Ford Authority

Ford F-150 Lightning Wins 2023 Five-Year Cost To Own Award

Since its launch, the Ford F-150 Lightning has racked up a considerable number of awards from various sources, a list that includes 2023 MotorTrend Truck of the Year, a Kelley Blue Book Best Buy award, an Edmunds’ Best of the Best Award, 2023 North American Truck of the Year, KBB Best Resale honors, a 2023 Best Value in America Award from Vincentric, and the 2023 Commercial Green Car of the Year award from Green Car Journal. Now, the Ford F-150 Lightning continues to add to its proverbial trophy case after KBB has bestowed the EV pickup with a 2023 Five-Year Cost to Own Award, too.

Ford F-150 Lightning Norway - Exterior 003 - Front Three Quarters

The Ford F-150 Lightning took home top honors in the EV truck segment with an average five-year cost of ownership that comes in at $51,243, which is $381 less than the segment average. To calculate these values, Kelley Blue Book considers insurance, maintenance costs, fuel costs, state fees, and depreciation, the latter of which is one of the biggest expenses new vehicle owners incur, yet not something that many consider when purchasing a vehicle.

KBB calculates depreciation costs using its own residual values, which it uses to calculate total ownership costs for new vehicles by applying a sophisticated valuation methodology along with critical financial data acquired from third-party providers.

FordPass Rewards Online Redemption Ford F-150 Lightning - Exterior 001 - Rear Three Quarters

“Many car shoppers would be shocked if they understood that cost of ownership can vary in staggering amounts from one vehicle to the next, potentially to the tune of thousands of dollars over time” said Janice Yoell, senior manager of valuations for Kelley Blue Book. “Paying attention to a vehicle’s cost of ownership is imperative to make a smart purchase decision. For the third year in a row, Toyota and its luxury sibling Lexus take home the top brand prizes for 5-Year Cost to Own in 2023. Both brands feature several models with high residual values – meaning the vehicle holds its value well over time – leading to low vehicle depreciation, which is a key factor in determining cost of ownership.”

We’ll have more on the Ford F-150 Lightning soon, so subscribe to Ford Authority for the latest Ford F-150 Lightning news and continuous Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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