Will Your Car Still Seem Like a Good Deal Five Years from Now?
Experienced buyers know that the initial price of a vehicle is not the only financial consideration when buying or leasing. You also have to look at how fuel, insurance, depreciation, maintenance and other costs will stack up over time. That’s why it’s helpful when Kelley Blue Book looks at the five-year cost of ownership for various new vehicles.
KBB has just named the winners of its fourth annual 5-Year Cost to Own Awards. The company anointed Subaru and Lincoln as the overall brand winners, but individual models from other brands also came out on top, and represent great long-term value. Here are KBB’s top picks, by category:
SUBCOMPACT CAR: Chevrolet Spark
COMPACT SUV/CROSSOVER: Jeep Patriot
COMPACT CAR: Toyota Corolla
MID-SIZE SUV/CROSSOVER: Jeep Wrangler Unlimited
SPORTY COMPACT CAR: Honda Civic Si
FULL-SIZE SUV/CROSSOVER: Ford Explorer
MID-SIZE CAR: Mazda MAZDA6
LUXURY COMPACT SUV/CROSSOVER: Buick Encore
FULL-SIZE CAR: Chevrolet Impala
LUXURY MID-SIZE SUV/CROSSOVER: Lincoln MKX
ENTRY-LEVEL LUXURY CAR: Buick Verano
LUXURY FULL-SIZE SUV/CROSSOVER: Buick Enclave
LUXURY CAR: Audi A5
MID-SIZE PICKUP TRUCK: Chevrolet Colorado Crew Cab
HIGH-END LUXURY CAR: Lexus LS
FULL-SIZE PICKUP TRUCK: GMC Sierra 1500 Regular Cab
SPORTS CAR: Mazda MX-5 Miata
MINIVAN/VAN: Mazda MAZDA5
HIGH-PERFORMANCE CAR: Ford Mustang GT
HYBRID SUV/CROSSOVER: Toyota Highlander Hybrid
HYBRID/ALTERNATIVE ENERGY CAR: Toyota Prius c
PLUG-IN VEHICLE: Chevrolet Spark EV
Of course, other models that you might be looking at may be very close in long-term cost to these winners. You can check with KBB to get a better sense of how these long-term ownership costs are determined.
The main take away from this, in our opinion, is that buyers should think about more than just the initial deal when deciding which vehicle to purchase or lease. Other costs should be factored in as well, and should be projected over time. Only then do drivers know if they’re really getting the best deal available.
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