The Ranger's Biggest Cost Isn't the Truck, It's the Gas

Over five years, our calculator says the 2024 Ford Ranger will cost you $13,957 in fuel. It will cost you $11,880 in depreciation. Read that twice, because it flips how most people shop for trucks.

Most buyers fixate on the sticker and the resale value. With the Ranger, the thing you pour into the tank outweighs the thing you lose at trade-in time. The full five-year total comes to $41,781, or $696 a month, on an assumed purchase price of $33,000 and 12,000 miles a year.

That is the angle for this review. The Ranger is a decent midsize truck, but the price on the window is only part of the bill, and not the part that will surprise you.

Where the $41,781 actually goes

Here is how our calculator splits it. Fuel is the biggest line at $13,957. Depreciation is next at $11,880, which is about 36 percent of the assumed purchase price gone in five years. Insurance follows at $9,533, then maintenance at $3,224, repairs at $2,932, and registration at $255.

Fuel and insurance together are $23,490. That is over half of your ownership cost, and neither one shows up in a dealer's monthly payment quote.

One caution on insurance. That figure is our estimate, built from the truck's value and class. It is not a quote. Your age, ZIP code, and driving record will move it, so get a real quote before you sign anything.

The repair estimate of $2,932 deserves a note too. It is modest, but the 2024 Ranger is a fresh generation. First-year designs from any brand tend to have a few early problems, and there is no long track record yet to prove this one clean. Plan for the possibility that it runs higher.

Who this truck is for, and who should walk past

The Ranger fits someone who wants a real pickup bed and real towing ability without parking a full-size F-150 in a tight driveway. It suits a contractor's second vehicle, a weekend hauler, or a person who tows a small boat or camper a few times a year. Ford rates it to tow up to about 7,500 pounds when properly equipped, though your trim and options decide the actual number.

It is a poor fit for someone who mainly commutes alone and wants low running costs. A turbocharged truck that burns $13,957 in fuel over five years is a lot of money for a daily car. A used sedan or a hybrid crossover would do that job for far less.

It is also not for the buyer who wants a diesel or a hybrid. Neither is offered in the U.S. Ranger.

Trims and pricing: where the money climbs

The Ranger comes in four trims: XL, XLT, Lariat, and Raptor. The prices below are approximate and shift with destination fees, options, and incentives. Check Ford's official build page for current numbers.

Trim	MSRP	What you actually get
XL	About $33,000	Work-truck basics, smaller screen, cloth seats, few comforts
XLT	About $36,000 to $38,000	The sensible middle: more tech, better seats, more option packages
Lariat	About $42,000 to $45,000	Leather, bigger screen, more driver aids, fancier trim
Raptor	About $57,000 and up	Twin-turbo V6, off-road suspension, a very different truck

The XLT is where most people should land. The XL is cheap but sparse. The Lariat starts to feel pricey for a midsize truck, and the Raptor is a separate purchase decision with a separate fuel bill. Our $33,000 estimate lines up with the entry end of the lineup, so if you buy an XLT or higher, expect every cost tied to value, like depreciation and insurance, to rise.

Powertrains and what they drink

Most Rangers use a 2.3-liter turbocharged four-cylinder paired with a 10-speed automatic. It is the engine behind our $13,957 fuel estimate. Four-wheel drive is available, and it will cost you more at the pump than rear-wheel drive. The Raptor swaps in a twin-turbo V6 with far more power and, predictably, far more thirst.

For the official miles-per-gallon numbers on each version, use fueleconomy.gov. Compare the Ranger side by side with its rivals there. Small differences in MPG add up to real money across 60,000 miles, and our fuel line shows how much.

What it gets right

The cabin is a clear step up from the old Ranger. Ford's newer touchscreen setup is easier to use than the clunky systems in some competitors, and the upper trims feel more like a modern SUV than a work truck. The seats are comfortable on long drives.

The size is a real advantage. It is easier to park and maneuver than a full-size truck, yet the bed and towing rating handle most jobs people actually do.

The repair estimate is also reasonable. At $2,932 over five years, our calculator does not see a money pit, at least on paper.

What it gets wrong

The fuel bill is the headline problem. There is no hybrid option, so you cannot buy your way out of it. Rivals are starting to offer hybrids, and the Ranger looks behind on that front.

The XL is thin for the money. Once you add the features most people want, you are into XLT pricing, and the cheap entry price stops mattering.

Insurance is another sore spot. Our estimate of $9,533 over five years is close to what the truck loses in value, and that is a heavy tax on ownership. Again, your quote will differ, but do not assume it will be small.

The Ranger is also a brand-new design. Reliability data for it is thin, and Ford has a mixed history with first-year models. If you buy one, keep your warranty paperwork organized.

Safety ratings

We could not confirm a complete set of crash-test results for the 2024 Ranger at the time of writing. Check NHTSA and the IIHS for the latest. Until you see published scores for this exact model year, treat it as not fully rated. Do not assume it matches the previous generation or a related model overseas.

First-year costs for an XLT

Assume an XLT at roughly $36,000.

• Depreciation: New cars typically lose 15 to 22 percent in year one. That is about $5,400 to $7,900 on this truck.
• Fuel: Our calculator's per-mile cost works out to about $3,490 if you drive 15,000 miles.
• Insurance: Our estimate averages about $1,907 a year. Expect a range of roughly $1,600 to $2,300 depending on where you live and who you are. This is an estimate, not a quote.
• First service: Ford generally calls for an oil change at around 10,000 miles, or when the oil life monitor says so. Confirm the schedule in your owner's manual.

Add it up and year one runs well into five figures before you count the payment itself.

How it stacks up

Toyota Tacoma: The Ranger wins on a lower likely starting price and a roomier-feeling cabin; it loses on Toyota's long reputation for holding value and reliability.

Chevrolet Colorado: The Ranger wins on interior ease of use and a friendlier size; it loses if you want the Colorado's stronger engine choices and more aggressive trim packages.

Nissan Frontier: The Ranger wins on refinement, technology, and ride; it loses on price, since the Frontier is often cheaper for similar basic capability.

Verdict

Buy the Ranger if you need a midsize truck that tows and hauls, and you will actually use that ability. Pick the XLT, shop insurance before you commit, and budget for fuel as the largest line in your ownership costs, not an afterthought.

Skip it if you mainly want cheap transportation. At $696 a month all in, with fuel outpacing depreciation, this truck punishes people who do not need a truck. Skip it too if you want proven reliability. A first-year redesign is a bet, and the Tacoma has a longer record behind it.

The Ranger is a good truck. It is just not a cheap one to run, and the sticker hides that.