Hyundai Accent wins for best brand when it comes to low maintenance and repair costs.
The Hyundai Accent came out on top for lowest maintenance and repair costs, according to a recent study.
Kelley Blue Book announced the winners of its seventh annual 5-Year Cost to Own Awards where Hyundai took the win on the maintenance and repair side of things, followed by Acura.
The 2018 Hyundai Accent came out on top for maintenance and repair costs. Over the course of 5 years, customers would pay $3,002 to take care of their vehicle, or about $600 per year. Kelley Blue Book pegged repair costs at $553, with the costs of maintenance being $2,449 (all prices in U.S. dollars).
Hyundai was named this year’s top brand for lowest total ownership costs, the second time it has finished on top since the program was created. Hyundai models won thanks to top marks in almost all categories, such as low repair costs and superior warranty program. Its Sonata model won in the mid-size car category, with the Elantra and the Accent coming in second place in the compact and subcompact car categories.
Acura took the win for best luxury brand for the third year in a row, backed by its ILX and MDX models.
In particular, the 2018 ILX saw repair and maintenance costs come in at $3,521 over the first five years, or $704 annually. Kelley Blue Book listed repairs at $1,154 and maintenance at $2,367.
Third place belonged to the 2018 Chevrolet Spark, which won for best subcompact car. The maintenance and repair costs are estimated at $3,950 which would equal out to paying $790 a year. The repair costs amount to $1,869 with maintenance costs sitting at $2,081, according to Kelly Blue Book.
On average, in all 23 categories of the vehicle winners, the costs of repairs over the course of 5 years is around $1,550 with maintenance at $2,718 – or $4,268 combined.
The 5-year Cost to Own information takes into consideration the areas of the vehicle that people’s money goes into like depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees. These categories are all areas that come into play when making a vehicle purchase.
Meanwhile, the Canadian Black Book announced its winners for Best Retained Value with Porsche picked as the overall best brand. The vehicle also was honoured with best retained value in the Premium Luxury Car and Mid-Size Luxury SUV categories with its Panamera and the Cayenne models.
The Best Retained Value Awards are given to vehicles that have the highest percentage of their manufacturer’s selected retail price after four years. It’s the fifth straight year that the Panamera has been at the top of its category and the third year in a row for the Cayenne.
“We are delighted to accept the Overall Brand – Luxury and the two model awards from Canadian Black Book,” said Marc Ouayoun, president and CEO of Porsche Cars Canada, Ltd. “These acknowledgments by the leading authority reinforce the value retention of our product line which ultimately benefit our customers.”
Another notable win is the 2014 Jeep Wrangler which won in its category of ‘Small Pick-up’ for its eighth consecutive year. It has made an all-time retained value record, by holding 91 per cent of its original manufacturer’s selected retail price.
“High depreciation, the single most expensive cost of owning a vehicle, can be a backbreaker. Especially if you are in a long-term loan, holding many consumers in negative equity where their vehicle is worth less than the outstanding amount due on the loan for almost the entire term,” says Brian Murphy, vice president of research and editorial at Canadian Black Book.