Toronto, Ontario — J.D. Power has released its nominees for the 2023 ALG Residual Value Awards, recognizing OEMs for producing vehicles with the highest projected manufacturer’s suggested retail price (MSRP) after a three or four year time frame, for premium and mass market vehicles respectively.
According to J.D. Power, these awards are a vital consideration for vehicle shoppers assessing the total cost of ownership for vehicles, whether financed, leased or purchased.
To qualify for the a brand award, OEMs must have model entries across four or more segments. Model averages are weighed based on percentage share relative to the model line, to account for differences between trim levels.
In the Model-Level Residual Value Awards segment, Toyota won seven awards with its Camry, Venza, Highlander, 4Runner, Tundra, Corolla Cross and Sienna.
GMC won three awards with its Yukon, Canyon and Savana model lines, while Lexus won another three via the IS, LX and UX.
Cadillac, Chevrolet, Kia and Mercedes-Benz won two awards each. Notably, the Cadillac LYRIQ won the premium EV segment award, while Nissan’s Z won an award in the premium compact sport car segment.
“Residual Values are the ultimate bellwether of product and brand success in the automotive space as the factors that influence residuals cover everything from product quality and design to brand image and consumer demand as well as overall business strategies like lifecycle cadence and aligning production with consumer demand,” said Eric Lyman, vice-president of ALG.
The winners of the JD Power ALG Residual Value Awards in the Canada market represent the best all around vehicle for value in their respective segments,” Lyman explained.
Numerous variables affect the residual value of a vehicle over a multi-year lease term, including mileage, quality/reliability, options and feature sets and macroeconomic environment. According to J.D. Power, these insights and data combine with ALG’s residual value expertise for more accurate end-of-lease forecasting capabilities.
The winners of the JD Power ALG Residual Value Awards in the Canada market represent the best all around vehicle for value in their respective segments,” Lyman explained.
To read the original press release, click here.
