New vehicles with the best resale value in 2024

Which vehicle should you buy now to retain the best resale value in three or four years' time? Good question. To help you find the answer, ALG, a division of J.D. Power specializing in residual value calculations, has just announced the winners of its 2024 awards in Canada.

Once again, initial quality, durability and brand reputation weigh heavily in the equation.

Toyota and GM have a vast catalog and produce in high volumes, but it's the consistency from one model to the next that explains their higher residual values," notes Danny Battaglia, Managing Director for ALG at J.D. Power. These manufacturers not only have popular vehicles that rank highly in the rankings, but also specialized vehicles, such as off-roaders. Repeated consistency in quality, durability and pricing leads to strong demand that keeps residual values high."

It's depreciation that costs the owner the most. That's why resale value is always a factor to consider when buying a vehicle, as it helps determine its true cost.

As well as looking at performance in the used car market, ALG takes into account the current competitiveness of vehicles and the situation of their respective brands. As there are differences between versions of the same model, an average is calculated based on their proportion within the range.

The 2024 winners

As in the past three years, the benchmark popular brand in Canada in 2024 is Toyota. Nine of its models have won ALG awards for best residual value. They are the Corolla, Camry, 4Runner, Sequoia, Grand Highlander, RAV4, Sienna, Tacoma and Tundra. The latter has been number one among full-size light vans every year since these awards were introduced in 2009. A real safe bet!

The Subaru WRX is another dominant model, winning an ALG award in the sports car category for the ninth year running. Its sibling, the Crosstrek, takes top honors in the subcompact SUV category thanks to the launch of the new generation.

Here are the rest of the new vehicles in 2024 that should retain the best residual value according to ALG:

• Acura MDX
• Audi A3
• Audi Q3
• BMW Série 5
• Cadillac LYRIQ
• Chevrolet Corvette
• Chevrolet Silverado HD
• Ford F-150 Lightning
• GMC Savana
• Honda Passport
• Hyundai Kona
• Land Rover Range Rover Velar
• Lexus IS
• Lexus LX
• Mercedes-Benz AMG GT Coupé 4 portes
• Mercedes-Benz GLB
• Nissan Z

You can compare these results with those for 2023. And don't miss our article on calculating vehicle depreciation, coming soon on The Car Guide!