Toyota and Tesla Lead Vincentric 2023 Best Value in Canada Awards Amid EV Surge

• Toyota and Tesla dominate 2023 Vincentric Awards, electric and hybrid vehicles shine.

• Vincentric awards see surge in EV, PHEV, and HEV winners, reflecting consumer preferences.

The 12th annual Vincentric Best Value in Canada Awards were announced, marking another year of dominance for Toyota and Tesla, along with an increased presence of electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs).

Toyota once again led the pack, earning the highest number of awards for the twelfth consecutive year. It received six model-level awards and two brand awards, including Best Value Passenger Car Brand and Best Value SUV & Van Brand. Tesla also made its mark, securing four model awards and two brand-level awards, namely Best Value Luxury Car Brand and Best Value Luxury SUV Brand.

There was a significant rise in the number of EV, PHEV, and HEV winners this year. Out of the 25 total models awarded, 17 were in these categories, demonstrating a shift in consumer preference towards more sustainable transportation solutions.

Toyota‘s award-winning models included the Sequoia, Sienna, Highlander Hybrid, Corolla Hybrid, Prius Prime, and GR Supra. Tesla’s first-time winners included the Model 3, Model S, Model Y, and Model X. The Ram 2500 and 3500 pickups also earned accolades.

Other notable winners were the Ford F-150 Lightning, Mazda MX-5, BMW Z4, Audi A5, and Kia Rio, in various segments. Brands including Cadillac, Chrysler, Hyundai, Polestar, Volkswagen, and Volvo each had one Best Value winner, while Dodge, Jaguar, Lexus, Mini, and Mitsubishi each won in the Lowest Cost to Own category.

Vincentric President, David Wurster, pointed out a 15% increase in electric, hybrid, and plug-in winners from last year, indicating that these vehicles are a feasible option for Canadian consumers due to their potential lower costs and overall value compared to conventional gasoline-powered vehicles.

The Vincentric Best Value in Canada awards are determined using a comprehensive evaluation process that takes into account eight cost factors: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. This approach ensures a holistic view of vehicle value, enabling consumers to make more informed decisions.