Top Ten TCO: Half-Ton Pickups
Out of 349 full-size, half-ton pickup configurations, which 2024 models rank the best for depreciation, fuel, maintenance, and overall total cost of ownership?
Ram Tradesman models took three of the top 10 spots in overall TCO and lowest cost per mile.
Photo: Stellantis
Full-size, half-ton pickups are the workhorses for fleets. These trucks do it all — from hauling building supplies and towing yellow iron to job sites to carrying contractor bodies, racks, and pullout shelves for vocational applications.
And full-size pickups come with more configurations than any other vehicle on the road.
With this in mind, we set out to discover the half-ton pickup models with the lowest total cost of ownership. To get there, we asked the lifecycle cost experts at Vincentric to crunch the numbers on six half-ton pickup models in the 2024 model year.
The analysis covers a total of 349 configurations for these models:
Ram 1500
Ram 1500 DS (Classic)
Ford F-150
Ford F-150 Lightning
GMC Sierra
GMC Sierra Diesel
Chevrolet Silverado 1500
Chevrolet Silverado 1500 Diesel
Chevrolet Silverado EV
Nissan Titan
Nissan Titan XD
Toyota Tundra
Toyota Tundra Hybrid
These vehicle configurations include 77 series designations, 22 engine types, seven cab variants, short and long wheelbases, and two- and four-wheel drive models.
Vincentric calculated its standard eight cost elements: depreciation, financing, fees and taxes, fuel, insurance, maintenance, repairs, and opportunity cost over a five-year period at 15,000 miles a year.
The analysis ranks the 10 models with the lowest expenses in these categories: depreciation, fuel, maintenance, and overall TCO.
TCO Observations
Sorting and evaluating the data in various ways, here’s what we found:
Depreciation and fuel equal about 60% of the lifetime expense of a full-size pickup.
Initial costs (calculated as adjusted invoice, or invoice minus incentives) run from $28,995 for the Ram 1500 DS Tradesman Regular Cab to $89,995 for the Ford F-150 Lightning Platinum.
The average initial cost of all 349 configurations is $50,993. Average depreciation is $30,247.
In addition to the lowest initial cost, the Ram 1500 DS Tradesman Regular Cab has the lowest overall TCO. Six Ram 1500 models made it into the top 10 TCO list, followed by three F-150 models and one Tundra model.
An all-electric model, the Ford F-150 Lightning Pro Supercrew 4WD, has the second-lowest overall TCO, driven by the lowest fuel and maintenance costs and middle-of-the-pack initial cost and depreciation.
However, the other six electric model configurations for the F-150 Lightning and Silverado EV do not fare as well. Their higher overall TCO is due to higher-than-average initial costs and even higher depreciation.
Not surprisingly, all-electric trucks return the lowest fuel/power costs. Hybrid models follow, followed by V-6 twin turbos. Diesel models are middle of the pack, hurt by higher pump prices.
On average, configurations with V-6 engines beat those with V-8s in overall TCO rankings.
On average, gas engines return better overall TCO than configurations than the 78 configurations with diesel engines.
On average, the diesel engine configurations produce the highest maintenance costs.
On average, the higher the initial cost, the higher the depreciation, and the worse the TCO.
44% of the 349 configurations are turbo models.
Over the five-year period, total estimated repair costs for all 349 model configurations have only a $341 variance from best to worst.
Depreciation | |||||||||
|---|---|---|---|---|---|---|---|---|---|
Make | Model | Series | Body Style | Engine | Adjusted Invoice | Depreciation | Fuel | Maintenance | Cost Per Mile |
Ram | 1500 DS | Tradesman | Reg Cab 2WD LWB | 3.6L V-6 SMPI DOHC | 28,995 | 20,765 | 13,841 | 4,326 | 0.7895 |
Ram | 1500 | Tradesman | Quad Cab 2WD SWB | 3.6L V-6 SMPI DOHC | 37,843 | 21,963 | 12,815 | 3,806 | 0.8138 |
Toyota | Tundra | SR | Crew Max 2WD SWB | 3.5L V-6 Direct Injection DOHC Twin turbo | 38,864 | 22,034 | 13,775 | 5,366 | 0.8637 |
Ram | 1500 | HFE | Quad Cab 2WD SWB | 3.6L V-6 SMPI DOHC | 39,337 | 22,207 | 12,559 | 6,699 | 0.8588 |
Ford | F-150 | XL | Reg Cab 2WD 141 | 2.7L V-6 Direct Injection OHC Twin turbo | 35,210 | 22,305 | 12,559 | 4,980 | 0.8279 |
Toyota | Tundra | SR | Dbl Cab 2WD SWB | 3.5L V-6 Direct Injection DOHC Twin turbo | 36,969 | 22,514 | 13,775 | 5,366 | 0.8617 |
Toyota | Tundra | SR | Dbl Cab 4WD SWB | 3.5L V-6 Direct Injection DOHC Twin turbo | 39,744 | 22,739 | 14,473 | 5,416 | 0.8874 |
Toyota | Tundra | SR | Dbl Cab 2WD LWB | 3.5L V-6 Direct Injection DOHC Twin turbo | 37,273 | 22,818 | 13,775 | 5,366 | 0.8681 |
Ford | F-150 | XL | Supercrew 2WD 145 | 2.7L V-6 Direct Injection OHC Twin turbo | 41,557 | 23,002 | 12,559 | 4,980 | 0.8618 |
Toyota | Tundra | SR | Dbl Cab 4WD LWB | 3.5L V-6 Direct Injection DOHC Twin turbo | 40,048 | 23,043 | 14,473 | 5,416 | 0.8937 |
Fuel | |||||||||
|---|---|---|---|---|---|---|---|---|---|
Make | Model | Series | Body Style | Engine | Adjusted Invoice | Depreciation | Fuel | Maintenance | Cost Per Mile |
Ford | F-150 Lightning | Pro ER | Supercrew 4WD | Dual Electric Motor | 61,495 | 39,340 | 5,330 | 3,030 | 0.9543 |
Ford | F-150 Lightning | Pro | Supercrew 4WD | Dual Electric Motor | 49,995 | 32,315 | 5,445 | 3,030 | 0.8130 |
Ford | F-150 Lightning | XLT | Supercrew 4WD | Dual Electric Motor | 57,495 | 37,365 | 5,445 | 3,030 | 0.9091 |
Ford | F-150 Lightning | Lariat | Supercrew 4WD | Dual Electric Motor | 77,495 | 54,090 | 5,445 | 2,998 | 1.2191 |
Ford | F-150 Lightning | Platinum | Supercrew 4WD | Dual Electric Motor | 89,995 | 61,340 | 5,680 | 3,046 | 1.3704 |
Chevrolet | Silverado EV | 3WT | Crew Cab e4WD | Dual 191 kW PMSM | 72,905 | 51,225 | 6,260 | 4,849 | 1.2066 |
Chevrolet | Silverado EV | 4WT | Crew Cab e4WD | Dual 191 kW PMSM | 77,905 | 54,425 | 6,260 | 4,849 | 1.2695 |
Ford | F-150 | XLT 3.5L PowerBoost Hybrid | Supercrew 4WD 157 | 3.5L V-6 PowerBoost Full Hybrid | 52,107 | 27,827 | 12,449 | 4,143 | 0.9573 |
Ford | F-150 | XLT 3.5L PowerBoost Hybrid | Supercrew 4WD 145 | 3.5L V-6 PowerBoost Full Hybrid | 51,680 | 28,000 | 12,449 | 4,143 | 0.9563 |
Ford | F-150 | Lariat 3.5L PowerBoost Hybrid | Supercrew 4WD 145 | 3.5L V-6 PowerBoost Full Hybrid | 60,863 | 31,508 | 12,449 | 4,215 | 1.0427 |
Maintenance | |||||||||
|---|---|---|---|---|---|---|---|---|---|
Make | Model | Series | Body Style | Engine | Adjusted Invoice | Depreciation | Fuel | Maintenance | Cost Per Mile |
Ford | F-150 Lightning | Lariat | Supercrew 4WD | Dual Electric Motor | 77,495 | 54,090 | 5,445 | 2,998 | 1.2191 |
Ford | F-150 Lightning | Pro ER | Supercrew 4WD | Dual Electric Motor | 61,495 | 39,340 | 5,330 | 3,030 | 0.9543 |
Ford | F-150 Lightning | Pro | Supercrew 4WD | Dual Electric Motor | 49,995 | 32,315 | 5,445 | 3,030 | 0.8130 |
Ford | F-150 Lightning | XLT | Supercrew 4WD | Dual Electric Motor | 57,495 | 37,365 | 5,445 | 3,030 | 0.9091 |
Ford | F-150 Lightning | Platinum | Supercrew 4WD | Dual Electric Motor | 89,995 | 61,340 | 5,680 | 3,046 | 1.3704 |
Ram | 1500 | Big Horn 5.7L V-8 eTorque | Quad Cab 2WD SWB | 5.7L V-8 Hemi MDS VVT eTorque Engine | 45,009 | 26,404 | 15,886 | 3,725 | 0.9521 |
Ram | 1500 | Big Horn 5.7L V-8 eTorque | Crew Cab 2WD SWB | 5.7L V-8 Hemi MDS VVT eTorque Engine | 47,660 | 27,880 | 15,886 | 3,725 | 0.9834 |
Ram | 1500 | Big Horn | Crew Cab 2WD LWB | 5.7L V-8 SMPI OHV | 47,896 | 28,116 | 15,886 | 3,725 | 0.9895 |
Ram | 1500 | Laramie 5.7L V-8 eTorque | Crew Cab 2WD SWB | 5.7L V-8 Hemi MDS VVT eTorque Engine | 53,240 | 28,160 | 15,886 | 3,725 | 1.0124 |
Ram | 1500 | Laramie | Crew Cab 2WD LWB | 5.7L V-8 SMPI OHV | 53,441 | 28,361 | 15,886 | 3,725 | 1.0173 |
Overall TCO / Cost Per Mile | |||||||||
|---|---|---|---|---|---|---|---|---|---|
Make | Model | Series | Body Style | Engine | Adjusted Invoice | Depreciation | Fuel | Maintenance | Cost Per Mile |
Ram | 1500 DS | Tradesman | Reg Cab 2WD LWB | 3.6L V-6 SMPI DOHC | 28,995 | 20,765 | 13,841 | 4,326 | 0.7895 |
Ford | F-150 Lightning | Pro | Supercrew 4WD | Dual Electric Motor | 49,995 | 32,315 | 5,445 | 3,030 | 0.8130 |
Ram | 1500 | Tradesman | Quad Cab 2WD SWB | 3.6L V-6 SMPI DOHC | 37,843 | 21,963 | 12,815 | 3,806 | 0.8138 |
Ford | F-150 | XL | Reg Cab 2WD 141 | 2.7L V-6 Direct injection OHC Twin turbo | 35,210 | 22,305 | 12,559 | 4,980 | 0.8279 |
Ram | 1500 DS | SLT | Reg Cab 2WD LWB | 3.6L V-6 SMPI DOHC | 34,421 | 23,516 | 13,841 | 4,326 | 0.8487 |
Ram | 1500 | Big Horn | Quad Cab 2WD SWB | 3.6L V-6 SMPI DOHC | 42,132 | 23,527 | 12,815 | 3,802 | 0.8525 |
Ram | 1500 | Tradesman | Crew Cab 2WD SWB | 3.6L V-6 SMPI DOHC | 40,483 | 24,428 | 12,815 | 3,806 | 0.8578 |
Ram | 1500 | HFE | Quad Cab 2WD SWB | 3.6L V-6 SMPI DOHC | 39,337 | 22,207 | 12,559 | 6,699 | 0.8588 |
Ford | F-150 | XL | Supercab 2WD 145 | 2.7L V-6 Direct injection OHC Twin turbo | 39,327 | 23,497 | 12,559 | 4,980 | 0.8611 |
Toyota | Tundra | SR | Dbl Cab 2WD SWB | 3.5L V-6 Direct injection DOHC Twin turbo | 36,969 | 22,514 | 13,775 | 5,366 | 0.8617 |
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