Today, Kelley Blue Book announced the winners of its annual 5-Year Cost to Own Awards, given to vehicles and overall brands with the lowest projected ownership costs. Winners were decided based on KBB's 5-Year Cost to Own data for new cars for the initial five-year ownership period. The majority of the vehicles to win for 2014 saw depreciation and fuel costs as the most expensive part of ownership but there are other factors that can put a dent in an owner's wallet, too. KBB's 5-Year Cost to Own Award takes things like depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees into consideration before naming a certain overall brand or vehicle a winner.
The 5-Year Cost to Own Award was created to help shoppers form an educated opinion on a new vehicle by seeing what, exactly, it usually takes financially to own and maintain a certain vehicle. The overall brands and individual models that earned a 5-Year Cost to Own Award have the lowest-projected ownership cost over a five-year span. For 2014, vehicles like the Chevrolet Spark (subcompact car category), Honda Accord (mid-size car category), and GMC Sierra 1500 (light-duty pickup truck category) are projected to have the lowest ownership costs in their segments over half a decade. As for which overall brands earned an award, you're going to have to check out the full run-down which can be seen here.
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