The Ford Ranger has racked up its fair share of accolades in recent months, including being named a better buy than the Chevy Colorado by Consumer Reports, earning a Vincentric 2022 Best CPO Value Award, ranking second in its segment in J.D. Power’s 2022 U.S. Vehicle Dependability Study (VDS), and earning a Top 10 Best Resale Value Award from Kelley Blue Book. Now, the 2022 Ford Ranger has joined the 2022 Ford Bronco by winning a Five-Year Cost to Own Award from KBB, too.
The 2022 Ford Ranger finished with an estimated five-year ownership cost of $40,267, which is $3,321 less than the segment average – an impressive statistic, particularly in a time when people are keeping vehicles longer as prices reach historic levels. As KBB points out, many new vehicle shoppers don’t take the cost of ownership into account when purchasing a vehicle, which is a mistake given the fact that those costs can often offset or exceed upfront savings at the time of purchase.
When calculating its five-year cost to own figures, KBB takes into account a number of expenses including deprecation (which is calculated using the organization’s residual values), expected fuel costs, insurance, financing fees obtained through third-party providers, maintenance and repair costs, and state fees, giving shoppers a broader view of what to expect to shell out over five years of ownership.
“Shoppers can save hundreds, if not thousands, of dollars over time when they choose to buy a vehicle with low ownership costs,” said Janice Yoell, senior manager of valuations for Kelley Blue Book. “Taking the time to research what it will cost to own a new car can help savvy buyers keep more money in their pockets in the long run.”