IRVINE, Calif. — Kelley Blue Book www.kbb.com, the leading provider of new car and used car information, today reports the vehicles with the best Total Cost of Ownership among cross-shopped models for the Chevrolet Cruze and Honda CR-V, two of the most researched models on kbb.com. Both top-selling models, the Cruze and CR-V, offer a diverse list of cross-shopped vehicles on kbb.com. Using cross-shopping data across all segments on kbb.com, Kelley Blue Book determined the best buys against these models for the first five years of ownership.
“With Total Cost of Ownership information, consumers can better understand the financial implications associated with the initial five years of owning a car,” said Juan Flores, director of vehicle valuation for Kelley Blue Book. “As Kelley Blue Book’s data reveals, depending on the model’s MSRP, fuel costs and other financial factors, other models on their consideration lists could offer a greater value over time.”
Five-Year Total Cost of Ownership among Cross-Shopped Vehicles for the Chevrolet Cruze
The Chevrolet Cruze, a most-researched car on kbb.com, has become a top-selling vehicle in its segment and for General Motors. However, Kelley Blue Book’s data reveals that other models may offer competitive ownership costs during the initial five-year period. On kbb.com, consumers in the market for a Chevrolet Cruze also are considering the Toyota Corolla and Hyundai Elantra. Both models provide lower ownership costs at $32,811 and $34,123, respectively. The Chevrolet Cruze sits in the No. 3 spot, followed by Honda Civic, Ford Focus and the Volkswagen Jetta.
Through Kelley Blue Book’s Total Cost of Ownership tool on kbb.com, which breaks down ownership costs, researchers can see that while the cost of fuel for the Cruze is $400 to $800 less than the Corolla and Elantra, both offer savings in maintenance and repair costs over the Cruze and have slightly lower depreciation costs. Depreciation plays the largest role in Total Cost of Ownership, followed by the cost of fuel during the ownership period. In addition, both Corolla and Elantra’s average Manufacturer’s Suggested Retail Price (MSRP) are nearly $1,000 below the Cruze. While the Cruze is listed at a higher initial selling price, after five years all three vehicles are projected to have a value within $500 of each other.
Total Cost of Ownership among Cross-Shopped Vehicles for the Honda CR-V
The Honda CR-V also ranked No. 3 for Total Cost of Ownership among vehicles within its cross-shopping set. Among the cross-shopped vehicles on kbb.com, the Honda Civic offers the lowest five-year Total Cost of Ownership at $36,344. However, with an average MSRP of approximately $22,000, it also is priced significantly below the other vehicles on the list that have an average MSRP of $27,000, giving it a pricing advantage.
Shoppers in the market for a Honda CR-V also are considering the Hyundai Tucson. The Tucson offers a five-year ownership cost of $38,735, followed by CR-V at $40,515. The Tucson has an average MSRP of $3,000 less than the CR-V. The price difference, combined with $500 in fuel savings, gives the Tucson an advantage in terms of Total Cost of Ownership. Closely behind the CR-V for total ownership costs are the Nissan Rogue, Toyota RAV4 and Honda Accord.
Total Cost of Ownership utilizes Kelley Blue Book® 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.
Kelley Blue Book’s Total Cost of Ownership features easy-to-understand charts and graphs on kbb.com to help car shoppers make informed purchase decisions by breaking down the typical ownership costs for a particular vehicle, including depreciation, expected fuel costs, insurance, maintenance and repair costs, state fees and more. Kelley Blue Book’s Total Cost of Ownership launched with the redesigned kbb.com in May 2011 and is available free to consumers at www.kbb.com.
For more information and news from Kelley Blue Book’s kbb.com, visit www.kbb.com/media/, follow us on Twitter at www.twitter.com/kelleybluebook (or @kelleybluebook), or like our page on Facebook at www.facebook.com/kbb.
About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the only vehicle valuation and information source trusted and relied upon by both consumers and the industry. Each week the company provides the most market-reflective values in the industry on its top-rated website www.kbb.com, including its famous Blue Book® Trade-In and Retail Values and Fair Purchase Price, which reports what others are paying for new cars this week. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies as well as governmental agencies. Kbb.com provides consumer pricing and information on minivans, pickup-trucks, cars, hybrids and SUVs. Kelley Blue Book Co. Inc. is a wholly owned subsidiary of AutoTrader.com.