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5 min from Nagoya Station will probably be very expensive on parking, if you don't have parking included at your accommodation.
If you have a car, I'd recommend staying a bit further away from Nagoya station. I'm a bit biased as I used to live there, but the eastern side of the city (around Imaike, or even further east) is still well connected to Nagoya/Fushimi/Sakae (max 10 min on train) but a bit more car friendly. Also, if you'll be going to Ghibli Park or the Toyota Museum, you're already half way there.
If you have a car, I'd recommend staying a bit further away from Nagoya station. I'm a bit biased as I used to live there, but the eastern side of the city (around Imaike, or even further east) is still well connected to Nagoya/Fushimi/Sakae (max 10 min on train) but a bit more car friendly. Also, if you'll be going to Ghibli Park or the Toyota Museum, you're already half way there.