Kelley Blue Book recently announces the 2024 model-year brand, category and top 10 winners of its annual Best Resale Value Awards, recognizing vehicles for their projected retained value through the initial five-year ownership period.
Toyota was the big winner, as for the third year in a row it was named Best Resale Value: Brand, and its sibling Lexus wins Best Resale Value: Luxury Brand.
Kelley officials noted this year marks the eighth Best Resale Value: Brand win for Toyota, which previously won the same honors in 2014, 2017, 2018, 2019, 2021, 2022 and 2023. For 2024, Lexus celebrates its third consecutive win, and fifth time overall taking home the award for Best Resale Value: Luxury Brand.
Inaugural EV Award
Rheia Szymczyk, senior manager of valuation operations for Kelley Blue Book, highlighted the automotive landscape continues to change rapidly, with more new introductions of brands and models with varying powertrains each year.
“Consumers now have more electric vehicle (EV), plug-in and hybrid options than ever before, and we continue to modify our Best Resale Value Awards categories accordingly to accurately reflect the marketplace,” said Szymczyk in a press statement.
To that end, 2024 marks the inaugural Best Resale Value Award for EV being awarded to Rivian for its R1S electric SUV.
The top ten 2024 best resale value for cars were:
- 2024 Ford Bronco 66.7%
- 2024 Toyota Tacoma 62.6%
- 2024 Mercedes-Benz G-Class 61.2%
- 2024 Toyota Tundra 60.4%
- 2024 Chevrolet Corvette 59.0%
- 2024 Toyota GR Supra 57.2%
- 2024 Toyota Prius 55.3%
- 2024 Toyota 4Runner 54.6%
- 2024 Porsche 718 Cayman 54.2%
- 2024 Ford Maverick 54.0%
Resale Depreciation
According to Kelley, new-car buyers do not realize that depreciation often is the greatest expense incurred by drivers during the first five years of vehicle ownership. An average 2024 model-year vehicle will only retain about 42.4% of its original value after a five-year ownership period, meaning a $50,000 new car today will only be worth somewhere close to $21,200 after five years.
In comparison, all vehicles in this year’s top 10 are projected to retain around 58% or more of their MSRP after the initial five-year ownership period.
Resale value for new vehicles vary greatly–vehicles with average or below-average resale values generally are plentiful in the marketplace and easy to find, but certain vehicles are projected to hold their value better than others. One of the top factorts when it comes to a vehicle’s resale value is supply and demand. Vehicles that retain their value best typically are discounted the least and tend to generate high levels of consumer interest.
Following is Kelley Blue Book’s List of 2024 Best Resale Value by Vehicle Category
- COMPACT CAR: Honda Civic
- OFF-ROAD SUV: Ford Bronco
- MIDSIZE CAR: Honda Accord
- SUBCOMPACT SUV: Subaru Crosstrek
- SPORTS CAR: Chevrolet Corvette
- COMPACT SUV: Honda CR-V
- MINIVAN: Toyota Sienna
- MIDSIZE SUV: Hyundai Palisade
- LUXURY COMPACT CAR: Lexus IS
- FULL-SIZE SUV: Toyota Sequoia
- LUXURY MIDSIZE CAR: Lexus ES
- LUXURY SUBCOMPACT SUV: Lexus UX
- LUXURY FULL-SIZE CAR: Lexus LS
- LUXURY COMPACT SUV: Lexus NX
- HEV/PHEV: Toyota Prius
- LUXURY MIDSIZE SUV: Lexus RX
- ELECTRIC CAR: Hyundai IONIQ 6
- LUXURY FULL-SIZE SUV: Mercedes-Benz G-Class
- LUXURY ELECTRIC CAR: Mercedes-EQ EQS
- COMPACT PICKUP TRUCK: Ford Maverick
- ELECTRIC SUV: Rivian R1S
- MIDSIZE PICKUP TRUCK: Toyota Tacoma
- LUXURY ELECTRIC SUV: Cadillac Lyriq
- FULL-SIZE PICKUP TRUCK: Toyota Tundra
- ELECTRIC TRUCK: Ford F-150 Lightning
