IRVINE, Calif., April 28, 2021 /PRNewswire/ -- Most people spend a lot of time researching and contemplating the up-front expense of purchasing a new car, but wise car shoppers also consider the total cost of ownership beyond just the initial sticker price. 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 smart purchase decisions, Kelley Blue Book's experts today name the 2021 model-year brand and category winners of the 10th 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.
"Choosing a car with low ownership costs can help shoppers save a significant amount of money over time – often several hundred and sometimes even thousands of dollars – so it's worthwhile to research the cost to own details of any new car you're considering," said Eric Ibara, director of residual values for Kelley Blue Book. "Toyota wins the top 5-Year Cost to Own Brand for 2021, hot on the heels of its award for 2021 Best Resale Value Brand. Toyota's high residual values were the primary contributor toward the brand's low ownership costs, given that high residual values directly correlate to lower vehicle depreciation. Meanwhile Lexus, Toyota's luxury sibling, takes home the award for top 5-Year Cost to Own Luxury Brand, as several Lexus models lead the pack in many vehicle ownership cost categories."
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. This 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.
2021 Kelley Blue Book 5-Year Cost to Own Award Winners
COMPACT CAR: Hyundai Elantra
MID-SIZE SUV – 3-ROW: Subaru Ascent
MID-SIZE CAR: Volkswagen Passat
FULL-SIZE SUV: Nissan Armada
FULL-SIZE CAR: Dodge Charger
LUXURY SUBCOMPACT SUV: Lexus UX
ENTRY-LEVEL LUXURY CAR: Acura ILX
LUXURY COMPACT SUV: Lexus NX
LUXURY CAR: Volvo S90
LUXURY MID-SIZE SUV – 2-ROW: Lexus RX
SPORTS CAR: Mazda MX-5 Miata
LUXURY MID-SIZE SUV – 3-ROW: Volvo XC90
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: Ford Ranger
COMPACT SUV: Subaru Forester
FULL-SIZE PICKUP TRUCK: Ford F-150
MID-SIZE SUV – 2-ROW: Subaru Outback
MINIVAN: Chrysler Voyager
(2021 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.
For more information from Kelley Blue Book about the 5-Year Cost to Own Awards, visit https://www.kbb.com/best-cars/lowest-5-year-cost-to-own-cars-trucks-suvs/.
For more information and news from Kelley Blue Book's KBB.com, visit www.kbb.com/media/, follow us on LinkedIn at https://www.linkedin.com/company/kelley-blue-book/, Twitter at www.twitter.com/kelleybluebook (or @kelleybluebook), like our page on Facebook at www.facebook.com/kbb and follow us on Instagram at https://www.instagram.com/kbb_com/ (or @kbb_com).
About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides market-reflective values on its top-rated website KBB.com, including its famous Blue Book® Trade-In Values and Kelley Blue Book® Price Advisor tool, which provides a range for what consumers can reasonably expect to pay for a vehicle in their area. Car owners looking to sell immediately can also get a redeemable, transaction-ready offer with Kelley Blue BookSM Instant Cash Offer. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book is a Cox Automotive brand.
About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company's more than 27,000 team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of $21 billion. www.coxautoinc.com
SOURCE Kelley Blue Book
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