Automobiles

Toyota, Tesla rank highest in Best Value in Canada Awards

By Nickk Heyman
0

Toyota and Tesla are the top brands in Canada for value for 2023, along with electrified vehicles overall. That’s the report from Vincentric, which has announced the twelfth edition of its annual Best Value in Canada awards.

The awards are divided into Best Value in Canada, along with Lowest Cost to Own in Canada. Toyota earned two awards as a brand – the sixth time it has won for Car Brand and SUV & Van Brand – and six for individual Best Value models. Tesla took two brand awards and four Best Value model awards. Ram was named Best Brand Value for trucks for the third time.

The awards named a “landslide number” of electrified vehicles, the company said. Of the 25 Best Value awards, 17 were given to electric vehicles (EVs), plug-in hybrids (PHEVs), or hybrids; while 14 electrified vehicles were named as Lowest Cost to Own.

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Learn more about the cars

  1. 2023 Toyota Corolla Hybrid

    MSRP  $25,990 to $34,290

“This year’s awards saw a 15-per-cent increase in electric, hybrid, and plug-in winners from last year, showing that alternative-fuel vehicles are a viable choice for Canadian consumers,” said David Wurster, president of Vincentric. “Not only do (they) reduce tailpipe emissions, but our awards demonstrate that, in many cases, these vehicles can be both a lower cost and better overall value than fully gasoline-powered options.”

A vehicle’s cost of ownership is measured by eight cost factors: depreciation, fees and taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. The evaluations are calculated in all ten provinces plus the Northwest Territories, using a range of annual kilometres and insurance costs. The 2023 winners are as follows.

Best Brand Value in Canada

  • Passenger Car – Toyota
  • Luxury Car – Tesla
  • SUV & Van – Toyota
  • Luxury SUV – Tesla
  • Truck – Ram

Best Value in Canada – Passenger Car

Best Value in Canada – Luxury Car

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Nickk Heyman
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