These Are the Vehicles With the Best Value in Canada in 2024
With rising prices and interest rates over the past couple of years, getting more bang for your buck has become more important than ever for a lot of people, especially when it comes to large expenses such as a new car.
Automotive data research firm Vincentric today announced the winners of its 13th annual Best Value in Canada Awards to help shoppers make sound purchase decisions.
- Also: These Are the 2024 Models with the Highest Projected Residual Value
- Also: Canadian Black Book Hands Out 2023 Best Retained Value Awards
Eight different factors are used to measure the cost of ownership: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. Using a statistical model, Vincentric identified the Best Value in Canada winners by determining which vehicles had lower than expected ownership costs given their market segment and price.
Over 70 percent of the winners this year are electrified vehicles including hybrids and full EVs.
“Our data shows that EVs typically have lower fuel and maintenance costs than gas-powered models, which, based on the strong performance of EVs in this year’s awards, can translate into great value for Canadian consumers,” Vincentric President David Wurster said. “There was also a vast array of brands that came out with winning models. With no single brand winning more than three segments, the Canadian market has a wide variety of best-in-class options."
Tesla earns more vehicle awards than any other brand. It also gets the awards for the Best Value Luxury Car brand and Best Value Luxury SUV brand. On the mainstream side, MINI is the Best Value Car brand, while Toyota is the Best Value SUV/Van brand. As for the Best Value Truck brand, Ram is the winner.
Head over to Vincentric’s website for the complete list of vehicle award winners for 2024. And don’t miss The Car Guide’s Best Buys section, either.
