As new- and used-vehicle prices continue to rise, the resale (or residual) value of those vehicles has never been more important to consumers, according to the J.D. Power 2024 U.S. ALG Residual Value Awards released on Nov. 16.
For a fourth consecutive year, Lexus received the brand award for best premium brand, while Honda received the award for best mass-market brand for a third consecutive year.
Three marques—Honda, Lexus, and Toyota—were each recognized with four model segment winners.
“The continued strength of Lexus and Honda underscores an attention to detail and a unique strategy in terms of product planning and management,” said Kristen Lanzavecchia, director of customer success at ALG. “Overall, these brands took a measured approach in their freshening of products, trim levels, and powertrains, resulting in higher residual performance and better long-term value for their customers.”
For model year 2024, 15 different brands received awards in 28 segments, which is two more brand recipients than a year ago.
The 2024 award process consisted of evaluating 293 models through analysis of used-vehicle performance, brand outlook, and product competitiveness.
Eligibility for a brand award requires a manufacturer to have model line entries in at least four different vehicle segments.
To account for differences across trim levels, model averages are sales weighted based on percentage share relative to the entire model line.
For a segment to qualify for an award, at least four different brands must be included. This year, the small car segment car has only three model lines, so it does not qualify to have a segment recipient.
Model-Level Residual Value Awards
Honda, Lexus, and Toyota each receive four model-level awards. Model award recipients include:
- Honda: Civic, Accord, CR-V and Passport
- Lexus: IS, NX, LX and RX
- Toyota: GR Supra, Tundra, Tacoma and Sienna
- Chevrolet: Corvette and Trax
- Subaru: WRX and Crosstrek
- Land Rover: Discovery and Range Rover Evoque
- Jeep: Wagoneer and Wrangler
- Acura: Integra
- Ford: F-150 Lightning
- GMC: Sierra 3500 HD
- Jaguar: XF
- Kia: Telluride
- Mercedes-Benz: AMG GT 4-door Coupe
- Ram: ProMaster
- Tesla: Model Y
Top Model Per Segment: Electric, Pickup, and Van Segments
- Mass Market Electric Vehicle: Ford F-150 Lightning
- Premium Electric Vehicle: Tesla Model Y
- Large Heavy Duty Pickup: GMC Sierra 3500 HD
- Large Light Duty Pickup: Toyota Tundra
- Midsize Pickup: Toyota Tacoma
- Commercial Van: Ram ProMaster
- Midsize Van: Toyota Sienna