Kelley Blue Book names 5-year cost to own brand winners
Consumer research firm Kelley Blue Book recently announced the winners of its fifth annual 5-Year Cost to Own Awards.
The awards evaluate what consumers will pay for a new vehicle over a five-year period based on purchase price, maintenance, repair costs, state fees, depreciation and insurance costs.
The analysis is aimed at helping car-shoppers determine what out-of-pocket expenses a new vehicle might incur beyond its initial purchase price.
Hyundai was named the best overall brand. KBB analysts found Hyundai offered a lower price based on the firm’s Kelley Blue Book Fair Purchase Price metric, which tracks what consumers pay a dealer for a new car.
Vehicles that helped propel Hyundai to KBB’s top vehicle brand include the 2016 Accent, Elantra, Sonata, Tucson and Veloster. These vehicles range in base MSRP from $14,745 to $22,000.
Dan Ingle, KBB’s vice president of vehicle valuations, said car shoppers that spend more up front may be able to save more over time.
“Sometimes an even more expensive car on the front end can actually save you money during the first five years of ownership by having low total ownership costs,’’ said Ingle in a statement.
KBB also found Hyundai vehicles face a mid-range depreciation and insurance costs.
Meanwhile, Acura was named best luxury brand from a cost-to-own perspective. Acura models that helped the Japanese automaker earn KBB’s Best Luxury Brand award include the 2016 ILX, MDX, RDX and TLX.
KBB also named the 22 best models in their respective classes. One of those winners was the Chevrolet Impala. The Impala took the prize in KBB’s Full-Size Car category by impressing analysts with its affordable price, lower financing, affordable insurance and state fees.
You can see the rest of the winners here.
The 23 Best Cars for the Money according to U.S. News and World Report
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