2020 HYUNDAI ELANTRA, SANTA FE AND VENUE RECEIVE LONG-TERM OWNERSHIP VALUE AWARDS
CHICAGO, Ill., February 6, 2020 – The 2020 Hyundai Elantra, Santa Fe and Venue are all recipients of the 2020 Kelley Blue Book 5-Year Cost to Own Award for the compact car, mid-size 2-row crossover and subcompact crossover segments, respectively. The awards were presented at the 2020 Chicago Auto Show.
The lowest-projected ownership costs of new vehicles and brands are based on Kelley Blue Book’s 5-Year Cost-to-Own data for new cars for the initial five-year ownership period. This data takes into consideration seven factors: depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs, and state fees.
“We take great pride in having three of our 2020 models receive Kelley Blue Book’s 5-Year Cost to Own Award,” said Scott Margason, director, Product Planning, Hyundai Motor America. “At Hyundai, all of our products are focused on providing excellent customer value. That means making great products that are great to live with, and having a low cost of ownership can make a big difference for many of our customers.”
The Kelley Blue Book 5-Year Cost to Own Awards help shoppers make more informed new-car buying decisions by breaking down typical ownership cost details and naming the brands and models with the lowest projected five-year total.
About Kelley Blue Book’s 5-Year Cost to Own Awards
Buying a car and owning a car are two different things. Often buyers look at the car's price and what the monthly payments are, but that doesn't take into consideration the total cost of vehicle ownership. While the price consumers pay certainly figures prominently into overall costs, and Kelley Blue Book tools like Fair Purchase Price go a long way in helping them make the right decision, that's just the beginning. What they will be paying to own and operate vehicles involves many factors and expenses that may or may not have been considered at purchase. And these considerations may very well impact what they’re paying years after driving a new vehicle off the lot.
While insurance costs, fuel economy and interest rates all have an impact on what consumers spend on their vehicles, one of the largest expenses is depreciation, or how much resale value a vehicle retains over the long run. New cars with similar sticker prices can and do depreciate at different rates depending on their desirability in the second-hand market and this has a major impact on total ownership costs. And it's a big reason why a less expensive car or one with huge rebates on it may not necessarily be the best deal versus a higher-priced unit that will be worth more when it comes time to sell or trade it in.
Buying the right car that retains the most value more often than not is the best move. This is where Kelley Blue Book's 5-Year Cost to Own Awards are useful guides in making an informed decision.
In developing the data that drives our 5-Year Cost to Own projections, Kelley Blue Book analysts calculate projected resale values, insurance and state fees, estimate the costs for fuel, maintenance and repairs and take into consideration the vehicle's acquisition cost as determined by Kelley Blue Book's Fair Purchase Price. This data evaluates these costs down to the model level and take into consideration new vehicle sales figures. More popular trims are given more weight to give a clearer picture of what buyers can expect in return when it comes to ownership costs.
These results and the awards themselves provide powerful insights that can give consumers the upper hand when it comes to shopping for a new vehicle. The 5-Year Cost to Own Awards are a valuable tool in making sure that everyone makes an informed purchase that will pay dividends both now and over the years ahead.
Hyundai Motor America At Hyundai Motor America, we believe everyone deserves better. From the way we design and build our cars to the way we treat the people who drive them, making things better is at the heart of everything we do. Hyundai’s technology-rich product lineup of cars, SUVs and alternative-powered electric and fuel cell vehicles is backed by Hyundai Assurance—our promise to create a better experience for customers. Hyundai vehicles are sold and serviced through more than 830 dealerships nationwide and nearly half of those sold in the U.S. are built at Hyundai Motor Manufacturing Alabama. Hyundai Motor America is headquartered in Fountain Valley, California, and is a subsidiary of Hyundai Motor Company of Korea.