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My opinion, lowest cost of ownership is likely to be a late model Mitsubishi Mirage. Something like a G1 Insight will have the lowest fuel consumption and they're mechanically very reliable, but most of them have hybrid battery issues at this point which require DIY fixes (and the time investment to learn how to do them), and they've stopped depreciating, so you can get a newer, lower mile car for no more money. I'd be similarly cautious of an 04-09 Prius at this point - the economy is there, but you can reliably count on having a battery cost. Corolla and Civics are good contenders but they hold their value too well.
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