ATLANTA, March 14, 2022 /PRNewswire/ — In the midst of a time when car prices repeatedly make headlines for reaching record highs, it’s understandable that shoppers would place a lot of emphasis on the up-front expense of purchasing a new car. But beyond the sticker price, wise car shoppers also take into account the long view and consider the total cost of ownership. 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, the experts at Kelley Blue Book, a Cox Automotive company, today name the 2022 model-year brand and category winners of the 5-Year Cost to Own Awards. These awards recognize new vehicles with the lowest projected ownership costs over the initial five-year ownership period.
“Shoppers can save hundreds, if not thousands, of dollars over time when they choose to buy a vehicle with low ownership costs,” said Janice Yoell, senior manager of valuations for Kelley Blue Book. “Taking the time to research what it will cost to own a new car can help savvy shoppers keep more money in their pockets in the long run. For the second year in a row, Toyota and its luxury sibling Lexus take home the top brand prizes for 5-Year Cost to Own in 2022. Both brands benefited from the strength of several Toyota and Lexus models’ high residual values, which ultimately leads to low vehicle depreciation.”
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.
|2022 Kelley Blue Book 5-Year Cost to Own Award Winners|
|2022 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARD: BRAND|
|2022 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARD: LUXURY BRAND|
|2022 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARDS: BY VEHICLE CATEGORY|
|COMPACT CAR: Toyota Corolla||FULL-SIZE SUV: Nissan Armada|
|MIDSIZE CAR: Honda Accord||LUXURY SUBCOMPACT SUV: Lexus UX|
|FULL-SIZE CAR: Toyota Avalon||LUXURY COMPACT SUV: Lexus NX|
|ENTRY-LEVEL LUXURY CAR: Acura ILX||LUXURY MIDSIZE SUV – 2-ROW: Lexus RX|
|LUXURY CAR: Volvo S90||LUXURY MIDSIZE SUV – 3-ROW: Acura MDX|
|SPORTS CAR: Subaru BRZ||LUXURY FULL-SIZE SUV: Lexus LX|
|HYBRID VEHICLE: Toyota Corolla Hybrid||OFF-ROAD SUV: Ford Bronco|
|ELECTRIC VEHICLE: Nissan LEAF||MIDSIZE PICKUP TRUCK: Ford Ranger|
|SUBCOMPACT SUV: Hyundai Venue||FULL-SIZE PICKUP TRUCK: Toyota Tundra|
|COMPACT SUV: Subaru Forester||MINIVAN: Toyota Sienna|
|MIDSIZE SUV – 2-ROW: Subaru Outback||LUXURY ELECTRIC VEHICLE: Tesla Model 3|
|MIDSIZE SUV – 3-ROW: Subaru Ascent|
|(2022 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 vehicles easier for everyone. The global company’s more than 27,000 team members and family of brands, including Autotrader®, 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 nearly $20 billion. www.coxautoinc.com
SOURCE Kelley Blue Book For further information: Media Contact: Brenna Buehler, 949-473-6595, email@example.com