What Car Has The Lowest 5 Year Cost of Ownership?

When looking for the best car to buy, Kelley Blue Book (KBB.com) is a great resource which takes in account a wide range of factors that affect the long-term cost of vehicle ownership. Evaluating makes and models based on anticipated depreciation, the cost of financing, insurance premiums, the projected cost of fuel, typical maintenance and repair issues, the KBB has developed a unique 5-Year Cost to Own spreadsheet which can be invaluable especially when considering whether to buy or lease a new car in Ontario or the rest of Canada.

The KBB awards for 2014 best car value have recently been released: Mazda takes first place for the top brand of vehicle and Lexus is the best luxury brand for long-term value, because of the low fuel costs and repair cost expectations. See our blog post on Luxury fuel efficiency for more cost-effective options in this category. According to Dan Ingle, the Vice-President of Vehicle Valuations at Kelley Blue Book, “Sometimes an even more expensive car can actually save you money.”

Keep in mind that these prices are based on American insurance and fuel rates, but they still do provide a good guideline for those looking to buy a car in Toronto and other parts of Canada. Taking the time to evaluate the cost of purchasing your vehicle, not just as an upfront expense but also over the number of years it will be driven, is an excellent way to evaluate all factors involved in the car buying or leasing process.

Because we help our clients find used and new vehicles in Toronto and all over Ontario and the rest of the country, Somerville Auto’s leasing agents are much more knowledgeable about the long-term value of a car than your average car dealer and we keep in touch with our customers throughout the entire lease process. We can guide you through how to evaluate the long term cost of vehicle ownership versus leasing that same car and look forward to helping you make the best car financing decision, all things considered.