The 2020 Chevrolet Silverado 1500 is the cheapest pickup truck to own, according to Kelley Blue Book, with a projected five-year cost of ownership of $47,697.
The publication says the Silverado 1500’s low cost of ownership can be chalked up to its relatively low MSRP, particularly for the most popular crew cab models.
“Most truck buyers prefer the crew cab layout (with four full doors), which starts at just over $36,000 for the Silverado,” KBB said. “If you want a truck for your small business, the short-bed regular-cab Work Truck runs less than $30K. No matter what your truck budget is, choosing a Silverado means you get the added value of low 5-Year Cost to Own numbers.”
Coming in second behind the Chevrolet Silverado in KBB’s 5-Year Cost to Own rankings for full-size trucks was the 2020 Toyota Tundra, which has a projected five-year cost of $49,625. This truck may also prove to be a money-saver in the long-run, as KBB notes it is renowned for its reliability.
Surprisingly, the 2020 Ram 1500 managed to work its way into the third position with a projected five-year cost to own of $50,285. KBB says the truck is “highly capable, remarkably luxurious and filled with innovative technology,” but despite this, it still manages to be cheaper to own over a five-year period than the Ford F-150 or Nissan Titan XD.
In addition to the Chevrolet Silverado, other GM vehicles performed well in the KBB 5-Year Cost to Own awards this year, with the Chevrolet Tahoe and Chevrolet Impala also winning their respective segments. The mainstream brand with the lowest overall projected costs of ownership was Subaru, while Acura took the top honors for luxury brands.
KBB says the equation used to calculate its 5-Year Cost to Own estimates is “complex and includes things like insurance, fuel economy and interest rates,” although the biggest driver, it says is depreciation. This is a crucial and sometimes overlooked aspect when making a vehicle purchasing decision, as some vehicles can lose 60 percent of their value or more over a five-year period, making them much less affordable than their MSRP may suggest.