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The 2023 Toyota Tundra is one of the many options in the full-size pickup truck segment, but the Tundra is an underdog compared to the giants of the segment. One of those giants is the 2023 Chevy Silverado, and it’s one of the most popular vehicles in America in general. There are a lot of similarities and differences between the 2023 Toyota Tundra and the 2023 Chevy Silverado, but here’s a look at which truck is more affordable to own long-term.

Here’s how much the 2023 Toyota Tundra and the 2023 Chevy Silverado cost

Edmunds has a page that compares the two trucks, and in terms of upfront costs, the Toyota Tundra clearly comes out ahead. That being said, trucks are notorious for how many trims and options are available, making it difficult to compare two trucks fairly. This also makes it hard for truck shoppers to compare since some may need a specific option, and that can tip the scales in favor of one truck over the other.

Either way, a popular Tundra configuration is the CrewMax with a short bed and the SR5 trim. This configuration has a starting MSRP of about $46,500. A similar configuration of the Silverado has a crew cab, a 6.6-foot bed, and the Custom trim. It has a starting MSRP of $49,600. That’s a $3,000 price gap.

However, the five-year ownership costs for those two truck configurations are fairly similar. Edmunds estimated that the Tundra would cost $68,084 over five years to own, while the Silverado would cost $67,415. That makes the Tundra about $600 more expensive to own over five years than the Silverado.

How the five-year ownership costs break down for those two full-size trucks

Ownership costs are complicated, and many factors ultimately determine how much a car will cost to own over its lifespan. Since trucks are so inefficient, fuel costs are naturally the biggest portion of their ownership costs. The Toyota Tundra has a slight efficiency advantage, and that makes owners spend about $20,000 over five years for fuel compared to the Chevy Silverado’s estimated $21,000.

Another big part of ownership costs is depreciation and financing. Regarding depreciation, both trucks are about the same as they’ll cost roughly $17,000 over five years for that. However, the Chevy has the advantage in financing since it costs about $10,000 compared to the Tundra’s $11,400. Both trucks have similar taxes & fees, as the Chevy costs about $6,000 while the Toyota costs $6,400.

It’s a similar story for insurance costs, as the Silverado costs $7,100 compared to the Tundra’s $7,000. Surprisingly enough, the Silverado has lower maintenance costs, as it costs $4,700 compared to the Tundra’s $5,200. However, the Tundra is cheaper to repair as its repair costs come in at about $900 compared to the Silverado’s $1,100.

It’s hard to say which truck will cost less in the long term

Overall, both versions of those trucks cost about the same in most areas, so it’s hard to say which one will cost more overall. However, since there are so many trims and options available, these ownership cost numbers are not going to be accurate across the board.

A different version of the Toyota Tundra can have significantly lower ownership costs, while the top trim of the Chevy Silverado will have much higher ownership costs. As such, it’s impossible to say which truck is cheaper to own long-term, and they’re both fairly similar.


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