Tesla Model 3 and Model Y are among the 2023 5-Year Cost to Own Award winners. The cars have become the best in their segments.
In addition to spending a certain amount on the purchase of a car and various fees, consumers must also consider the total cost of ownership. Not all cars are equally reliable. Some of them experience various problems and failures more often than others. You also need to consider running costs such as fuel, maintenance, insurance, and even car depreciation, which vary between models.
To help car buyers in the market make informed purchasing decisions, Kelley Blue Book, a Cox Automotive company, has announced the 2023 brand and 5-Year Cost to Own Awards category winners. These awards recognize new vehicles with the lowest predicted cost of ownership over an initial five-year ownership period.
“Many car shoppers would be shocked if they understood that cost of ownership can vary in staggering amounts from one vehicle to the next, potentially to the tune of thousands of dollars over time,” said Janice Yoell, senior manager of valuations for Kelley Blue Book. “Paying attention to a vehicle's cost of ownership is imperative to make a smart purchase decision.”
Available for new models 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. These data allow new-car shoppers to see the big picture of what a new vehicle will cost them over time, helping them to save money by choosing a vehicle that best meets their needs and long-term budget.
According to the data, Tesla Model Y is selected as the winner in the Luxury Electric SUV category. Tesla Model 3 is selected as a winner in the Luxury Electric Car category. This is an excellent result, confirming that Tesla vehicles are reliable and economical to maintain, which will certainly please consumers.
© 2023, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.