The retained value for all vehicles in Canada measured for this year’s 13th annual Canadian Black Book Best Retained Value Awards show that 4-year-old vehicles (2016 model-year) held what Canadian Black Book describes as “an astounding” 57% of original MSRP, industry wide.
The company says that is the best-ever industry average retained value since the debut of the awards in 2007, beating the previous record year of 2018. That year showed 53% value retention across all 2014 vehicles in Canada.
“Overall we are seeing a very positive trend in vehicle depreciation over the past few years,” Canadian Black Book vice president, research & analytics Brian Murphy said in a news release.
Murphy continued, “Our Best Retained Value Awards are our way of making these trends in depreciation public knowledge.”
Last year’s awards, also strong at 52% industry average, are now third all-time.
Toyota top overall brand; Porsche tops for luxury
The Canadian Black Book Best Retained Value Awards show retained value for every model of 4-year-old vehicle in Canada in 23 segments. The awards also present three “Overall Brand Awards,” to OEMs that hold the most value among their full product line.
For 2020, Toyota took the top prize in the overall brand awards for car and truck. Porsche took the top prize for luxury brand.
In the 2020 edition of the Best Retained Value Awards, Japanese brands took 10 category wins and 32 total mentions (placing first, second or third). European models took eight wins and 22 total mentions; Domestics earned five wins and 21 mentions; and Korean models received three mentions.
Another key finding: This year’s awards show positive signs for electric vehicles. This segment has only been measured in the awards for two years, and this year Ford Focus won the zero-emission category by holding 51% of its MSRP. That was higher than winners in other categories, according to Canadian Black Book.
Across the zero-emission category, all models on average held 45%, up a percentage point from last year.
“As a new technology, EV’s initially lagged in terms of retained values, however, as more selection has become available the market, consumers are becoming more comfortable and EV retained values are strengthening,” Canadian Black Book said.
Another highlight: Japanese brands, which took 10 category wins and 32 total mentions (placing first, second or third). European models earned eight wins and 22 total mentions. Domestics earned five wins and 21 mentions; and Korean models earned three mentions.
As in every previous year, Toyota/Lexus led the way with the most awards, with nine category wins. That was slightly lower than 2019, when Toyota/Lexus won 12. Porsche and Mercedes-Benz each earned four wins, Honda was next with three after winning none last year. FCA and Ford earned two trophies apiece, and GM earned one award.
11 straight wins for Tacoma
For 2020, the vehicle holding the highest amount of MSRP over the last four years is the Toyota Tacoma at 77%, in the small pick-up category. That is the 11th straight victory for the Tacoma, marking the longest win streak of any vehicle since the awards began.
Following the Tacoma was the Mercedes-Benz GLE-Class in full-size luxury crossover/SUV at 75% of original MSRP. Both models unseated the Jeep Wrangler, which was at 73% in the compact crossover/SUV category. That model has held the honor of highest retained value for many years, and Canadian Black Book said it “smashed the all-time record in 2018,” by holding 91% of its MSRP.
For the first time ever, the Ford F-250 won in the full-size truck category, upsetting the reigning champ Toyota Tundra, after 10 years on top. The Toyota Avalon has won four straight and now has nine wins in the past 11 years. Toyota’s Sequoia won its eighth award in the last 11 years, and the Porsche Panamera earned its seventh straight award.
Canadian Black Book also addressed “category dominance,” noting that RAM vans won first, second, and third in the full-size van segment. Porsche matched that feat in the premium sports car category and Toyota in compact cars.
Domestic automakers dominated the full-size pickup and compact van categories. European OEMs earned the top three spots in the midsize luxury car and subcompact luxury car categories. Japanese brands controlled the midsize crossover, subcompact car and subcompact crossover categories.
“Our awards can help Canadian consumers to make educated vehicle purchase decisions by illustrating which brands and models hold value the best,” Murphy said.
Murphy continued, “This is crucial information when considering what to budget for, negotiating a loan, knowing the value of your trade-in or understanding the equity position of an existing vehicle loan.”
Canadian Black Book said its motivation for publishing the awards is to remind consumers that depreciation is by far the No. 1 cost of vehicle ownership, more than fuel, insurance or maintenance.
“Canadian Black Book would like to extend sincere congratulations to all those winners of the 2020 Best Retained Value Awards,” Murphy said.
The full list, courtesy of Canadian Black Book, can be found below:
Overall brand awards
|Truck and crossover/SUV||Toyota|
|Sub-compact car||Honda Fit||Toyota Prius c||Toyota Yaris|
|Compact car||Toyota Prius v||Toyota Prius||Toyota Corolla|
|Mid-size car||Honda Accord||Toyota Camry||Hyundai Sonata|
|Full-size car||Toyota Avalon||Dodge Charger||Kia Cadenza|
|Entry luxury car||Mercedes-Benz C-Class||Lexus CT200h||Lexus ES|
|Luxury car||Lexus GS Series||Cadillac CT6||Mercedes-Benz E-Class|
|Premium luxury car||Porsche Panamera||Mercedes-Benz S-Class||Lexus LS-Series|
|Premium sports car||Porsche 911||Porsche Cayman||Porsche Boxter|
|Sports car||BMW Z4||Ford Mustang||Dodge Challenger|
|Small pickup||Toyota Tacoma||Chevrolet Colorado||Nissan Frontier|
|Full-size pickup||Ford F250 Super Duty||Ford F150||RAM 3500|
|Minivan||Toyota Sienna||Honda Odyssey||Kia Sedona|
|Full-size van||RAM ProMaster 3500||RAM ProMaster 2500||RAM ProMaster 1500|
|Compact commercial van||Chevrolet City Express||Ford Transit Connect||RAM ProMaster City|
|Compact crossover/SUV||Jeep Wrangler||Subaru Crosstrek||Toyota RAV4|
|Mid-size crossover SUV||Toyota 4Runner||Toyota Highlander||Mazda CX-9|
|Full-size crossover/SUV||Toyota Sequoia||Chevrolet Tayhoe||GMC Yukon|
|Compact luxury crossover/SUV||Porsche Macan||Lexus NX Series||Mercedes-Benz GLC-Class|
|Mid-size luxury crossover/SUV||Mercedes-Benz GLE-Class||Land Rover LR4||Volvo XC90|
|Full-size luxury crossover/SUV||Mercedes-Benz G-Class||Lincoln Navigator||Range Rover Sport|
|Sub-compact luxury crossover||Mercedes-Benz GLA-class||Audi Q3||BMW X1|
|Sub-compact crossover||Honda HR-V||Mazda CX-3||Nissan Juke|
|Zero Emission||Ford Focus||BMW i3||Nissan Leaf|