If you’re looking to buy a certified, used vehicle, your best financial choices could be from Ford and Volvo. Those two brands were named as the major winners this week by Vincentric LLC of its Certified Pre-owned Best Value in Canada awards.
The research company considers the expected costs of ownership for all pre-owned vehicles that are certified and resold by their manufacturers, no more than five years old and with less than 100,000 kilometres of use. Five different Fords made the list, and four different Volvos.
Vincentric president David Wurster says the awards are an indication for both manufacturers and consumers that their pricing is competitive at all stages in the vehicles’ life. “Manufacturers want to sell certified pre-owned vehicles – those vehicles help improve the residual values of all their vehicles,” he says. “If you can keep the residual values up on your vehicles, then you’re a company that gets to have low lease rates. And if you can keep your inventory in demand, residual values will stay higher.”
To determine its awards, Vincentric says it analyzed about 15,000 different vehicle configurations, taken from all 10 provinces and the Northwest Territories. It considered the costs of depreciation, fees and taxes, financing, fuel consumption, insurance, maintenance and repairs, as well as opportunity costs – the difference between investing in the vehicle and investing in other earners of income. The value of the warranty offered was also considered, as well as expected future depreciation over the next seven years.
“I’m kind of a fan of certified pre-owned vehicles myself,” says Wurster. “Each of the manufacturers has a different certified pre-owned warranty, and we account for that – if you have a really good warranty, that could lower your repair costs. If a pre-owned vehicle is certified, you’re getting a vehicle that has a lot of the depreciation accounted for when you purchase it, and you’re getting a warranty on top of that.”
In its awards, Vincentric also names the vehicles that are the cheapest to own in all segments – not necessarily bringing the best value with affordable features, but just the least overall cost. The Subaru Impreza and the Hyundai Kona EV each won their segments for both categories, as well as all four winning pickup trucks, which demonstrates their best possible value, says Wurster.
Two manufacturers conspicuously absent from the awards are Toyota and Honda, which Wurster acknowledges is “a little unusual.” Shortages of vehicles that kept residual values artificially high may have been to blame. Similarly, Tesla is not mentioned, perhaps because it may have been a victim of its residual values being cut repeatedly as the prices of its new models were dropped.
“I think this is a really good analysis,” says Wurster. “If you’re a consumer, how much do you get for what you’re spending? After all, a more expensive vehicle can still be a good value if its retained value is high and it’s got other low costs of ownership.”
2024 Award winners
Best Overall CPO Brand Value in Canada:
Passenger Car: Mazda
Luxury Car: Volvo
SUV and Van: Ford
Luxury SUV: Jaguar
Truck: Ford
Passenger Car – Best CPO Value in Canada / Lowest CPO Cost to Own in Canada:
The 2020 Kia Rio.Courtesy of manufacturer
Subcompact, best value: Kia Rio
Subcompact, lowest cost to own: Mitsubishi Mirage
Compact, best value: Subaru Impreza
Compact, lowest cost to own: Subaru Impreza
Compact hatchback, best value: Hyundai Ioniq Hybrid
Compact hatchback, lowest cost to own: Volkswagen e-Golf
Mid-size, best value: Ford Fusion Hybrid
Mid-size, lowest cost to own: Ford Fusion Energi
Large sedan, best value: Chrysler 300
Large sedan, lowest cost to own: Chevrolet Impala
Sports car, best value: Mazda MX-5
Sports car, lowest cost to own: Hyundai Veloster
Luxury Car – Best CPO Value in Canada / Lowest CPO Cost to Own in Canada:
The Acura ILX.Supplied
Luxury compact, best value: BMW 3 Series PHEV
Luxury compact, lowest cost to own: Acura ILX
Luxury coupe, best value: Mercedes-Benz E-Class
Luxury coupe, lowest cost to own: Audi A5
Luxury mid-size sedan, best value: Volvo S60 PHEV
Luxury mid-size sedan, lowest cost to own: Volvo S60
Luxury large sedan, best value: Volvo S90 PHEV
Luxury large sedan, lowest cost to own: Jaguar XF
Luxury wagon, best value: Volvo V90
Luxury wagon, lowest cost to own: Volvo V60
Luxury sports car, best value: Audi e-tron GT
Luxury sports car, lowest cost to own: Nissan 370Z
Luxury convertible, best value: Audi A5
Luxury convertible, lowest cost to own: Audi A3
SUV and Van – Best CPO Value in Canada / Lowest CPO Cost to Own in Canada:
A Hyundai Kona EV.Jason Tchir
Subcompact SUV, best value: Hyundai Kona EV
Subcompact SUV, lowest cost to own: Hyundai Kona EV
Compact SUV, best value: Mazda CX-5
Compact SUV, lowest cost to own: Ford Escape PHEV
Mid-size SUV, best value: Ford Edge
Mid-size SUV, lowest cost to own: Dodge Journey
Large SUV, best value: Ford Expedition Max
Large SUV, lowest cost to own: Nissan Armada
Minivan, best value: Kia Sedona
Minivan, lowest cost to own: Dodge Grand Caravan
Luxury SUV – Best CPO Value in Canada / Lowest CPO Cost to Own in Canada:
The 2022 Jaguar I-Pace.Mark Richardson/The Globe and Mail
Luxury compact SUV, best value: Jaguar E-Pace
Luxury compact SUV, lowest cost to own: Volvo C40
Luxury mid-size SUV, best value: Volvo XC90
Luxury mid-size SUV, lowest cost to own: Jaguar I-Pace
Luxury large SUV, best value: Audi Q7
Luxury large SUV, lowest cost to own: Infiniti QX60
Truck – Best CPO Value in Canada / Lowest CPO Cost to Own in Canada:
The 2022 Ford F-150 Lightning.Mark Richardson/The Globe and Mail
Small/Mid-size pickup, best value: Ford Maverick Hybrid
Small/Mid-size pickup, lowest cost to own: Ford Maverick Hybrid
Full-size ½-tonne pickup, best value: Ford F-150 Lightning
Full-size ½-tonne pickup, lowest cost to own: Ford F-150 Lightning
Full-size ¾-tonne pickup, best value: Ram 2500
Full-size ¾-tonne pickup, lowest cost to own: Ram 2500
Full-size 1-tonne pickup, best value: Ram 3500
Full-size 1-tonne pickup, lowest cost to own: Ram 3500