Since its launch for the 2021 model year, the sixth-generation Ford Bronco has received its fair share of recognition from those that hand out awards, including a spot on Car & Driver‘s 2023 10Best list, a Kelley Blue Book Best Resale Value Award, and a KBB Five-Year Cost to Own Award in 2022. Now, that trend continues, as the Ford Bronco has won a 2023 KBB Five-Year Cost to Own Award, joining the Ford F-150 Lightning in that regard.
The Ford Bronco took home top honors in the off-road SUV segment with an average five-year cost of ownership that comes in at $47,771, which is $2,735 less than the segment average. To calculate these values, Kelley Blue Book considers insurance, maintenance costs, fuel costs, state fees, and depreciation, the latter of which is one of the biggest expenses new vehicle owners incur, yet not something that many consider when purchasing a vehicle.
KBB calculates depreciation costs using its own residual values, which it uses to calculate total ownership costs for new vehicles by applying a sophisticated valuation methodology along with critical financial data acquired from third-party providers.
“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. For the third year in a row, Toyota and its luxury sibling Lexus take home the top brand prizes for Five-Year Cost to Own in 2023. Both brands feature several models with high residual values – meaning the vehicle holds its value well over time – leading to low vehicle depreciation, which is a key factor in determining cost of ownership.”
