Kelley Blue Book (KBB) has announced the 2014 model-year vehicles and brands (in both non-luxury and luxury categories) with the lowest projected ownership costs. These awards are based on KBB’s “5-Year Cost to Own” data for new cars for the initial five-year ownership period.
While depreciation (or loss of value) and fuel costs may be the greatest expense incurred in owning a vehicle, there are other factors that can have a significant impact on a consumer's pocketbook.
Available on KBB.com, “5-Year Cost to Own” information also looks at depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs and state fees for new vehicle models.
"New-car shoppers naturally want to know how much a car will cost upfront; however, sometimes an even more expensive car can actually save you money during the first five years of ownership," said Dan Ingle, vice president of vehicle valuations for Kelley Blue Book. "Kelley Blue Book's 5-Year Cost to Own information evaluates the other out-of-pocket expenses drivers will incur, which helps consumers choose the vehicle that fits them and their wallets best, helping save money down the road."
2014 5-Year Cost to Own Award: Brand — Mazda
2014 5-Year Cost to Own Award: Luxury Brand — Lexus
|2014 5-Year Cost to Own Awards: By Vehicle Category|
|Subcompact Car: Chevrolet Spark|
|Compact Car: Toyota Corolla|
|Sporty Compact Car: Buick Verano|
|Luxury Car: Audi A5|
|High-End Luxury Car: Lexus LS|
|Sports Car: Ford Mustang|
|High-Performance Car: Chevrolet Camaro SS/ZL1|
|Hybrid/Alternative Energy Car: Toyota Prius c|
|Plug-In Vehicle: Chevrolet Spark EV|
|Compact SUV/Crossover: Jeep Patriot|
|Mid-Size SUV/Crossover: Mitsubishi Outlander|
|Full-Size SUV/Crossover: Ford Explorer|
|Luxury Compact SUV/Crossover: Buick Encore|
|Luxury Mid-Size SUV/Crossover: Lincoln MKX|
|Luxury Full-Size SUV/Crossover: Buick Enclave|
|Mid-Size Pickup Truck: Toyota Tacoma Regular Cab|
|Full-Size Pickup Truck: GMC Sierra 1500 Regular Cab|
|Minivan/Van: Dodge Grand Caravan Passenger|
|Hybrid SUV/Crossover: Lexus RX|
Kelley Blue Book’s “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, says the company.
For more information about the winners, please visit http://www.kbb.com/new-cars/5-year-cost-to-own-awards/.