• 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

2024 Nissan Versa
2024 Nissan VersaPhoto by Nissan

Passenger Car Best Value

Passenger Car Lowest Cost to Own

Luxury Car Best Value

Luxury Car Lowest Cost to Own

SUV & Van Best Value

2023 Toyota Sequoia TRD Pro
2023 Toyota Sequoia TRD ProPhoto by Toyota

SUV & Van Lowest Cost to Own

Luxury SUV Best Value

Luxury SUV Lowest Cost to Own

Truck Best Value/Lowest Cost to Own (All won both):

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