Kelley Blue Book has been the last word on automobile valuation since the Model T was in production. But in addition to helping used-car buyers and sellers agree on a price, the experts at KBB.com annually recognize vehicles in each class with the lowest cost of ownership over the first five years (regardless of initial purchase price). Three Chevrolet vehicles — Volt, Silverado and Impala — made the list.
Five-Year Cost to Own is figured by adding up all the factors that go into owning a car — repairs, maintenance, fuel, insurance, financing and state fees — plus the vehicle’s depreciation in value over five years. It turns out that some cars with a low purchase price actually end up costing more to own than a more expensive one. (All costs were evaluated assuming 15,000 miles per year, and 2.84% APR for 60 months with the same down payment for all vehicles in the same class.)
Chevrolet Volt — a repeat award recipient — was not only among four vehicles recognized in the Electric Vehicle category, it was even named “Best In Class” with the lowest 5-Year Cost to Own of all electric cars on the market. Volt came in at just 49¢ per mile, owing to very low fuel costs (it pays to drive an electric), plus $4,065 in rebates for owning an electric vehicle.
In the Full-Size Pickup Truck category, Silverado 1500 Regular Cab was recognized for the lowest 5-Year Cost to Own, coming in at just 61¢ per mile driven. The pickup was a repeat award recipient, having also received a 2012 KBB 5-Year Cost to Own Award.
Impala pulled off another repeat, recognized for its low ownership costs in the Full-Size Car category. Over the first five years of ownership, Chevrolet Impala would cost you just 62¢ per mile.
Learn more about the KBB ratings on our entire vehicle lineup here.