J.D. Power released the 2022 Canada ALG Residual Value Awards today, and Toyota Canada Inc. and GM Canada dominated other OEM brands, commanding attention for the most segment awards. Toyota and Lexus won top brand awards in the mass market segment and premium segments respectfully. In terms of notable models, the Toyota Sienna beat the Honda Odyssey (a perennial winner) in the minivan segment, while the Chevrolet Bolt EV won the mass market electric segment and the Porsche Taycan won the premium electric segment.
ALG is the division of J.D. Power responsible for automotive residual value projections. Residual value remains an important factor for consumers who calculate the total cost of ownership for a vehicle that is financed, leased or bought with cash. The ALG Residual Value Awards are the automotive leasing’s industry standard in terms of recognizing vehicle segments projected to hold the highest percentage of MSRP.
The residuals are calculated after a four-year period for mass market vehicles and a three-year period for premium vehicles. According to J.D. Power’s press release, “numerous variables affect the actual residual value of a vehicle over a multi-lease term.” The company added that, “the combination of J.D. Power insights and data with the deep experience of ALG in residual values allows for even more accurate end-of-lease forecasting capabilities.”
For this year’s awards, 274 model lines were evaluated during the selection process with a focus on used-vehicle performance, product competitiveness and brand outlook. Trim levels are accounted for using a weighted system, and manufacturers must have model entries in at least four different segments for consideration.
This year’s winners stood out for demonstrating strong forecasted value. “There’s not much brand diversity in the winners for 2022,” Eric Lyman, vice president of ALG said in the company’s press release. “The few brands at the top have found their niche.”
In total, 16 brands won awards in 29 segments this year. Toyota, which continued to dominate in the utility and pickup segments won seven model-level awards. Chevrolet, which won three awards across a variety of key segments (EV, full size heavy duty pickup and performance sports car) was noted for its product diversity.
Brands with multiple awards included:
- Toyota: Camry, RAV4, Highlander, 4Runner, Tundra, Tacoma and Sienna
- Chevrolet: Bolt EV, Corvette and Silverado 2500 HD
- Lexus: IS, GX and UX
- GMC: Yukon and Savana
- Mercedes-Benz: AMG GT 4-Door and GLB
- Subaru: WRX and Crosstrek