Lexus, Honda continue to dominate Residual Value Awards
It’s about repeat champs when it comes to the winners of the J.D. Power 2024 U.S. ALG Residual Value Awards.
For the fourth year in a row, Lexus earned the top prize among premium brands, and Honda led mass-market brands for the third consecutive year.
The awards recognize vehicle models projected to hold the highest percentage of their manufacturer’s suggested retail price following a three-year period of ownership. In a news release, J.D. Power said the metric underscores the automaker’s success in long-term quality and design, as well as the overall desirability of automotive brands and their models.
“The continued strength of Lexus and Honda underscores an attention to detail and a unique strategy in terms of product planning and management,” said Kristen Lanzavecchia, director of customer success for ALG, the division of J.D. Power that compiles industry benchmarks for residual value projections.
“Overall, those brands took a measured approach in their freshening of products, trim levels and powertrains, resulting in higher residual performance and better long-term value for their customers.”
J.D. Power said Lexus and Honda’s balanced strategy is based on entry-level vehicles offering high product value and a conservative approach to offerings of full electric vehicles in favor of a wider range of options, including gas-powered, hybrid and plug-in hybrid variants.
Not surprisingly, Honda and Lexus led the way among brands for the most awards to specific models, joining Toyota with four model awards each.
The model awards encompassed 28 segments (two more than in 2023), with 15 brands earning at least one award. ALG evaluated 293 models, analyzing used-vehicle performance, brand outlook and product competitiveness.
The model winners were:
Honda: Civic, Accord, CR-V, Passport
Lexus: IS, NX, LX, RX
Toyota: GR Supra, Tundra, Tacoma, Sienna
Chevrolet: Corvette, Trax
Subaru: WRX, Crosstrek
Land Rover: Discovery, Range Rover Evoque
Jeep: Wagoneer, Wrangler
Ford: F-150 Lightning
GMC: Sierra 3500 HD
Mercedes-Benz: AMG GT 4-door Coupe
Tesla: Model Y