Lexus, Mazda win KBB 5-Year Cost To Own AwardsWed, 05 Feb 2014
We focus a lot on what new cars are like to drive, but it's difficult on a one-week loan to really get a sense of what a car is like to live with. Sure, we try to recreate that sense with our long-term vehicles, but even after a year, it's impossible to know fully learn about a car, particularly in terms of reliability and cost of repairs. For 2014 model year vehicles, Kelley Blue Book has put together a list of the most affordable vehicles over a five-year period.
At the tippy top of the list are Mazda and Lexus, with the Zoom-Zoom automaker winning the award for best non-luxury brand. Lexus, meanwhile, was the most affordable luxury marque over a five-year period. It's interesting to note, though, that not a single Mazda won its segment in this year's awards.
General Motors did quite well, taking eight segments, including both the subcompact and plug-in segments, with the gas-powered Chevrolet Spark and Spark EV. The Chevy Camaro SS and ZL1 took the high-performance car award. Toyota was well represented, with five winners split between the main brand (Corolla, Prius C and Tacoma) and Lexus (LS and RX).
KBB's five-year cost-to-own analysis takes into account depreciation and fuel costs (the two biggest hits to a driver's wallet), as well as finance and insurance costs, as well as repairs, maintenance and state fees that come with a new model. To view the full list of winners, scroll down and take a peak at the official press release from KBB.
KBB.COM ANNOUNCES 2014 5-YEAR COST TO OWN AWARD WINNERS
Mazda, Lexus Earn Second Consecutive Brand and Luxury Brand Wins for Lowest Projected 5-Year Ownership Costs
IRVINE, Calif., February 5, 2014 – The 2014 model-year vehicles and brands (in both non-luxury and luxury categories) with the lowest projected ownership costs were announced today by Kelley Blue Book www.kbb.com, the leading provider of new and used car information. These awards are based on Kelley Blue Book's 5-Year Cost to Own data for new cars for the initial five-year ownership period.
While depreciation (or loss of value) and fuel costs may be the greatest expense incurred in owning a vehicle, there are other factors that can have a significant impact on a consumer's pocketbook. Available on Kelley Blue Book's KBB.com, 5-Year Cost to Own information takes into consideration depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees for new models.
Kelley Blue Book's 5-Year Cost to Own Awards, like all new- and used-car information provided by KBB.com, exist to help shoppers make more informed new-car buying decisions by breaking down typical ownership cost details and naming the brands and models with the lowest projected five-year total.
2014 5-YEAR COST TO OWN AWARD: BRAND
2014 5-YEAR COST TO OWN AWARD: LUXURY BRAND
2014 5-YEAR COST TO OWN AWARDS: BY VEHICLE CATEGORY
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
(2014 model-year vehicle's projected ownership costs are based on the average Kelley Blue Book 5-Year Cost to Own data for the initial five-year ownership period).
"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. "Kelley Blue Book's 5-Year Cost to Own information 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."
Based on analysis of Kelley Blue Book's 5-Year Cost to Own information for 2014 model-year new vehicles, Mazda and Lexus are the prestigious brand winners for the second consecutive year. In addition to a low average Fair Purchase Price and strong residual values across its full model lineup, Mazda is ranked among the lowest in fuel and insurance costs, making it the 2014 5-Year Cost to Own: Best Brand among all automakers.
Kelley Blue Book® Fair Purchase Price is the price shoppers typically pay a dealer for a new car, based on actual new-car transactions and adjusted regularly as market conditions change. Some of the models driving Mazda's success include the MAZDA3, MAZDA6 and CX-5. Despite an average Fair Purchase Price higher than several of its competitors, Lexus offers the lowest depreciation cost of any eligible luxury brand, thanks to strong residual values across its full model lineup. Lexus also ranks lowest in repairs and is among the lowest in fuel and insurance costs. Some of the key models contributing to Lexus' stand-out performance include the ES, IS and RX models.
Another notable 5-Year Cost to Own Award win includes the 2014 Buick Encore, which is this year's 5-Year Cost to Own: Luxury Compact SUV/Crossover category winner. The Encore beat out the Acura RDX and BMW X3 in all categories except maintenance and repairs. Encore offers depreciation costs 35.7 percent lower than RDX and an impressive 63.7 percent lower than X3. In addition, this year's 5-Year Cost to Own: Plug-In Vehicle category winner, the 2014 Chevrolet Spark EV, bests the Chevrolet Volt and Honda Accord Plug-In Hybrid in nearly all ownership factors. Spark EV not only offers the lowest state fees, but also the lowest insurance, outperforming Volt by 50.5 percent and is 22.6 percent lower than Accord Plug-In Hybrid.
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.
For more information about the 2014 5-Year Cost to Own Award winners, please visit http://www.kbb.com/new-cars/5-year-cost-to-own-awards/.
For more information and news from Kelley Blue Book's KBB.com, visit www.kbb.com/media/, follow us on Twitter at www.twitter.com/kelleybluebook (or @kelleybluebook), like our page on Facebook at www.facebook.com/kbb, and get updates on Google+ at https://plus.google.com/+kbb/.
By Brandon Turkus
See also: Toyota Camry Hybrid SE adds a dash of limited-edition sport, 2014 Lexus IS 350, Toyota confirms all-wheel drive V8 hybrid for TS040 LMP1 car in 2014.