KBB: Vehicles that will cost you least to own for 5 years
The Mazda and Lexus brands overall were named the cheapest brands of vehicles to own in the annual "2014 5-year Cost to Own" awards by car shopping data service Kelley Blue Book and KBB.com.
They were the mainstream and luxury brand winners for the second consecutive year, based on their overall lineups having lowest costs to own. KBB also named, regardless of brand, the individual models by vehicle category this year with the lowest projected tab for the first five years of ownership.
The awards look beyond sticker price to include estimated depreciation, maintenance and repair, fuel costs, finance and insurance fees and state fees. Depreciation and gassing up are the big-ticket items in that equation but the others can add up over five years. KBB says it compiles the annual list to help shoppers make a budget-wise purchase decision informed by more than just the deal to drive off the dealer lot.
"New-car shoppers naturally want to know how much a car will cost upfront; however, sometimes an even more expensive car can actually save you money during the first five years of ownership," said Dan Ingle, vice president of vehicle valuations for Kelley Blue Book, in a statement. The annual awards list data "evaluates the other out-of-pocket expenses drivers will incur, which helps consumers choose the vehicle that fits them and their wallets best, helping save money down the road."
Of course this analysis leaves out intangibles that might be more important to your satisfaction over five years than bottom-line cost. They might be lifestyle (I'd never be seen in something that ugly), practical (the back seat has to hold three car seats) or just minor touches good or bad. But the cost information is a good place to start to prevent expensive surprises.
KBB said that Mazda, in addition to a low average transaction prices and estimated depreciation, "ranked among the lowest in fuel and insurance costs," sealing the win. It said key Mazda models in the brands low overall costs were the Mazda3 and Mazda6 sedans and CX-5 SUV.
KBB wrote about Mazda: "Famous for fun favorites like the MX-5 Miata, every vehicle Mazda makes is among the best-driving cars in its class. But they're also fuel-efficient, reliable and offer strong resale value, giving them multi-faceted appeal.
And it said that Lexus, despite having higher average transaction prices and some of its rivals, offset the purchase prices with "the lowest depreciation cost of any eligible luxury brand" across its lineup and also ranked "lowest in repairs" and "among the lowest in fuel and insurance costs." KBB cited as key Lexus models ES and IS sedans and RX SUV.
Commenting on Lexus, KBB wrote "In addition to a features-per-dollar advantage versus its European competitors, Lexus vehicles also offer strong resale value, low maintenance costs and terrific fuel economy, thanks in part to the most hybrid offerings of any luxury automaker."
Here are the individual model winners by vehicle category (you can get more details and KBB commentary on these winners here):
- SUBCOMPACT CAR: Chevrolet Spark
- COMPACT SUV/CROSSOVER: Jeep Patriot
- COMPACT CAR: Toyota Corolla
- MID-SIZE SUV/CROSSOVER: Mitsubishi Outlander
- SPORTY COMPACT CAR: Hyundai Veloster Turbo
- FULL-SIZE SUV/CROSSOVER: Ford Explorer
- MID-SIZE CAR: Honda Accord
- LUXURY COMPACT SUV/CROSSOVER: Buick Encore
- FULL-SIZE CAR: Chevrolet Impala
- LUXURY MID-SIZE SUV/CROSSOVER: Lincoln MKX
- ENTRY-LEVEL LUXURY CAR: Buick Verano
- LUXURY FULL-SIZE SUV/CROSSOVER: Buick Enclave
- LUXURY CAR: Audi A5
- MID-SIZE PICKUP TRUCK: Toyota Tacoma Regular Cab
- HIGH-END LUXURY CAR: Lexus LS
- FULL-SIZE PICKUP TRUCK: GMC Sierra 1500 Regular Cab
- SPORTS CAR: Ford Mustang
- MINIVAN/VAN: Dodge Grand Caravan Passenger
- HIGH-PERFORMANCE CAR: Chevrolet Camaro SS/ZL1
- HYBRID SUV/CROSSOVER: Lexus RX
- HYBRID/ALTERNATIVE ENERGY CAR: Toyota Prius c
- PLUG-IN VEHICLE: Chevrolet Spark EV