Kelley Blue Book has announced the winners of its 2023 5-Year Cost to Own Awards, recognizing new vehicles with the lowest projected ownership costs over the initial five-year ownership period.
Among the winners, Tesla’s Model 3 and Model Y took home the awards in the Luxury Electric Car and Luxury Electric SUV categories, respectively.
Janice Yoell, Senior Manager of Valuations for Kelley Blue Book, emphasized the importance of considering a vehicle’s total cost of ownership, stating, “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.” She added, “Paying attention to a vehicle’s cost of ownership is imperative to make a smart purchase decision.”
The 5-Year Cost to Own Awards take into account factors such as depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees. This comprehensive approach allows new-car shoppers to better understand the long-term costs of a vehicle, helping them choose one that best meets their needs and budget.
Other notable winners in the 2023 Kelley Blue Book 5-Year Cost to Own Awards include Toyota, which won the Brand category, and Lexus, which secured the Luxury Brand category. The awards highlight vehicles and brands that hold their value well over time, resulting in low depreciation rates and overall cost of ownership.
All the category winners are below:
