The cost of owning a car doesn’t just include the sticker price and related taxes and charges. Potential buyers have to look beyond and consider other factors such as fuel, maintenance, and depreciation. To help potential buyers, Kelley Blue Book released the names of winning vehicles and brands for its 5-Year Cost to Own Awards. As it turns out, Toyota, Lexus, and Subaru vehicles offer the least projected ownership costs within the next five years.
Subaru, Lexus Win Most Among SUVs
According to Kelley Blue Book, 5-Year Cost to Own information considers the total vehicle-related costs an owner would incur during the first five years of ownership. These costs include the vehicle’s Fair Purchase Price and its resale value, as well as insurance, fuel costs, and maintenance costs, taxes, registration fees and depreciation. Among these, depreciation actually lowers the car's value. The 5-Year Cost to Own Awards reveal which 2022 model year vehicles over several categories and segments would help buyers save money in the long term.
In the SUV category, Subaru has three winners: Forester (compact), Outback (2-row midsize) and Ascent (3-row midsize). Ford, Nissan, and Hyundai have one each: the Bronco (off-road), Armada (full-size), and Venue (subcompact). Lexus has four winners in the luxury SUV category: UX (subcompact), NX (compact), RX (2-row midsize), and LX (full-size). The Acura MDX won the 2-row midsize segment.
Toyota Grabs Five Awards In Other Categories
Among passenger cars, the Toyota Corolla and Avalon offer the least costs in the compact and full-size car segments, respectively. The Honda Accord and the Subaru BRZ offer the least costs in the midsize and sports car segments, respectively. Meanwhile, the Acura ILX and Volvo S90 received the awards in the entry level luxury car and luxury car categories, respectively.
On the other hand, the Toyota Corolla Hybrid has the least 5-year cost among hybrid cars. The Nissan Leaf and the Tesla Model 3 hold the distinction among electric vehicles and luxury EVs. The Ford Ranger locked the awards for the midsize pickup truck segment, while the Toyota Sienna and Tundra offer the least five-year costs in the minivan and full-size pickup truck segments, respectively.
KBB Names Toyota And Lexus As Best Brands
KKB awarded as Toyota Best Brand for 2022 for the carmaker’s emphasis on quality, which will eventually pay dividends in the form of reliability. This adds value to Toyota’s offerings, resulting in low five-year costs.
Meanwhile, KBB named Lexus as the Best Luxury Brand. This is because of Lexus’s reputation for building high-quality, reliable, well-equipped luxury vehicles, while selling them at prices lower than rivals.
Source: Kelley Blue Book