For the second year in a row, the Toyota Prius has been named Consumer Reports' best new car value. Good performance and reliability were among the reasons cited by Consumer Reports. The previous best new car value award had gone to the sporty Honda Fit hatchback for four straight years. The Fit received the runner-up award this year.

Which vehicle got the dubious distinction of being awarded the worst new car value? That would be the gas-guzzling Nissan Armada. The big SUV nets just 13 miles per gallon, which even sports cars like the Ford Mustang scoff at. In fact, the Armada gets over three times as little gas mileage as the Prius!

At 44 miles per gallon, Consumer Reports' Automotive Editor Rik Paul had this to say about the Toyota Prius: "The Prius' 44 mpg overall is the best fuel economy of any non-plug-in car that Consumer Reports has tested." While getting that kind of fuel economy is great for long term savings and the environment, the up-front cost of a Prius gives many consumers pause. At $29,230, many may not be able to afford the car. Paul understands the concern but he promises that the car holds its value very well. "Though it's not particularly cheap to buy, the Prius' depreciation is so low that it costs less to own over the first five years than its initial MSRP. We call that a bargain."

What does 44 mpg mean in the real world, though? Over the course of five years the average Prius only will shell out 47 cents per mile driven. When compared to the beastly Armada's $1.20 per mile average, one truly begins to understand why hybrids like the Prius are so in demand. Other smart buys according to Consumer Reports include Subaru, Mazda and Lexus.

So if you're looking at purchasing a new car remember that sometimes the least expensive model isn't worth getting. Cheaper cars can actually end up costing you more money and aggravation according to Paul.

"Just because a car is cheap to buy doesn't mean it's a good value. The Nissan Versa Sedan, for example, is one of the least expensive cars that Consumer Reports has tested," Paul said. "For about $1,500 more, we'd go with a Honda Fit, which is fun to drive, cheaper to own, more reliable, and provides almost twice the value."

Are you in the market for a new car, truck or SUV? Let us know in the comments section below.