Five-Year Cost to Own Award Winners Named

Car shoppers save money over time buying brands, models with lowest projected ownership costs.

April 27, 2023

Five-Year Cost to Own Award Winners Named — **The Chevrolet Bolt took the EV car category award, but it could be its last, as the brand plans to retire the model.**
*IMAGE: Chevrolet*

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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, named the 2023 model-year brand and category winners of the 5-Year Cost to Own Awards.

The 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. 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. The 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.