Tesla's Model 3 and Model Y, and Ford's F-150 Lightning also won their categories in KBB's 2023 5-Year Cost to Own Award.
Electric vehicles may be more expensive to buy outright than their internal combustion engine counterparts, but what matters more for the buyer is the total cost of ownership, which factors in costs like fuel, maintenance, insurance, and even vehicle depreciation.
Obviously, these costs vary from vehicle to vehicle and can add up to many thousands of dollars over time. That is why it's important to know what models have the lowest total cost of ownership., which picks winners in every category from eligible 2023 model-year vehicles. The awards recognize new vehicles with the lowest projected ownership costs over the initial five-year ownership period.
Obviously, our focus here is on electric vehicles, so here's what you need to know. There are five battery electric vehicles that dominate their categories in this year's awards – Electric Car, Electric Luxury Car, Electric SUV, Electric Luxury SUV, and Electric Truck.
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