02.15.2024
CBB Best Residual Value Awards Identify a Cooling Vehicle Market
Residual Values Show That Cars Are Gaining Interest
February 15, 2024 (Markham, ON) – Canadian Black Book, the leading provider of Canada’s used vehicle valuation data and residual value forecast solutions, announced its 2024 Best Residual Value Awards. These awards forecast a vehicle’s value as a percentage of its original MSRP after 4 years.
Now in its third year, the Best Residual Value Awards have expanded categories to include crossovers in various segments, recognizing Compact, Sub-compact, Mid-size, and Full-size models in both Mainstream and Luxury markets separately. Reflecting the continued shifting of consumer preferences towards SUVs.
The Best Residual Value Awards measure the forecasted residual value of 2024MY vehicles into 2028. A total of 16 vehicles and 5 brands were recognized across 21 categories. To celebrate this year’s winners, Canadian Black Book will present the awards to manufacturers in attendance at the 2024 Canadian International Auto Show in Toronto, ON, on February 15th during Media Day.
With the car market settling into a more normalized volume of monthly sales and improved new vehicle production, so too have Residual Values started to level off. 2024MY marks a decline in average Residual Value, responding to widespread cooling of the wholesale market and a mitigated return to incentive spending. This has produced a small decline from 2023MY’s average of 67.61%, now down to 66.28% for 2024MY – minimal change, but a definitive shift away from peak 4-year valuations.
Of note is the strength of Car residual values, now showing the smallest gap between them and SUV/Truck segments so far. This can be credited to consumer interest in more affordable and efficient vehicles available in the market. Cars were the easy winner in Residual Values this year, as their values were the only ones to grow on average (1.71% higher) compared to last year’s winning Cars. Now only 3.42% separates the best SUVs & Trucks compared to Cars.
The largest margin residual value winners include Chevrolet Corvette (79.20%), Toyota Tundra (75.90%), and Toyota 4Runner (73.70%). This is Corvette’s second time attaining the highest Residual Value for the year.
Electric Passenger Cars (61.85%) still outperform internal combustion alternatives (59.00%). However, electric Crossovers (58.30%) do not perform at the same level as their gas burning counterparts (69.63%). Overall, the highest Residual Value for zero-emission vehicles are in plug-in hybrids (68.00%). These vehicles balance the intent to become net-zero while removing some of the key risks to EV ownership.
“With electric vehicles becoming more prominent and a growing consumer interest, EVs are becoming a mainstream choice.” says Yolanda Biswah, President, Canadian Black Book.
For the Overall Brand Awards, Toyota/Lexus wins ‘Overall Brand: Car’ for the 3rd consecutive time and ‘Overall Brand: SUV/Truck’ twice in a row. Porsche proves its power in the Luxury market, but also takes the brand award for Zero-Emission Vehicle. These are first time wins for the brand in both fields. Infiniti brings home the ‘Most Improved’ brand award one year after its parent brand, Nissan, won in 2023.
Toyota/Lexus embodies Residual Value with 9 category wins, winning in the above-mentioned Overall categories, as well as repeat wins for ‘Full-size Pickup’ with the Toyota Tundra and ‘SUV: Main Mid/Full’ with the Toyota 4Runner. Other repeat winners from last year include the Chevrolet Corvette in ‘Sport Car: Luxury’ and the Subaru Impreza in ‘Car: Main’.
2024 Canadian Black Book Best Residual Value Award Results:
| Category | Winner | 2nd | 3rd |
| Overall Brand Award: Car | Toyota | ||
| Overall Brand Award: SUV/Truck | Toyota | ||
| Overall Brand Award: Luxury | Porsche | ||
| Overall Brand Award: ZEV | Porsche | ||
| Overall Brand Award: Most Improved | Infiniti | ||
| Car: Main | Subaru Impreza | Toyota Prius | Toyota Corolla |
| Car: Luxury | Lexus IS-Series | Cadillac CT5 | Volvo V60 |
| Small Pickup | Jeep Gladiator | Ford Ranger | Nissan Frontier |
| Full-Size Pickup | Toyota Tundra | Ford F250 | RAM 2500 |
| PHEV Main | Toyota RAV4 Prime | Jeep Wrangler | Toyota Prius Prime |
| PHEV Luxury | Porsche Cayenne E-Hybrid | Land Rover Range Rover | Volvo V60 |
| Sport Car: Main | Toyota GR Supra | VW GTI | Chevrolet Camaro |
| Sport Car: Luxury | Chevrolet Corvette | Porsche 911 | Porsche 718 Boxster |
| SUV: Main Compact/Sub-Compact | Toyota RAV4 | Subaru Crosstrek | Toyota Corolla Cross |
| SUV: Main Mid/Full | Toyota 4Runner | Jeep Wrangler | Hyundai Palisade |
| SUV: Luxury Compact/Sub-Compact | Lexus UX-Series | Porsche Macan | Mercedes-Benz GLC |
| SUV: Luxury Mid/Full | Cadillac Escalade | Mercedes-Benz G-Class | Lexus LX-Series |
| EV Car Below $55,000 | Nissan Leaf | Polestar 2 | Mini Cooper SE |
| EV Car Above $55,000 | Porsche Taycan | Tesla Model S | Audi e-Tron |
| EV SUV Below $60,000 | Kia EV9 | Hyundai Ioniq 5 | KIA EV6 |
| EV SUV Above $60,000 | Genesis Electrified GV70 | Mercedes-Benz EQE SUV | Volvo C40 |
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