With the rise in prices and interest rates in recent years, getting value for your money is more important than ever for a majority of consumers, especially when it comes to a major expense like an automobile.
The research and analysis firm Vincentric has just announced for the 13th year the recipients of its best value awards in Canada, precisely with the aim of helping people shopping for a new vehicle.
Eight elements are taken into consideration: depreciation, fees and taxes, financing, fuel, insurance, maintenance, repairs and opportunity cost. The brands and models awarded by Vincentric are those with the lowest costs in their respective market segment based on their price.
More than 70% of the winners in 2024 are electrified vehicles, that is to say hybrid or electric, notes the president of Vincentric, David Wurster. “Our data shows that electric vehicles typically have lower maintenance and energy costs than combustion models, which translates into excellent value for Canadian consumers,” he said.
Photo: Tesla
Although Tesla is in the lead, we also see that no brand is number one in more than three categories. In other words, the market offers a variety of financially advantageous options.
Elon Musk’s company wins best value award for luxury car and luxury SUV brands. As for popular brands, MINI gets top honors for cars and Toyota does the same for SUVs/vans. Ram is the brand that comes to mind when it comes to pickup trucks.
What about specific models? Visit the Vincentric website to view the full list of 2024 winners in Canada. And of course don’t forget to visit the Best Buys section of the Car guide!
