The FINANCIAL — Hyundai Motor was named the overall brand winner in the 2016 Kelley Blue Book’s 5-Year Cost to Own Awards. Hyundai Motor ranked No. 1 among mainstream brands for its lowest projected ownership costs. These awards are based on Kelley Blue Book’s 5-Year Cost to Own data for new cars for the initial five-year ownership period.
While depreciation (or loss of value) and fuel costs may be the greatest expense incurred in owning a vehicle, there are other factors that can have a significant impact on a consumer’s budget. Kelley Blue Book 5-Year Cost to Own information takes into consideration depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees, according to Hyundai.
“Kelley Blue Book’s 5-Year Cost to Own information evaluates the other out-of-pocket expenses drivers will incur beyond the initial purchase price, which helps consumers choose the vehicle that best fits their needs and their long-term budget, helping save money down the road,” said Dan Ingle, Vice President of Vehicle Valuations, Industry Solutions and International for Kelley Blue Book. “In addition to a low Kelley Blue Book’s Fair Purchase Price and low fuel, maintenance and repair costs across its full model lineup, Hyundai Motor also has a mid-range depreciation and insurance cost, making it the best brand in Kelley Blue Book’s 2016 5-Year Cost to Own Awards among all automakers.”
Kelley Blue Book’s Fair Purchase Price is the price shoppers typically pay a dealer for a new car, based on actual new-car transactions and adjusted regularly as market conditions change. Some of the models driving Hyundai Motor’s success include Accent, Elantra, Sonata, Tucson and Veloster.
“Hyundai Motor’s mission is to make things better,” said Mike O’Brien, Vice President of Corporate and Product Planning at Hyundai Motor America. “Being named the overall brand winner in Kelley Blue Book’s 2016 5-Year Cost to Own Awards shows our commitment to create and build better vehicles across our lineup. We believe every owner deserves peace of mind. That’s why our cars come standard with America’s Best Warranty, saving our owners money on what would have been out-of-pocket expenses.”
Kelley Blue Book 5-Year Cost to Own information is developed using Kelley Blue Book’s Residual Values to calculate depreciation costs. Kelley Blue Book calculates total ownership costs for new vehicles by applying a sophisticated valuation methodology along with critical financial data from third-party providers.