These Vehicles Have the Best Value in Canada for 2022

Everyone wants to save money right now—or at least make sure they get the most bang for their buck. Car shoppers are no different, and the 11th annual Vincentric Best Value in Canada Awards announced this week are here to help.

Vincentric measures cost-of-ownership using eight different cost factors: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. Using a statistical model, it identified the Best Value in Canada winners by measuring which vehicles had lower than expected ownership costs given their market segment and price.

Approximately 2,000 vehicle configurations were evaluated in all ten provinces plus the Northwest Territories using a range of annual kilometre intervals and insurance profiles.

Guess what? Toyota earned more awards than any other manufacturer for the eleventh year in a row. It also happens to be the leading brand for SUVs and vans, while its Lexus brand gets the same distinction among luxury models. Mazda is the best passenger car brand on the mainstream side and Audi leads the way on the luxury side. Chevrolet is the top pickup brand for value.

Photo: Lexus

Interestingly, electrification is paying off for more consumers. 

"Electric, hybrid, and plug-in vehicles are becoming more popular and more mainstream," said Vincentric President, David Wurster. "The 2022 Vincentric Best Value in Canada Awards saw an increase in hybrid vehicles winning their segments. This increase demonstrates that hybrids can be a smart choice for Canadian consumers looking to get the most value for their money, providing both a financial and environmental benefit."

Below is the full list of 2022 Vincentric Best Value in Canada Award winners:

Subcompact car – Kia Rio
Compact car – Toyota Corolla Hybrid
Compact hatchback – Honda Civic
Midsize car – Hyundai Sonata Hybrid
Sports car – Mazda MX-5
EV/PHEV car – Nissan LEAF

Luxury compact car – Audi A3
Luxury coupe – Audi A5
Luxury midsize car – Lexus ES 350h
Luxury full-size car – Lexus LS 500h
Luxury wagon – Volvo V90
Luxury sports car – Chevrolet Corvette
Luxury cabriolet – BMW Z4
Luxury EV/PHEV car – Polestar 2

Subcompact SUV – Kia Niro
Compact SUV – Ford Escape Hybrid
Midsize SUV – Toyota Highlander Hybrid
Full-size SUV – Ford Expedition
EV/PHEV SUV – Volkswagen ID.4
Minivan – Toyota Sienna

Luxury compact SUV – Lexus NX 350h
Luxury midsize SUV – Lexus RX 450h
Luxury full-size SUV – Mercedes-Benz GLS
Luxury EV/PHEV SUV – Tesla Model Y

Small/midsize pickup – Ford Maverick Hybrid
Full-size 1/2-ton pickup – Toyota Tundra
Full-size 3/4-ton pickup – Chevrolet Silverado 2500
Full-size 1-ton pickup – Chevrolet Silverado 3500

Photo: Ford
Share on Facebook

More on the subject

Pre-owned vehiclesHow to Increase Your Trade-In Value?
As you may have noticed, pre-owned vehicles have gained a lot of value since brand new ones have become rare due to the pandemic. For those who are looking to sell their old ride, this is great news! If that’s your case, you’ll still want to make sure you get …
NewsNew Cars and Trucks with the Highest Residual Value in 2022
ALG, a division of J.D. Power which specializes in forecasting future vehicle values, recently announced the winners of its 2022 Canadian Residual Value Awards, recognizing the vehicles that are projected to hold the highest percentage of their original MSRP after a four-year period for mass-market models and after a three-year …
Pre-owned vehiclesHow to Assess the Value of Your Vehicle?
Whether you're thinking of changing your vehicle soon or further down the road, you most probably want to get the most value out of it. And this is not just about the car you're planning on taking home, but also about the one you'll trade-in. Since the beginning of the …
Pre-owned vehicles5-Year-Old Cars That Held Their Value
Did you know that the average depreciation of a vehicle in the first 5 years of its life is currently at 40.1% and that the models that hold their value the longest depreciate 1.6% to 4.4% less quickly than average? At least, that's what the most recent study of the …
NewsThese 5-Year-Old Vehicles Retain the Most Value in 2022
U.S. research firm iSeeCars.com offers an updated look at the used-car market amid rising prices resulting from supply chain and production distruption across the auto industry. An analysis of vehicle depreciation based on over 3 million transactions reveals that cars retain more value than they have in recent memory and …