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.
2023 Kelley Blue Book 5-Year Cost to Own Award Winners
2023 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARD: BRAND
Toyota
2023 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARD: LUXURY BRAND
Lexus
2023 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARDS: 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 SUV: Chevrolet Bolt EUV
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 SUBCOMPACT 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
