The cost of a car goes far beyond what you pay for the actual metal, leather and rubber at the point of purchase. Fuel, insurance, maintenance and repair costs, and the cost of fees from the state and financing will all weigh on your wallet while you own the car. That's not even taking into account the biggest cost: depreciation, or the amount of money you lose based on what your car is worth years from now versus the day you bought it.
KBB tracks these sorts of things, and they've compiled a list of winners for 2013 models. On the brand level, Mazda and Lexus earn the 5-Year Cost to Own award for having the lowest overall projected five-year totals (though, curiously, we note that Mazda and Lexus each had only one segment winner). There are lots of winners for all the various segments, so we'll just pick out a few surprising ones to share and you can view the rest here.
Many vehicles that aren't generally considered competitive in their segments still do well from a cost-to-own perspective. The Jeep Patriot, for instance, won the Compact SUV/Crossover segment, while the Mitsubishi Outlander scores for the midsize SUV/Crossover group. For hybrids, the Honda Insight costs the least over five years, while the admittedly small segment of pure electric vehicles is lead by the Chevrolet Volt. What's the least expensive 2013 model year sports car to own? The Ford Mustang, while the Mustang GT also nabs honors in the High Performance Car segment. Like we said, you can check out the full list here, and even look any car that you're interested in owning to see how much you can expect to pay after the sale.
KBB.COM ANNOUNCES 2013 5-YEAR COST TO OWN AWARD WINNERS
Top 2013 Models, Brands Honored for Lowest Projected Costs During Initial Five-Year Ownership Period
IRVINE, Calif., February 5, 2013 /PRNewswire/ - The 2013 model-year vehicles and brands (in both luxury and non-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.
2013 5-YEAR COST TO OWN AWARD: MAZDA
2013 5-YEAR COST TO OWN AWARD LUXURY: LEXUS
SUBCOMPACT CAR: Scion iQ
COMPACT SUV/CROSSOVER: Jeep Patriot
COMPACT CAR: Hyundai Veloster
MID-SIZE SUV/CROSSOVER: Mitsubishi Outlander
SPORTY COMPACT CAR: Hyundai Veloster Turbo
FULL-SIZE SUV/CROSSOVER: Ford Explorer
MID-SIZE CAR: Hyundai Sonata
LUXURY COMPACT SUV/CROSSOVER: Acura RDX
FULL-SIZE CAR: Chevrolet Impala
LUXURY MID-SIZE SUV/CROSSOVER: Lincoln MKX
ENTRY-LEVEL LUXURY CAR: Buick Verano
LUXURY FULL-SIZE SUV/CROSSOVER: Lincoln MKT
LUXURY CAR: Lexus GS
MID-SIZE PICKUP TRUCK: Toyota Tacoma Double Cab
HIGH-END LUXURY CAR: Porsche Panamera
FULL-SIZE PICKUP TRUCK: Chevrolet Silverado 1500 Regular Cab
SPORTS CAR: Ford Mustang
MINIVAN/VAN: Mazda MAZDA5
HIGH-PERFORMANCE CAR: Ford Mustang GT
HYBRID SUV/CROSSOVER: Toyota Highlander Hybrid
HYBRID/ALTERNATIVE ENERGY CAR: Honda Insight
ELECTRIC VEHICLE: Chevrolet Volt
(2013 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 often are most concerned with the upfront cost of a vehicle; however, consumers would be wise to consider their purchase from a more holistic standpoint by examining the total cost to own a vehicle over the initial five-year ownership period," said Dan Ingle, vice president of vehicle valuations for Kelley Blue Book. "Kelley Blue Book's 5-Year Cost to Own information allows consumers to evaluate which brands and models make the most sense for their pocketbooks as they prepare for a major purchase decision in buying a new car. This year's winners provide the top options in multiple categories and at the brand level."
Based on analysis of Kelley Blue Book's 5-Year Cost to Own information for 2013 model-year new vehicles, Mazda and Lexus are this year's prestigious brand winners. Mazda is the top brand among all manufacturers, surging past last year's winner Kia with regard to its lowest projected ownership costs. Despite an average Fair Purchase Price higher than several of its competitors, Mazda offers the lowest 5-Year Cost to Own because of its low depreciation, fuel costs, and maintenance and repair costs across its full model lineup. Kelley Blue Book® Fair Purchase Price is the price people 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, MAZDA2 and all-new CX-5. Lexus is this year's luxury brand winner, exemplifying some of the lowest costs for depreciation, fuel, and maintenance and repairs of any luxury brand. Some of the key models contributing to Lexus' stand-out performance include the CT 200h, ES and IS models.
Another notable 5-Year Cost to Own Award win is the 2013 Hyundai Sonata, a repeat winner in the mid-size car category. The three primary competitors in this segment each are separated by a mere $200 in projected total ownership costs. The 2013 Hyundai Sonata outperformed the Honda Accord and Nissan Altima by offering superior savings in insurance costs and a lower Kelley Blue Book Fair Purchase Price.
In addition, the redesigned 2013 Lexus GS is a top contender among the luxury car segment, beating Audi's A5 and A6 models. The vehicle's low depreciation and maintenance and repair costs make it this year's 5-Year Cost to Own Award: Luxury Car winner. The depreciation costs for the Lexus GS came in 6.4 percent below the Audi A5 and 21.7 percent below the Audi A6.
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 sophisticated valuation methodology along with critical financial data from third-party providers.
For more information about the 2013 5-Year Cost to Own Award winners, please visit http://www.kbb.com/car-reviews-and-news/top-10/5-year-cost-to-own-awards-2013/.
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 plus.google.com/+kbb/.
About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the only vehicle valuation and information source trusted and relied upon by both consumers and the industry. Each week the company provides the most market-reflective values in the industry on its top-rated website www.kbb.com, including its famous Blue Book® Trade-In and Suggested Retail Values and Fair Purchase Price, which reports what others are paying for new cars this week. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies as well as governmental agencies. KBB.com provides consumer pricing and information on cars for sale, minivans, pickup trucks, sedan, hybrids, electric cars, and SUVs. Kelley Blue Book Co., Inc. is a wholly owned subsidiary of AutoTrader Group.