The Ford Ranger has once again proven its worth by receiving the Five-Year Cost to Own Award from Kelley Blue Book for the second consecutive year. This prestigious recognition acknowledges the Ford Ranger’s exceptional value by presenting owners with an estimated five-year ownership cost significantly below the average for mid-size pickups. The Ford Maverick, Ford F-150 Lightning EV pickup, and Ford Bronco have also joined the ranks of award recipients this year.
In the mid-size pickup segment, the Ford Maverick took home the top honors with an average five-year cost of ownership amounting to $40,626, which is $3,665 lower than the segment average. Kelley Blue Book determines these values by considering various factors such as insurance, maintenance costs, fuel expenses, state fees, and depreciation. Depreciation, in particular, is a substantial expense for new vehicle owners, often overlooked during the vehicle purchasing process.
Kelley Blue Book calculates depreciation costs by utilizing its own residual values, which serve as the basis for determining the total ownership costs of new vehicles. This calculation involves employing a sophisticated valuation methodology combined with essential financial data acquired from reliable third-party providers.
Janice Yoell, the senior manager of valuations for Kelley Blue Book, emphasized the significant variation in the cost of ownership between different vehicles. She noted that many car shoppers would be surprised to learn that the disparity could amount to thousands of dollars over time. Understanding a vehicle’s cost of ownership is crucial for making an informed purchase decision. Toyota and its luxury sibling Lexus have secured the top brand prizes for Five-Year Cost to Own for the third consecutive year. These brands feature several models with high residual values, indicating their ability to retain value well over time. Low vehicle depreciation, a key factor in determining cost of ownership, contributes to their success in this regard.