Toyota Canada And GM Canada Top 2023 Canada ALG Residual Value Awards Again: J.D. Power
For a second consecutive year, Toyota and Lexus are the top make-level performing brands in their respective segments, according to the J.D. Power 2023 Canada ALG Residual Value Awards, announced today. ALG is the division of J.D. Power known as the industry benchmark of automotive residual value projections. The J.D. Power Canada ALG Residual Value Awards are the automotive leasing industry standard when it comes to recognizing the vehicle segments that are projected to hold the highest percentage of the manufacturer’s suggested retail price (MSRP) after a four-year period for mass market vehicles, and after a three-year period for premium vehicles.
“Lexus continues its solid, consistent performance and has a reputation for long term durability and quality which has always had a positive contribution to residual values,” said Eric Lyman, vice-president of ALG. “Historically, Toyota was the producer of fuel-efficient passenger cars and has now migrated into what are utility vehicles and trucks. Toyota’s success during the past ten years in those categories has been consistent year after year, and it’s reflected in its residual values, as well.”
For model-year 2023, 15 different brands won awards in 29 segments. The award process consists of evaluating 272 model lines through analysis of used-vehicle performance, brand outlook and product competitiveness. Eligibility for a brand award requires a manufacturer to have model entries in at least four different segments. To account for differences across trim levels, model averages are weighted based on percentage share relative to the entire model line.
Model-Level Residual Value Awards
Toyota has the most model-level awards with seven. GMC and Lexus each have three awards. The brands with multiple awards are:
- Toyota: Camry, Venza, Highlander, 4Runner, Tundra, Corolla Cross and Sienna
- GMC: Yukon, Canyon and Savana
- Lexus: IS, LX and UX
- Cadillac: CT5, LRYIQ
- Chevrolet: Corvette, Silverado 2500 HD
- Kia: Rio, EV6
- Mercedes-Benz: A-Class, AMG GT 4-Door
Noteworthy is the Cadillac LYRIQ winning the premium EV segment award, in its inaugural year, against Mercedes-Benz. Nissan’s all-new Z also wins an award in the premium compact sport car segment.
