The Kia Rio 5-Door has earned a 2021 Vincentric Best Value in America Award, ranking number one in the Subcompact Hatchback segment. A leading source of cost-of-ownership data and analysis within the automotive industry, Vincentric determined the winners by analyzing current market price and total cost of ownership for all 2021 model year vehicles.
"Kia’s transformation into a world-class car company has earned the brand significant accolades across its entire vehicle lineup, and this latest honor from Vincentric is further testament to Kia’s commitment to quality and value,” said Sean Yoon, president and CEO, Kia Motors America, Kia Motors North America. “We are proud to have a company like Vincentric recognize the Rio for its significance in a segment very important to many American families.”
The refreshed 2021 Kia Rio 5-Door is an attractive option for customers looking for stylish efficiency. Loaded with essential technology and convenience features like an 8-inch touchscreen color display with rear camera, LED headlights and automatic temperature control, the sporty subcompact offers a strong value proposition in a sophisticated yet space-efficient package.
First, Vincentric measures the cost of ownership for over 3,000 vehicle configurations by combining the costs associated with depcreciation, insurance, repairs, maintenance (scheduled and unscheduled), finance, fuel, taxes and state fees (including the federal hybrid tax credit), and opportunity costs. This produces the "measured" cost of ownership for each vehicle.
Next, vehicles are assigned to segments based on vehicle type, market position, and size. This allows Vincentric to determine a vehicle's "expected" cost of ownership based on a statistical model that correlates the price and cost of ownership of the vehicles within that specific segment. This correlation is represented graphically in the chart below by the line identified as "average value." Any vehicle that falls below the average value line is a better value than a vehicle that is above the average value line.
To complete the process, Vincentric calculates the difference between a vehicle's "expected" cost of ownership and its "measured" cost of ownership. The vehicle that is the greatest percentage below the "expected" cost of ownership is determined to be the best value in its segment.
This statistically driven approach allows Vincentric to measure value in an unbiased manner, and help consumers and the automotive industry better understand how ownership costs impact the creation of value for the buyer.
“The Kia Rio had the lowest repair and depreciation costs of all Subcompact Hatchback vehicles,” said David Wurster, president, Vincentric. “These low costs helped the Rio outperform the competition for the 2021 Vincentric Best Value in America Awards and prove its strong value in the consumer market."