When you're car buying, it's wise to consider not just the sticker price, but also to think ahead about the total cost of ownership. The last thing you want to do is find yourself in a situation where you've bought more car that you afford, something Car Pro Show radio host Jerry Reynolds writes about here.
That's where Kelley Blue Book's 5-Year Cost to Own Awards come in. The awards recognize new vehicles with the lowest projected ownership costs over the initial five-year ownership period. For some perspective, the 2021 AAA Your Driving Cost study found the average annual cost of new vehicle ownership to be $9,666, which breaks down to $805.50 per month.
KBB's awards consider various cost of ownership factors including depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees. KBB says this data allows new-car shoppers to see the big picture of what a new vehicle will cost them over time. That in turn helps them save money by choosing a vehicle that best meets their needs and their long-term budget.
"Shoppers can save hundreds, if not thousands, of dollars over time when they choose to buy a vehicle with low ownership costs," said Janice Yoell, senior manager of valuations for Kelley Blue Book. "Taking the time to research what it will cost to own a new car can help savvy shoppers keep more money in their pockets in the long run. For the second year in a row, Toyota and its luxury sibling Lexus take home the top brand prizes for 5-Year Cost to Own in 2022. Both brands benefited from the strength of several Toyota and Lexus models' high residual values, which ultimately leads to low vehicle depreciation."
5-Year Cost to Own Award Winners
Overall Brand Winners
- Brand: Toyota
- Luxury Brand: Lexus
Winners By Vehicle Category
- Compact Car: Toyota Corolla
- Midsize Car: Honda Accord
- Full-Size Car: Toyota Avalon
- Entry-Level Luxury Car: Acura ILX
- Luxury Car: Volvo S90
- Sports Car: Subaru BRZ
- Hybrid Vehicle: Toyota Corolla Hybrid
- Electric Vehicle: Nissan LEAF
- Subcompact SUV: Hyundai Venue
- Compact SUV: Subaru Forester
- Midsize SUV (2-row): Subaru Outback
- Midsize SUV (3-row): Subaru Ascent
- Full-Size SUV: Nissan Armada
- Luxury Subcompact SUV: Lexus UX
- Luxury Compact SUV: Lexus NX
- Luxury Mid-Sized SUV (2-row): Lexus RX
- Luxury Mid-Sized SUV (3-row): Acura MDX
- Luxury Full-Size SUV: Lexus LX
- Off-Road SUV: Ford Bronco
- Midsize Pickup Truck: Ford Ranger
- Full-Size Pickup Truck: Toyota Tundra
- Minivan: Toyota Sienna
- Luxury Electric Vehicle: Tesla Model 3
About the Awards
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.
Photo Credit: Toyota.