Is the 2024 Hyundai Palisade Really More Affordable Than the Kia Telluride Long-Term?
A car’s sale price only partially indicates how much it will cost owners in the long run. Maintenance and repairs, insurance, fuel consumption, resale value, and other factors come into play when considering car ownership costs. But when two models share a platform and drivetrain and are corporate cousins like the 2024 Hyundai Palisade and Kia Telluride, which is cheaper to drive long-term?
The 2024 Hyundai Palisade edges out the Kia Telluride in long-term value
The 2024 Hyundai Palisade base model costs slightly more than the standard 2024 Kia Telluride, but according to Edmunds, the Hyundai SUV is more affordable long-term. Edmunds’ “True Cost to Own” formula estimates a base 2024 Palisade will cost owners $55,387 over five years. Meanwhile, the Telluride will likely cost $56,466 — about $1,100 more than its corporate cousin.
That figure more than negates the higher price for the standard Palisade, which starts at $36,400 — $410 more than the entry-level Telluride.
The five-year ownership costs equate to the Palisade requiring about 74 cents per mile traveled, a penny more per mile than the Telluride. However, the Kia SUV beats its cousin in some long-term cost categories. For instance, the 2024 Telluride is expected to depreciate slightly less and save its owner a bit more in insurance than the 2024 Palisade.
Interestingly, Edmunds’ calculation also predicts the Telluride and Palisade will have the same fuel costs over five years despite the Hyundai being rated for 19 mpg in the city and the Kia for 20 mpg.
As expected, these similar SUVs’ expected ownership costs don’t vary much, save for maintenance costs. In that category, the 2024 Palisade can offer significantly better expected value. Edmunds predicts the Palisade will require just under $4,000 in maintenance over five years, while the Telluride will need nearly $5,500.
However, this latter cost-of-ownership category is highly subjective. A well-maintained Telluride will almost assuredly cost less to maintain in the long run than a neglected Palisade that might eventually need costly repairs.
Vehicle ownership costs are highly variable regardless of the model
Any attempt to gauge the average ownership cost of a car, truck, or SUV should only serve as a general guide because vehicle ownership is a highly subjective experience. The actual cost almost invariably depends on how individuals treat their vehicles. The adage “If you take care of your car, it will take care of you” is generally acceptable.
For instance, a 2024 Palisade owner who dutifully follows the maintenance schedule, including oil changes and tune-ups, is far less likely to need severe and costly repairs down the road than the owner of the same model that’s rarely serviced.
The same can be said for a careful driver versus one who regularly locates curbs using their wheels. Similarly, a driver with a lead foot should expect to pay more in fuel costs than a motorist toddling around town in the same model. Insurance premiums, determined based on the individual, are another factor that can affect long-term ownership costs.
Ultimately, vehicle models may have general long-term ownership costs, but what a car owner actually pays over several years or longer is a product of various factors.