J.D. Power is sharing its list of 2023 ALG Residual Value Award winners. J.D. Power says resale value is consistently cited as one of the most important elements vehicle shoppers consider when purchasing a new vehicle. Even more so now, given that new and used car prices have gone up.
So what are the best brands for resale value? Well no surprise, Lexus wins for the best premium brand, for the third year in a row. Honda takes the prize for the mass market brand, for its second year in a row.
Kia receives the most model awards and is the most improved mass market brand year year over year - moving up three slots. Porsche makes the most strides in the premium market - moving up four places.
“This year’s achievement by Kia speaks volumes about how far the brand has come,” said Eric Lyman, vice president of ALG, the division of J.D. Power recognized as the industry benchmark of automotive residual value projections. “The marketplace is acknowledging that Kia has a very strong product lineup in terms of design, quality and residual values. Kia has become a force to be reckoned with.”
A total of 12 brands receive awards for 2023, in 29 segments. That's six fewer brand recipients than a year ago. J.D. Power says the 2023 award process involved evaluating 291 models through analysis of used-vehicle performance, brand outlook and product competitiveness.
To be eligible for a brand award, the automaker had to have model line entries in at least four different vehicle segments. To account for differences across trim levels, model averages are 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 large car segment has only three model lines, so it does not qualify to have a segment recipient.
Kia receives the most model-level awards, with five. Honda and Toyota each receive four model-level awards. Model award recipients include:
All charts below are published by J.D. Power and provided to the media. Rankings are basd on numerical scores, and not necessarily on statistical significance.
The U.S. ALG Residual Value Awards are the automotive industry standard in recognizing vehicle models projected to hold the highest percentage of their manufacturer’s suggested retail price following a three-year period of ownership. This value retention is a key variable in the lease cost of a vehicle, underscoring an automaker’s success in the areas of long-term quality and design, as well as the overall desirability of automotive brands and their models.
Photo Credit: Honda/Lexus.