The Ford F-150 Lightning has continued to add to its growing list of awards, this time winning the 2023 Five-Year Cost to Own Award in the EV truck segment from Kelley Blue Book (KBB). The award is given to vehicles that have the lowest projected ownership costs over the first five years of ownership, factoring in expenses such as insurance, maintenance, fuel costs, state fees, and depreciation.
The Ford F-150 Lightning impressed the judges with its average five-year cost of ownership of $51,243, which is $381 less than the segment average. KBB calculated depreciation costs using its own residual values, which they use to calculate the total ownership costs for new vehicles by applying a sophisticated valuation methodology along with critical financial data acquired from third-party providers.
The F-150 Lightning has already won numerous awards since its launch, including the 2023 MotorTrend Truck of the Year, a Kelley Blue Book Best Buy award, an Edmunds’ Best of the Best Award, the 2023 North American Truck of the Year, KBB Best Resale honors, a 2023 Best Value in America Award from Vincentric, and the 2023 Commercial Green Car of the Year award from Green Car Journal.
Janice Yoell, Senior Manager of Valuations for Kelley Blue Book, stated that “Paying attention to a vehicle’s cost of ownership is imperative to make a smart purchase decision. Many car shoppers would be shocked if they understood that the cost of ownership can vary in staggering amounts from one vehicle to the next, potentially to the tune of thousands of dollars over time.”
The Ford F-150 Lightning has proven itself to be a standout vehicle in the EV truck segment, winning awards for its performance, value, and now, its low cost of ownership. As more car buyers look to switch to electric vehicles, the F-150 Lightning is setting a high bar for its competitors to meet.