Vincentric is a data compilation and analysis company launched in 2004 and based in Michigan. The company uses a proprietary cost-of-ownership database to measure and analyze the cost of keeping and maintaining cars after purchase. Vincentric then uses the information to determine how said ownership costs impact the value of the vehicles for buyers. This helps provide insight into the automotive industry for players like the website Cars, Toyota, General Motors, Mercedes-Benz USA, etc.
Worth noting is that the data and insight from Vincentric can also prove valuable to car buyers, which is where the annual Best Value Awards come in.
What are the Vincentric Best Value Awards?
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Every year, Vincentric releases its Best Value Awards, a list of cars the company believes will provide the best value for their market segments and categories. As mentioned above, Vincentric compiles and analyzes data, even considering multiple aspects of car ownership before releasing the list.
Also notable is that Vincentric provides lists for both Canada and the U.s., focusing on fleet models, certified pre-owned, and consumer market vehicles. The Best Value Awards for the consumer market in the USA were introduced in 2005 and later introduced to Canada.
How the company picks vehicles for the Best Value in America awards
To understand how the company picks car options for the Best Value Awards, you first have to understand how Vincentric defines value in terms of car ownership. Put simply, Vincentric states the vehicle with lower ownership costs despite a similar price to its counterparts offers better value.
However, since vehicle prices vary even in the same market segment, the company has to find another way to measure value. It does this by combining cost factors such as depreciation, financing, maintenance, insurance, opportunity cost, repairs, fuel, and lastly, fees and taxes for approximately 2,000 vehicles.
After that, it assigns vehicles to different segments, e.g., subcompact, compact, mid-size, sports car, compact SUV, etc. Vincentric then correlates the price and ownership costs of different vehicles in each segment using a statistical model. Once this information is presented on a graph, the average value of cars and trucks in each segment can be defined linearly.
Consequently, vehicles whose ownership costs fall below the line are considered better value. Vincentric can then use these data points to calculate the difference between expected and actual ownership costs. Only the vehicles with the most significant percentage difference between expected and actual ownership costs below the line are included in the Best Value Awards.
Winners for the Vincentric 2022 Best Value Awards in America
With the 2022 Vincentric Best Value Awards in America winners announced, there are notable inclusions in some of the more popular car categories. For instance, the Toyota Camry was selected as the best value option in the mid-size passenger car category. According to Vincentric, the Camry’s ownership costs are 4.4% below expected.
The Jeep Wrangler in the compact SUVs segment had one of the more significant margins at 12.1% below expected. This is the seventh time the Wrangler has taken the award in almost two decades.
Next is the Tesla Model 3 in the Luxury EV section. This vehicle combines the lowest depreciation, insurance, repair, operating, and maintenance costs to help clinch the title for the 2022 model year. That said, the margin is only 2.4% below expected.
Other notable mentions include the Chevrolet Corvette, Lincoln Navigator, and Ford F-250 in the luxury sports car, luxury large SUV, and full-size ¾-ton pick-up truck categories. Similar to the Jeep Wrangler, the Corvette’s percentage difference is slightly over 12%, and having the lowest insurance costs in its class certainly helped it clinch the award.
As for the Lincoln Navigator and Ford F-250, the margins are 3.9% and 2.6%, respectively.
Keyword: What Is Vincentric?