Ford swept the pickup categories in Kelley Blue Book’s 10th annual Five Year Cost to Own Awards as the Ford Ranger and Ford F-150 have both been named the most affordable trucks in their respective segments – mid-size pickups and full-size pickups – over the course of a five-year ownership period.
KBB’s Five Year Cost to Own Awards recognize vehicles with the lowest projected ownership costs over the initial five-year ownership period and considers depreciation, expected fuel costs, finance, and insurance fees, maintenance and repair costs, and state fees.
Total cost of ownership goes far beyond the up-front expense of purchasing a new vehicle and gives customers an accurate look at how much a vehicle will actually cost them over the time they own it. The aforementioned ongoing costs of vehicle ownership can vary greatly, which makes this a valuable tool for shoppers.
“Choosing a car with low ownership costs can help shoppers save a significant amount of money over time – often several hundred and sometimes even thousands of dollars – so it’s worthwhile to research the cost to own details of any new car you’re considering,” said Eric Ibara, director of residual values for Kelley Blue Book.
The projected ownership costs for 2021 model-year vehicles are based on the average Kelley Blue Book Five Year Cost to Own data for the initial five-year ownership period. This information is developed using Kelley Blue Book Residual Values to calculate depreciation costs. KBB calculates total ownership costs for new vehicles by applying a sophisticated valuation methodology along with critical financial data from third-party providers.
These accolades are just the latest of many for the 2021 Ford F-150 and Ranger, as both recently earned KBB’s Best Resale Value Award, while the F-150 secured a KBB Best Buy Award late last year, and the Ranger was recently named one of Consumer Reports’ Most Satisfying Trucks to own.