insure, overriding any savings made on other cost factors. When you consider that the slightly higher cost is repeated for other factors like depreciation, you could actually end up savings several thousand dollars over the course of the loan.
Keep in mind that the base cost of insurance for a Hyundai is a couple of thousand dollars higher, but your own costs may vary. If you have a less than perfect credit score, a few tickets on your driving record, or a history of filing liability claims, your costs could easily go up by a thousand dollars or more. For the sake of comparison, the price for insurance is based on a safe driver with a high credit score and a perfect driving history.
A 5 year cost difference of $2000 is usually not large enough to sway your buying decision. Both cars are well-rated and include a variety of highway safety features such as electronic stability control and airbags. With such a close comparison, the ultimate choice may be one of personal preference or optional comfort features that one car supplies and the other does not.