KBB: New Vehicles With The Lowest 5-Year Cost of Ownership

The cost of owning a vehicle today isn't cheap. In fact according to the 2022 AAA Your Driving Cost study,  the average annual cost of new vehicle ownership topped the $10,000 mark in 2022 ($10,728 or $894 a month).  This is on top of whatever monthly car payment you're paying.

KBB 5-Year Cost to Own Awards

With this in mind,  we turn to Kelley Blue Book for a list of new vehicles with the lowest projected ownership costs over the initial five year ownership period. 

KBB says its 2023 5-Year Cost To Own Awards consider a number of factors including depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees.   All factors that can vary between vehicles.

"Many car shoppers would be shocked if they understood that cost of ownership can vary in staggering amounts from one vehicle to the next, potentially to the tune of thousands of dollars over time" said Janice Yoell, senior manager of valuations for Kelley Blue Book. "Paying attention to a vehicle's cost of ownership is imperative to make a smart purchase decision. For the third year in a row, Toyota and its luxury sibling Lexus take home the top brand prizes for 5-Year Cost to Own in 2023. Both brands feature several models with high residual values – meaning the vehicle holds its value well over time – leading to low vehicle depreciation, which is a key factor in determining cost of ownership."

Here are the vehicles with the lowest projected ownership costs over 5 years, as determined by Kelley Blue Book.

2023 KELLEY BLUE BOOK 5-YEAR COST TO OWN AWARDS: BY VEHICLE CATEGORY

(2023 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).

• If you'd like to read more about the awards, visit KBB here.
• AAA has a handy Your Driving Costs calculator you can find here.

About the Awards

Kelley Blue Book 5-Year Cost to Own information is developed using Kelley Blue Book  Residual Values to calculate depreciation costs. Kelley Blue Book says it calculates total ownership costs for new vehicles by applying a sophisticated valuation methodology along with critical financial data from third-party providers.