Not all vehicles are created equal, and some are cheaper to own and maintain than others.
Kelley Blue Book has announced the winners of its fifth annual 5-Year Cost to Own Awards, which recognizes vehicles with the lowest projected ownership costs. The 5-Year Cost to Own information takes into account depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs as well as state fees.
For 2016, the 5-Year Cost to Own brand winner went to Hyundai, while the Luxury Brand award went to Acura. Strangely enough, neither automakers won in the individual vehicle categories.
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According to Kelley Blue Book, Hyundai has a low Kelley Blue Book Fair Purchase Price, fuel, maintenance and repair costs across its entire model lineup, as well as mid-range depreciation and insurance cost. Leading the way for the Korean automaker is the Accent, Elantra, Sonata, Tucson and Veloster models.
For Acura, it currently has the lowest average Kelley Blue Book Fair Purchase Price, depreciation and fuel costs of any luxury brand, and ranks competitively in insurance and maintenance costs. The company noted the ILX, MDX, RLX and TLX help drive the brand’s success.
“New-car shoppers usually pay a lot of attention to how much a car will cost upfront; however, sometimes an even more expensive car on the front end can actually save you money during the first five years of ownership by having low total ownership costs,” said Dan Ingle, vice-president of vehicle valuations, industry solutions and international for Kelley Blue Book. “Kelley Blue Book’s 5-Year Cost to Own information evaluates the other out-of-pocket expenses drivers will incur beyond the initial purchase price, which helps consumers choose the vehicle that best fits their needs and their long-term budget, helping save money down the road.”
See all the category winners below.