Kelley Blue Book also examined the cost of ownership among luxury brands, and Audi took the top nod in this category. KBB specifically pointed to the German automaker's low depreciation and good average fuel economy as reasons for the brand's win. The A3, A4 and Q5 all helped the automaker in the total cost of ownership evaluation.
The award is also broken up by individual vehicle categories, and there were some surprises among the winners. The Honda Insight took the Hybrid Car award while the Chevrolet Volt nabbed the Electric Car win. We would have expected to see the Toyota Prius and Nissan Leaf take those categories, respectively. Follow the jump for the full press release that reveals individual winners in each model category.
Top 2012 Models, Brands Honored for Lowest Projected Costs during Initial Five-Year Ownership Period
IRVINE, Calif., February 8, 2012 /PRNewswire/ - Kelley Blue Book, www.kbb.com, the leading provider of new and used vehicle information, today announced its inaugural Total Cost of Ownership Award winners. The all-new 2012 awards honor current model-year vehicles and brands (in both the luxury and non-luxury categories) with the lowest projected ownership costs, based on Kelley Blue Book Total Cost of Ownership data for the initial five-year ownership period.
While depreciation (or loss of value) may be the greatest expense in owning a vehicle, followed by fuel costs, there are other factors that can have a significant impact on a consumer's pocketbook. Available on Kelley Blue Book's kbb.com, Total Cost of Ownership information reveals depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees for new models.
Kelley Blue Book's Total Cost of Ownership Awards, like all new- and used-car information provided on kbb.com, were established to help shoppers make more informed car-buying decisions by breaking down typical ownership costs and naming the models with the lowest projected five-year total.
2012 TOTAL COST OF OWNERSHIP: BRAND
2012 TOTAL COST OF OWNERSHIP: LUXURY BRAND
2012 TOTAL COST OF OWNERSHIP: BY VEHICLE CATEGORY
Hyundai Santa Fe
Lexus RX 350
MID-SIZE SPORT UTILITY:
ENTRY-LEVEL LUXURY CAR:
FULL-SIZE SPORT UTILITY:
LUXURY SPORT UTILITY:
HIGH-END LUXURY CAR:
Lexus LS 460
Mazda MX-5 Miata
MID-SIZE PICKUP TRUCK:
Toyota Tacoma Regular Cab
Lexus IS F
FULL-SIZE PICKUP TRUCK:
Chevrolet Silverado 1500 Regular Cab
(2012 model-year vehicle's projected ownership costs are based on the average Kelley Blue Book Total Cost of Ownership data for the initial five-year ownership period).
"Car shoppers should take the time to compare vehicles on their consideration lists to fully understand the financial implications involved with cost of ownership," said Juan Flores, director of vehicle valuation for Kelley Blue Book. "While a vehicle might be less expensive up front, the cost of fuel for that model, insurance and other expenditures could make it the less appealing choice for their wallet in the long run."
Based on Kelley Blue Book's analysis, Kia and Audi are among this year's prestigious brand winners. Kia is the top brand among all manufacturers, while Audi is the top luxury brand, for low average total ownership costs. With a number of successful redesigns, greatly improved quality, superior fuel economy and competitively priced models, Kia sets itself apart from other non-luxury brands. Some of the key models contributing to Kia's success are the Soul, Optima and Sportage. Audi is a stand-out luxury brand because of its low depreciation and superior fuel economy among its lineup. Among the models driving Audi's achievement are the A3, A4 and Q5.
Other notable wins include the Chevrolet Volt, which was neck and neck with the Nissan LEAF. The Volt's slightly lower maintenance and insurance costs gives it the competitive advantage, making it the 2012 Total Cost of Ownership Award winner in the Electric Car category. The Chevrolet Volt has a five-year ownership cost expected to total $40, 629, while the Nissan LEAF's five-year expected total is $42,089 with all key costs to own a vehicle considered.
In the subcompact car segment, less than $400 separates the top three models. The 2012 Nissan Versa, Toyota Yaris and Hyundai Accent come in close with their five-year Total Cost of Ownership totals. However, the Nissan Versa comes in No. 1 with the lowest Kelley Blue Book® Fair Purchase Price (the price consumers typically pay a dealer for a new car) among the three models. Its low Fair Purchase Price, combined with the best residual value, results in nearly 10 percent less depreciation than the other vehicles.
With some fierce competition, the 2012 Mazda MX-5 Miata is the hands-down winner in the Sports Car category, coming in with the lowest expected costs among all ownership factors against its competitors. The MX-5 Miata offers the lowest expected fuel costs with more than $1,000 in savings against the Hyundai Genesis Coupe and Chevrolet Camaro. While the model's Fair Purchase Price is nearly that of the Hyundai Genesis Coupe, it expects savings of more than $1,500 with its low depreciation over time.
Among luxury vehicles, the 2012 Audi A5 may not have the lowest Fair Purchase Price, but with all major expenditures considered, it offers the best five-year Total Cost of Ownership by nearly $5,000 compared to the other models in its class. Outstanding residual values also give it the lowest depreciation. In addition, it is the least expensive to insure among all other vehicles in this segment.
The number of hybrid models available to consumers continues to grow, offering more competitive choices. "In regard to Total Cost of Ownership, the top three hybrid models are all Honda vehicles," said Flores. "Between the Honda Insight, CR-Z and Civic Hybrid, the Insight provides the best expected five-year costs at $32,884 for the initial ownership period. This model offers the lowest Fair Purchase Price, resulting in the lowest depreciation over time."
In addition, although the Jeep Wrangler has a higher purchase price than the Toyota FJ Cruiser and Nissan Xterra, it beats its competition in the Mid-Size Sport Utility category with the lowest expected insurance and maintenance costs, combined with approximately $600 in fuel savings.
Kelley Blue Book Total Cost of Ownership is developed using Kelley Blue Book® Residual Values to calculate depreciation costs. Kelley Blue Book calculates total ownership costs for new vehicles by applying sophisticated valuation methodology along with critical financial data from third-party providers.
For more information about the 2012 Kelley Blue Book Total Cost of Ownership Award winners, please visit www.kbb.com/car-news/all-the-latest/2012-total-cost-of-ownership-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), or like our page on Facebook at www.facebook.com/kbb.