Dealers can nudge some buyers past new-vehicle sticker shock by giving them a long view of a vehicle’s total cost of ownership.
Kelley Blue Book (KBB) analyzes vehicles with the lowest projected ownership costs during the first five years of possession. Salespeople can refer to those figures when they show buyers vehicles they initially might not consider budget-friendly.
“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,” says Janice Yoell, KBB’s senior manager of valuations. “Paying attention to a vehicle’s cost of ownership is imperative to make a smart purchase decision.”
The vehicles on the KBB list have low depreciation rates and also score favorably on fuel, maintenance and insurance costs. The 2023 choice for the 5-year cost-to-own brand is Toyota. KBB chose Toyota’s sibling, Lexus, as the top 5-year cost-to-own luxury brand.
2023 Kelley Blue Book 5-Year Cost to Own Awards: By Vehicle Category
COMPACT CAR: Subaru Impreza
FULLSIZE SUV: Chevrolet Tahoe
MIDSIZE CAR: Honda Accord
LUXURY SUBCOMPACT SUV: Lexus UX
LUXURY COMPACT CAR: Genesis G70
LUXURY COMPACT SUV: Lexus NX
LUXURY MIDSIZE CAR: Lexus ES
LUXURY MIDSIZE SUV – 2-ROW: Lexus RX
LUXURY FULL-SIZE CAR: Lexus LS
LUXURY MIDSIZE SUV – 3-ROW: Acura MDX
SPORTS CAR: Subaru BRZ
LUXURY FULLSIZE SUV: Mercedes-Benz GLS
HYBRID VEHICLE: Toyota Corolla Hybrid
OFF-ROAD SUV: Ford Bronco
ELECTRIC CAR: Chevrolet Bolt EV
COMPACT PICKUP TRUCK: Ford Maverick
ELECTRIC SUV: Chevrolet Bolt EUV
MIDSIZE PICKUP TRUCK: Ford Ranger
ELECTRIC TRUCK: Ford F-150 Lightning
FULLSIZE PICKUP TRUCK: Toyota Tundra
SUBCOMPACT SUV: Hyundai Venue
MINIVAN: Toyota Sienna
COMPACT SUV: Subaru Forester
LUXURY ELECTRIC CAR: Tesla Model 3
MIDSIZE SUV – 2-ROW: Subaru Outback
LUXURY ELECTRIC SUV: Tesla Model Y
MIDSIZE SUV – 3-ROW: Subaru Ascent
For a complete list of budget-friendly vehicles, including cost projections among SUVs, cars, brands and EVs, trucks and minivans, go to this section of the KBB site.
