J.D. Power released the 2024 U.S. ALG Residual Value Awards winners.
It is emphasized that as prices of both new and used vehicles continue to climb, consumers are placing increasing importance on their resale (or residual) value.
Lexus secures the brand award for the best premium brand for the fourth consecutive year, highlighting a sustained commitment to excellence, while Honda clinches the award for the best mass-market brand for the third consecutive year.
Notably, Honda, Lexus, and Toyota each earned recognition with four model segment winners.
Lexus and Honda adopt a more balanced strategy concerning trim levels, particularly emphasizing entry-level vehicles that provide enhanced product value.
In the realm of powertrains, both Honda and Lexus exhibit a more conservative approach to full electric vehicles, opting for a diverse range of options, including traditional gas-powered, hybrid, and plug-in hybrid variants.
Consumer Focus Shifts to Resale Value
The 2024 awards showcase 15 brands receiving recognition in 28 segments, indicating an increase of two brand recipients compared to the previous year. The rigorous evaluation process for the 2024 awards involved analyzing 293 models based on used-vehicle performance, brand outlook, and product competitiveness.
Manufacturers must have model line entries in at least four vehicle segments to be eligible for a brand award.
Model averages are sales-weighted to account for differences across trim levels and are based on the percentage share relative to the entire model line.
A segment must have at least four brands to qualify for an award. This year, the small car segment falls short with only three model lines, disqualifying it from having 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 WranglerAcura: 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