Last year, the 2023 Ford Bronco earned a Five-Year Cost to Own Award – part of Kelley Blue Book’s annual Best Resale Value Awards – thanks to presenting owners with a lower estimated five-year ownership cost than its rivals. Now, the rugged SUV has once again been recognized for being a tremendous new vehicle value, as the 2023 Ford Bronco has been awarded yet another KBB resale award after landing on the top ten list of vehicles with the best projected five-year resale values on the market at the moment.
The 2023 Ford Bronco finished fourth among all new vehicles with an estimated five-year resale value of 65.4 percent, trailing only the Toyota Tundra at 73.3 percent, as well as the Toyota Tacoma and Tesla Model X, which tied for second place with 66 percent. It also beat out the Chevy Corvette (65.3 percent), Toyota 4Runner (64.4 percent), Honda Civic (62.5 percent), Ford Maverick (61.7 percent), and the Subaru Crosstrek and Jeep Gladiator, which tied for the tenth spot at 61 percent.
Kelley Blue Book’s Best Resale Value Awards are based on projections from the organization’s Official Residual Value Guide. KBB’s residual values are established by automotive analysts that review the output from statistical models built upon millions of transactions. Vehicles that earn the highest five-year residual values, expressed as a percentage of their original Manufacturer’s Suggested Retail Price (MSRP), are selected for these awards.
As KBB points out, depreciation is typically the largest expensive facing new vehicle owners in the first five years of ownership. The average 2023 model-year vehicle will only retain about 45 percent of its original value following that time period, meaning that a $45,000 new vehicle today will be worth around $20,250 after five years. By comparison, all vehicles in Kelley Blue Book’s Top 10 for Best Resale Value in 2023 are projected to retain around 60 percent or more of their MSRP after the initial five-year ownership period.
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That’s why always best to buy a use vehicle unless you are able to take that Depreciation.hit.