- Tesla offers some of the best values in new cars, per Vincentric’s 2024 analysis of the Canadian market
- “EVs typically have lower fuel and maintenance costs than gas-powered models”: Vincentric pres
- That said, in terms of sheer number of models awarded, Toyota came out on top, as it has for years
Tesla has earned the highest number of awards for vehicle value in the 2024 Vincentric Best Value in Canada awards, followed in order by Toyota, Ram, and Mini. Vincentric noted that over 70% of the winning vehicles were hybrids, plug-in hybrids (PHEVs), or electric vehicles (EVs).
Tesla earned two segment brand awards, along with three individual model awards that took their second consecutive trophies. Other multiple winners included the Toyota Sequoia for its 10th consecutive year; the Mazda MX-5 for nine; and the Ram 2500 for its fifth year.
The awards are divided into Best Value in Canada and Lowest Cost to Own in Canada. Vincentric measures these across eight factors of depreciation, fees and taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. The Best Value vehicles are those that had lower-than-expected ownership costs based on their market segment and price. The factors are evaluated in all ten provinces plus Northwest Territories, “using a range of annual kilometre intervals and insurance profiles,” the company said.
“Our data shows that EVs typically have lower fuel and maintenance costs than gas-powered models,” Vincentric president David Wurster said when explaining the high percentage of electrified vehicles on the list. “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.”
Best Brand Value
Passenger Car Best Value
- Subcompact:Nissan Versa
- Compact:Hyundai Elantra Hybrid
- Compact Hatchback:Mini Cooper EV
- Midsize:Toyota Prius Prime
- Sports Car:Mazda MX-5
Passenger Car Lowest Cost to Own
- Subcompact:Nissan Versa
- Compact:Toyota Corolla Hybrid
- Compact Hatchback:Mini Cooper EV
- Midsize:Toyota Prius Prime
- Sports Car:Mazda MX-5
Luxury Car Best Value
- Compact:Tesla Model 3
- Coupe:Audi A5
- Midsize Sedan:Polestar 2
- Large Sedan:Tesla Model S
- Wagon:Volvo V60 PHEV
- Sports Car:Chevrolet Corvette
- Convertible:Audi A5
Luxury Car Lowest Cost to Own
- Compact:Tesla Model 3
- Coupe:Audi A5
- Midsize Sedan:Polestar 2
- Large Sedan:Tesla Model S
- Wagon:Volvo V60 PHEV
- Sports Car:Toyota GR Supra
- Convertible:BMW Z4
SUV & Van Best Value
- Subcompact SUV:Kia Niro EV
- Compact SUV:Hyundai Ioniq 5
- Midsize SUV:Chevrolet Blazer EV
- Large SUV:Toyota Sequoia
- Minivan:Toyota Sienna
SUV & Van Lowest Cost to Own
- Subcompact SUV:Kia Niro PHEV
- Compact SUV:Mazda MX-30
- Midsize SUV:Chevrolet Blazer EV
- Large SUV:Dodge Durango
- Minivan:Toyota Sienna
Luxury SUV Best Value
- Compact:Tesla Model Y
- Midsize:Kia EV9
- Large:Mercedes-Benz EQS SUV
Luxury SUV Lowest Cost to Own
- Compact:Tesla Model Y
- Midsize: Kia EV9
- Large:Infiniti QX60
Truck Best Value/Lowest Cost to Own (All won both):
- Small/Midsize:Ford Maverick Hybrid
- Full-Size Half-Ton:Ford F-150 Lightning
- Full-Size Three-Quarter-Ton: Ram 2500
- Full-Size One-Ton:Ram 3500
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