To help in-market car shoppers make smart purchase decisions, the experts at Kelley Blue Book, a Cox Automotive company, named 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.
In the midst of a time when vehicle 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.
This year, two pickup trucks were awarded top honors in their respective categories:
- Mid-Size Pickup Truck: Ford Ranger
- Full-Size Pickup Truck: Toyota Tundra
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.