Car prices are slowly falling from outer space, but they’re still significantly higher on average than before the pandemic. That has made residual (resale) values much more of an issue for many buyers and placed new scrutiny on the vehicles that hold their value the best.
JD Power recently released its 2024 U.S. ALG Residual Value Awards and finds that Honda, Lexus, and Toyota each offer four segment-winning models. JD Power attributes some of that success to the brands’ entry-level models, which have great value and generous standard features. The three companies have also taken thoughtful approaches to vehicle updates, giving them desirable features and powertrains that have helped boost their resale values.
Honda and Lexus performed well in the 2023 U.S. ALG Residual Value Awards, topping the mass-market and premium categories. For 2024, Toyota joins the club, and the three automakers each have four models with awards:
Interestingly, JD Power attributes some of the top three brands’ success to their conservative approaches to electrification. Honda, Lexus, and Toyota have been slow to offer full battery-electric models. Still, all three offer extensive hybrid options, with Lexus and Toyota offering a staggering variety. While no other automakers have four models on the list, Chevrolet, Land Rover, and Subaru each have two model-level award recipients.
Beyond the automakers with multiple winning models on the list, there are several changes from last year’s assessment. Kia, which had five models on the 2023 ALG Residual Value Awards list, only has one this year—the Telluride. In addition to Honda, Lexus, and Toyota, other model-level award recipients include:
Overall, 15 brands earn awards in 28 vehicle segments in the 2024 U.S. ALG Residual Value Awards—two more than last year’s assessment. In conducting the research, JD Power evaluated 293 models. Automakers must offer models in at least four vehicle segments. Each segment must have at least four models, disqualifying Small Cars for 2024. When you’re ready to learn more about all new-vehicle types, head to the Shopping Guides section of our website, where we’ve already done all the research for you.
Chris Teague is an experienced writer in the automotive and technology fields. In addition to JDPower.com, his work appears at Forbes, The Drive, Your Test Driver, and others.
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