Beyond the upfront sticker price, smart car shoppers also should consider the long view and factor in a vehicle's total cost of ownership. Ongoing costs like fuel, maintenance, insurance and even vehicle depreciation can vary greatly from one model to the next.
To help in-market car shoppers make wise purchase decisions, the experts at Kelley Blue Book, a Cox Automotive company, on April 27 named the 2023 model-year brand and category winners of the 5-Year Cost to Own Awards. These awards recognize new vehicles with the lowest projected ownership costs over the initial five-year ownership period.
"Many car shoppers would be shocked if they understood that cost of ownership can vary in staggering amounts from one vehicle to the next, potentially to the tune of thousands of dollars over time," said Janice Yoell, senior manager of valuations for Kelley Blue Book. "Paying attention to a vehicle's cost of ownership is imperative to make a smart purchase decision.
"For the third year in a row, Toyota and its luxury sibling Lexus take home the top brand prizes for 5-Year Cost to Own in 2023," Yoell continued. "Both brands feature several models with high residual values---meaning the vehicle holds its value well over time---leading to low vehicle depreciation, which is a key factor in determining cost of ownership."
Available for new models on Kelley Blue Book's KBB.com, 5-Year Cost to Own information takes into consideration depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees. This data allows new-car shoppers to see the big picture of what a new vehicle will cost them over time, helping them to save money by choosing a vehicle that best meets their needs and their long-term budget.
2023 Kelley Blue Book 5-Year Cost to Own Award Winners
Brand: Toyota
Luxury brand: Lexus
By vehicle category:
- Compact car: Subaru Impreza
- Midsize car: Honda Accord
- Luxury compact car: Genesis G70
- Luxury midsize car: Lexus ES
- Luxury full size car: Lexus LS
- Sports car: Subaru BRZ
- Hybrid vehicle: Toyota Corolla Hybrid
- Electric car: Chevrolet Bolt EV
- Electric truck: Ford F-150 Lightning
- Subcompact SUV: Hyundai Venue
- Compact SUV: Subaru Forester
- Midsize SUV 2-row: Subaru Outback
- Midsize SUV 3-row: Subaru Ascent
- Full size SUV: Chevrolet Tahoe
- Luxury sub-compact SUV: Lexus UX
- Luxury compact SUV: Lexus NX
- Luxury midsize SUV 2-row: Lexus RX
- Luxury midsize SUV 3-row: Acura MDX
- Luxury full-size SUV: Mercedes-Benz GLS
- Off-road SUV: Ford Bronco
- Compact pickup truck: Ford Maverick
- Midsize pickup truck: Ford Ranger
- Full-size pickup truck: Toyota Tundra
- Minivan: Toyota Sienna
- Luxury electric car: Tesla Model 3
- Luxury electric SUV: Tesla Model Y
Kelley Blue Book 5-Year Cost to Own information is developed using Kelley Blue Book Residual Values to calculate depreciation costs. Kelley Blue Book calculates total ownership costs for new vehicles by applying a sophisticated valuation methodology along with critical financial data from third-party providers.
Source: Kelley Blue Book
Abby Andrews