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Honoring New-Vehicle Brands, Models with Lowest Projected Ownership Costs to Help Shoppers Save Money
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.”