IRVINE, Calif. – Most people spend a lot of time researching and contemplating the up-front expense of purchasing a new car, but wise car shoppers also consider the total cost of ownership beyond just the initial sticker price. 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 smart purchase decisions, Kelley Blue Book's experts today name the 2021 model-year brand and category winners of the 10th annual 5-Year Cost to Own Awards. These awards recognize new vehicles with the lowest projected ownership costs over the initial five-year ownership period.
Choosing a car with low ownership costs can help shoppers save a significant amount of money over time – often several hundred and sometimes even thousands of dollars – so it's worthwhile to research the cost to own details of any new car you're considering.
"Choosing a car with low ownership costs can help shoppers save a significant amount of money over time – often several hundred and sometimes even thousands of dollars – so it's worthwhile to research the cost to own details of any new car you're considering," said Eric Ibara, director of residual values for Kelley Blue Book. "Toyota wins the top 5-Year Cost to Own Brand for 2021, hot on the heels of its award for 2021 Best Resale Value Brand. Toyota's high residual values were the primary contributor toward the brand's low ownership costs, given that high residual values directly correlate to lower vehicle depreciation. Meanwhile Lexus, Toyota's luxury sibling, takes home the award for top 5-Year Cost to Own Luxury Brand, as several Lexus models lead the pack in many vehicle ownership cost categories."
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.
2021 Kelley Blue Book 5-Year Cost to Own Award Winners
2021 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARD: BRAND
2021 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARD: LUXURY BRAND
2021 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARDS: BY VEHICLE CATEGORY
- COMPACT CAR: Hyundai Elantra
- MID-SIZE SUV – 3-ROW: Subaru Ascent
- MID-SIZE CAR: Volkswagen Passat
- FULL-SIZE SUV: Nissan Armada
- FULL-SIZE CAR: Dodge Charger
- LUXURY SUBCOMPACT SUV: Lexus UX
- ENTRY-LEVEL LUXURY CAR: Acura ILX
- LUXURY COMPACT SUV: Lexus NX
- LUXURY CAR: Volvo S90
- LUXURY MID-SIZE SUV – 2-ROW: Lexus RX
- SPORTS CAR: Mazda MX-5 Miata
- LUXURY MID-SIZE SUV – 3-ROW: Volvo XC90
- HYBRID/ALTERNATIVE ENERGY CAR: Toyota Corolla Hybrid
- LUXURY FULL-SIZE SUV: Infiniti QX80
- ELECTRIC VEHICLE: Nissan LEAF
- OFF-ROAD SUV: Jeep Wrangler
- SUBCOMPACT SUV: Hyundai Venue
- MID-SIZE PICKUP TRUCK: Ford Ranger
- COMPACT SUV: Subaru Forester
- FULL-SIZE PICKUP TRUCK: Ford F-150
- MID-SIZE SUV – 2-ROW: Subaru Outback
- MINIVAN: Chrysler Voyager
(2021 model-year vehicles' projected ownership costs are based on the average Kelley Blue Book 5-Year Cost to Own data for the initial five-year ownership period).
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.
For more information from Kelley Blue Book about the 5-Year Cost to Own Awards, visit https://www.kbb.com/best-cars/lowest-5-year-cost-to-own-cars-trucks-suvs/.
Originally posted on Auto Dealer Today