2023 Nissan Titan vs. Ram 1500: Which Truck Is More Affordable Long Term?
Buying a new truck is not a decision to be taken lightly, which is why tools like Edmunds’ 5-Year Cost to Own are so useful. When you’re on the fence about choosing the 2023 Ram 1500 or the 2023 Nissan Titan, it can give you an idea about how much money you will end up investing in a 5-year period.
In the case between these two full-size pickup trucks, one is clearly a better investment if you plan on keeping it.
Which full-size truck is more affordable right now?
If you’re just looking at the starting MSRP, then the 2023 Nissan Titan is the clear winner. It starts at $42,140, while a similar 2023 Ram 1500 costs $45,375. Things get a little murkier once you begin digging, however.
The Ram 1500 clearly has better ratings from Edmunds than the Titan, and other critics tend to agree. The Ram 1500 also has better fuel economy, with an EPA rating of 20 city, 25 hwy, and 22 mpg combined that is clearly superior to the Titan’s 16 city, 21, hwy, and 18 combined.
There are other factors to take into consideration, however, and the Titan begins to pull ahead in the race to determine which is better. It has a more powerful engine, which produces 400 hp and 413 lb-ft of torque, as compared to the Ram 1500’s 305 hp and 269 lb-ft of torque. The Titan also has more features, such as standard satellite radio and parking assistance.
When it comes to the 5-year cost to own, courtesy of Edmunds, the Titan also comes out on top.
How does Edmunds determine its 5-year cost to own estimates?
This can be tricky, as it’s hard to determine how a vehicle will age, what repairs will pop up, and other factors such as taxes and fees. Taxes alone can give you a headache, as it differs from state to state. With that in mind, it’s clear why Edmunds refers to its 5-year cost to own as an estimate, and not a definite fact. Despite this, it can give you an idea of what to expect once you purchase a vehicle.
To figure this out, Edmunds uses a tried and method that starts with the assumption a vehicle will be driven approximately 15,000 miles per year, as this is the average mileage for most drivers. Other factors that go into determining the cost to own is the assumption that the owner is financing for 60 months versus leasing, will put down 10%, and that the buyer has an above-average credit rating.
Edmunds also goes with the assumption that once the vehicle is sold, it will be in clean condition, and that 45% of the driving time will be on the highway and 55% on city streets.
Why is the Titan more affordable in the long-term?
It was close, but there were a few factors that help the Titan once again become victorious. For starters, owners who are financing are investing $9,738 verses $10,432 for the Ram 1500. In terms of taxes, Titan owners will pay around $1,515 for the Titan, while Ram 1500 owners will pay $1,752.
There’s not much difference in cost of insurance. The Ram 1500 costs around $4,027, while the Titan is $3,968. Maintenance is where the biggest difference lies. The Ram 1500 is expected to cost owners an estimated $3,787 over five years, while the Titan costs only $3,027.
When you total all this up, the Titan will cost less than the Ram 1500. Either truck is solid enough, however, so it really boils down to what you can afford and what you want.