Consumers possess a clear understanding that owning a vehicle entails more than just the initial purchase price. They are well aware of the total cost of ownership, which encompasses various expenses such as fuel, maintenance, insurance, and the vehicle's depreciation.
Keeping this in mind, Kelley Blue Book (KBB) has recently announced the winners of its 2023 model-year brand and category awards, specifically recognizing vehicles with the lowest projected ownership costs over a five-year period. Janice Yoell, senior manager of valuations for Kelley Blue Book, emphasized the significance of long-term costs for consumers.
“Incredible variations in ownership costs exist between different vehicles, and many car shoppers would be astonished to learn that these differences can amount to thousands of dollars over time. It is crucial for buyers to consider a vehicle's cost of ownership to make an informed purchase decision,” Yoell explained in a press release.
Based on Kelley Blue Book's recent 5-Year Cost to Own Awards, the Tesla Model 3 and Model Y have emerged as the top contenders among premium electric vehicles. The Tesla Model 3 triumphed in the “Luxury Electric Car” category, while the Tesla Model Y secured the leading position in the “Luxury Electric SUV” segment.
The accolades received by the Model 3 and Model Y are hardly surprising, given the remarkable market dominance of these two vehicles in the United States. Furthermore, Tesla's aggressive pricing strategy this year has contributed to making the Model 3 and Model Y more affordable, potentially amplifying their popularity.
Other noteworthy electric vehicles have also claimed recognition in Kelley Blue Book's awards. For instance, the Ford F-150 Lightning emerged victorious in the “Electric Truck” category, surpassing competitors such as the Rivian R1T and the GMC Hummer EV. In addition, the Chevy Bolt EV and Chevy Bolt EUV secured awards in the “Electric Car” and “Electric SUV” categories, despite General Motors' plans to retire these models.