Kelley Blue Book recently announced its first ever Total Cost of Ownership awards, which factors in expenses like depreciation, maintenance, fuel and insurance in addition to the overall price of the car to determine how much money drivers can really expect to spend over the first five years of ownership.
"Car shoppers should take the time to compare vehicles on their consideration lists to fully understand the financial implications involved with cost of ownership," said Juan Flores, director of vehicle valuation for KBB. "While a vehicle might be less expensive up front, the cost of fuel for that model, insurance and other expenditures could make it the less appealing choice for their wallet in the long run."
According to KBB, the best brand in terms of overall cost of ownership was Kia, leading the way with models like the Soul, Optima and Sportage. Audi was highlighted among luxury vehicles, with cars like the A5 and Q7 scoring particularly well. Other top models included the Nissan Juke, Hyundai Sonata, Chevrolet Silverado, Mazda5, and Chevrolet Volt.
One cost that drivers need to be sure not to overlook is that of auto maintenance. Drivers can minimize the cost of car repairs by getting regular check-ups for their car, which can nip problems in the bud before they become a major issue.