Kelley Blue Book (KBB) has recently announced the winners of its 5-Year Cost to Own Awards for the 2023 model-year brand and category. The awards recognize vehicles with the lowest projected ownership costs over the first five years of ownership, including everything from fuel to maintenance, insurance, and depreciation.
The awards were given to the Tesla Model 3 and Model Y for the best premium electric vehicles in their respective categories, with the Model 3 winning the “Luxury Electric Car” category and the Model Y securing the top spot in the “Luxury Electric SUV” segment. Other electric vehicles that won in their respective categories include the Ford F-150 Lightning for the “Electric Truck” category, and the Chevy Bolt EV and Chevy Bolt EUV for the “Electric Car” and “Electric SUV” categories.
The dominance of Tesla's Model 3 and Model Y in the awards comes as no surprise, given the growing popularity of electric vehicles in recent years and Tesla's strong market presence. The Model 3, in particular, has been one of the top-selling electric cars in the US since its launch, and the Model Y has also been well-received by consumers as a more affordable and practical electric SUV.
The recognition of the Ford F-150 Lightning as the best electric truck is also noteworthy, as it highlights the increasing competition in the electric truck market, with other notable players like Rivian and GMC also offering their own electric pickups. The awards for the Chevy Bolt EV and EUV are bittersweet, as General Motors has announced plans to retire these models.
It's thrilling to observe that our experiences as Tesla owners are being recognized by institutions like KBB. Once the Cybertruck rolls out I believe Tesla will get recognition for not only "best electric truck" but also "best truck" in general.