Korea’s Kia Motors Corp. said Friday that it was named the best low-cost ownership brand in the United States, outperforming rivals such as Toyota Motor Corp. and General Motors Co.
Kia Motor was awarded the inaugural 2012 Total Cost of Ownership Awards, which is given to brands and vehicles with the lowest projected ownership expenses by Kelly Blue Book (www.kbb.com).
Michael Sprague (left), vice president at Kia Motors America, poses with Vincent D. Nelson (center), executive vice president of Analytic Insights for Kelley Blue Book, and a KMA executive after an awarding ceremony in Chicago on Wednesday. (Kia Motors)
Korea’s second-largest carmaker received the highest points after calculating depreciation, fuel costs, fees associated with financing and insurance, and maintenance costs to be made over a five-year period, said the company.
“Such stylish and fun-to-drive Kia offerings as the Optima, Sorento and Soul specialize in delivering the practical blessings of excellent fuel economy and inspired resale value,” said the Kelly Blue Book on its Web site.
It said Kia Motors’ Soul topped the list of the compact car segment for the lowest average total ownership costs of $31,417.
Kia Motors sold 102,267 units of the Soul in the U.S. market last year.
The Sonata sedan of Kia’s bigger affiliate Hyundai Motor Co. won the mid-size car segment with a five-year ownership cost of $38,476, beating Toyota’s Camry. Its SUV Santa Fe has a five-year ownership cost expected to total $42,628 to claim the top honor in the crossover class.
The German Audi AG was the top luxury brand for low average total ownership costs on the strength of its A5 and Q7 models.