IRVINE, Calif. – While many shoppers think negotiating a good deal up front is the best way to save money when buying a new vehicle, choosing a car with low ownership costs can create even greater savings over time. Purchase price is only one of the many costs associated with vehicle ownership. Once shoppers consider the ongoing costs of fuel, maintenance, insurance and more, the overall financial picture can change significantly from model to model. To help in-market shoppers buy smart and save money, Kelley Blue Book’s experts today name the 2020 model-year brand and category winners of the ninth annual 5-Year Cost to Own Awards. These awards recognize new vehicles with the lowest projected ownership costs over the initial five-year ownership period.
Subaru claims the top brand position for the second year in a row, right on the heels of winning a Kelley Blue Book award for Best Resale Value Brand of 2020.
“Our 5-Year Cost to Own information breaks down typical ownership costs to help shoppers evaluate the impactful out-of-pocket expenses they will incur over time beyond the initial price paid,” said Eric Ibara, director of 5-Year Cost to Own for Kelley Blue Book. “Subaru claims the top brand position for the second year in a row, right on the heels of winning a Kelley Blue Book award for Best Resale Value Brand of 2020. Accordingly, Subaru’s key advantage in claiming the top brand ownership cost award is its high residual value, which lowers depreciation costs. In addition, Acura claims the top luxury brand prize with several key models in its lineup performing well above the segment average in many vehicle ownership cost categories.”
Available on Kelley Blue Book’s KBB.com for new models, 5-Year Cost to Own information takes into consideration depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees. This data allows consumers to see the big picture of what a new vehicle will cost them over time, helping shoppers save money by choosing a vehicle that best meets their needs and their long-term budget.
2020 Kelley Blue Book 5-Year Cost to Own Award Winners
2020 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARD: BRAND
2020 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARD: LUXURY BRAND
2020 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARDS: BY VEHICLE CATEGORY
COMPACT CAR: Hyundai Elantra
MID-SIZE SUV – 3-ROW: Mitsubishi Outlander
MID-SIZE CAR: Honda Accord
FULL-SIZE SUV: Chevrolet Tahoe
FULL-SIZE CAR: Chevrolet Impala
LUXURY SUBCOMPACT SUV: Lexus
UX ENTRY-LEVEL LUXURY CAR: Acura ILX
LUXURY COMPACT SUV: Lexus NX
LUXURY CAR: Volvo V90
LUXURY MID-SIZE SUV – 2-ROW: Lexus RX
SPORTS CAR: Fiat 124 Spider
LUXURY MID-SIZE SUV – 3-ROW: Acura MDX
HYBRID/ALTERNATIVE ENERGY CAR: Toyota Corolla Hybrid
LUXURY FULL-SIZE SUV: Infiniti QX80
ELECTRIC VEHICLE: Nissan LEAF
OFF-ROAD SUV: Jeep Wrangler
SUBCOMPACT SUV: Hyundai Venue
MID-SIZE PICKUP TRUCK: Toyota Tacoma
COMPACT SUV: Subaru Forester
FULL-SIZE PICKUP TRUCK: Chevrolet Silverado 1500
MID-SIZE SUV – 2-ROW: Hyundai Santa Fe
MINIVAN: Chrysler Voyager
(2020 model-year vehicles’ projected ownership costs are based on the average Kelley Blue Book 5-Year Cost to Own data for the initial five-year ownership period).
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.
Originally posted on Auto Dealer Today