Vehicle depreciation and resale value are topics CarPro Show host Jerry Reynolds talks about a lot on the CarPro Radio Show when giving car buying advice. Vehicles start to depreciate the moment they leave the lot, a big factor in resale value. In fact, many buyers don't realize depreciation can be one of the biggest expenses they'll encounter during their vehicle ownership period, according to Kelley Blue Book.
That brings us to KBB's 2024 Best Resale Value Awards. The awards recognize 2024 model-year vehicles for their projected retained value through the initial five-year ownership period.
There are two main brand winners, 25 category winners and the Top 10 Car winners. This year's brand winners are no strangers to the view from the top, with Toyota and Lexus taking home top brand honors for their third consecutive years.
"For the third consecutive year, Toyota takes home top honors winning Best Resale Value: Brand, and its sibling Lexus wins Best Resale Value: Luxury Brand," said Rheia Szymczyk, senior manager of valuation operations for Kelley Blue Book. "The automotive landscape continues to change rapidly, with more new introductions of brands and models with varying powertrains each year. Consumers now have more electric vehicle (EV), plug-in and hybrid options than ever before, and we continue to modify our Best Resale Value Awards categories accordingly to accurately reflect the marketplace. This year marks the first Best Resale Value Award for EV startup Rivian, which is taking home an award for its successful R1S electric SUV."
This year marks the eighth Best Resale Value: Brand win for Toyota, which previously won the same honors in 2014, 2017, 2018, 2019, 2021, 2022 and 2023. For 2024, Lexus celebrates its third consecutive win, and fifth time overall taking home the award for Best Resale Value: Luxury Brand.
Here's a list of all the award winners:
2024 BEST RESALE VALUE: BRAND - Toyota |
2024 BEST RESALE VALUE: LUXURY BRAND - Lexus |
2024 BEST RESALE VALUE: BY VEHICLE CATEGORY |
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COMPACT CAR: Honda Civic |
OFF-ROAD SUV: Ford Bronco |
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MIDSIZE CAR: Honda Accord |
SUBCOMPACT SUV: Subaru Crosstrek |
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SPORTS CAR: Chevrolet Corvette |
COMPACT SUV: Honda CR-V |
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MINIVAN: Toyota Sienna |
MIDSIZE SUV: Hyundai Palisade |
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LUXURY COMPACT CAR: Lexus IS |
FULL-SIZE SUV: Toyota Sequoia |
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LUXURY MIDSIZE CAR: Lexus ES |
LUXURY SUBCOMPACT SUV: Lexus UX |
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LUXURY FULL-SIZE CAR: Lexus LS |
LUXURY COMPACT SUV: Lexus NX |
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HEV/PHEV: Toyota Prius |
LUXURY MIDSIZE SUV: Lexus RX |
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ELECTRIC CAR: Hyundai IONIQ 6 |
LUXURY FULL-SIZE SUV: Mercedes-Benz G-Class |
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LUXURY ELECTRIC CAR: Mercedes-EQ EQS |
COMPACT PICKUP TRUCK: Ford Maverick |
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ELECTRIC SUV: Rivian R1S |
MIDSIZE PICKUP TRUCK: Toyota Tacoma |
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LUXURY ELECTRIC SUV: Cadillac Lyriq |
FULL-SIZE PICKUP TRUCK: Toyota Tundra |
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ELECTRIC TRUCK: Ford F-150 Lightning |
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2024 BEST RESALE VALUE: TOP 10 CARS |
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Mercedes-Benz G-Class |
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Porsche 718 Cayman |
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(Residual values used for award calculations are based on the 2024 model-year vehicles that appear in the January/February 2024 Kelley Blue Book Residual Value Guide. Top 10 models appear in alphabetical order).
KBB says an average 2024 model-year vehicle will only retain about 42.4% of its original value after a five-year ownership period, meaning a $50,000 new car today will only be worth somewhere close to $21,200 after five years. In comparison, KBB says all vehicles in its Top 10 for Best Resale Value in 2024 are projected to retain around 58% or more of their MSRP after the initial five-year ownership period.
To read more about the awards visit Kelley Blue Book here.
Photo: Chevrolet.