1 Factor Makes the 2023 Toyota Tundra More Affordable Than the Ram 1500 in the Long-Term
The 2023 Ram 1500 and Toyota Tundra have much in common. Both are reliable and earn rave reviews from critics and consumers. If you’re torn between these two full-size pickups, you might lean toward the truck with the lower MSRP. However, that might not be reason enough to choose the Ram over the Tundra. Here’s why.
The 2023 Toyota Tundra and Ram 1500 are priced similarly
These two light-duty trucks share plenty in common. The Ram pickup has a base MSRP of $37,905, while the Tundra starts at $38,965. That’s only a $1,000 difference. Also, the Ram 1500 gets 2 mpg more than the Tundra, but that EPA-estimated gas mileage is so close it doesn’t really matter. As for size, these trucks are similar in height, length, and bed measurements.
For the rest of this comparison, we’ll focus on the 2023 Ram 1500 Big Horn four-door Crew Cab with a 5.6-foot bed and a 3.6-liter V6 and the comparable 2023 Toyota Tundra SR5 four-door CrewMax with a 5.5-foot bed and a 3.5-liter V6. Their starting MSRPs are $45,375 and $46,520, respectively.
The 1500 stands out in a few ways. For instance, it can seat up to six, compared with the Tundra’s five seats. Additionally, the Ram 1500 is cheaper over five years. The Big Horn’s true cost to own is $55,534, whereas the Tundra SR5’s five-year ownership cost is $58,976, Edmunds reports. Still, that’s only a difference of $3,442 over five years or $688.40 a year. That’s not enough for most owners to feel they’re saving much overall.
Meanwhile, the Toyota truck stands out for its exterior color choices. It has more options, which might appeal to more consumers. The Tundra SR5 also has other attractive features, such as standard satellite radio, adaptive cruise control, and a 10-speed automatic transmission (the 1500 Big Horn has an eight-speed).
Their annual insurance, maintenance, and repair costs are about the same too
The three areas many shoppers check when comparing vehicles are insurance, maintenance, and repair costs. Once again, the 2023 Ram and Tundra have no major differences.
On average, insurance costs $3,898 per year for the Ram 1500 and $4,010 for the Tundra SR5. Those amounts vary depending on the state, insurer, and driver, so consider them rough estimates.
Meanwhile, maintenance is $3,939 for the Ram 1500 and $4,718 for the Tundra, a difference of $779. That’s $155.80 per year over five years.
And annual repairs for the Ram 1500 average $835, compared to $789 for the Tundra, Edmunds data shows. Again, the distinction isn’t that great.
However, one significant difference between these trucks might change buyers’ minds.
The 2023 Toyota Tundra has much lower depreciation than the Ram 1500
Depreciation is how much value a vehicle loses over time. Edmunds shows the 2023 Ram 1500 will lose $18,831 over five years. If you subtract this from the true cost-to-own price of $55,534, that leaves you with a truck worth $36,703.
On the other hand, the 2023 Toyota Tundra will lose $18,831. When subtracted from $58,976, the resale value is $40,145. Tundra owners who wish to sell their vehicle in five years will get over $3,000 more than someone reselling the Ram 1500.
However, saving on depreciation isn’t for everyone. If you don’t plan to sell your truck, there’s no reason to consider the money you could recoup from the resale value.
That said, both of these pickups are highly reliable and will last many miles with proper care. Overall, the Ram 1500 is a higher-quality truck, but if depreciation is a crucial factor, consider the Tundra.