Canadian Black Book has announced the winners of the first annual Canadian Black Book Best ‘Residual’ Value Awards, in addition to its annual “Best ‘Retained’ Value Awards”.
Presented in 21 categories of cars, trucks, SUVs and EVs, The 2022 Best ‘Residual’ Value Awards recognize vehicles which “are expected to hold the highest value of their original MSRP 48 months after the original date of purchase,” explained the company in a press release.
The award is similar to the annual Best ‘Retained’ Value Awards, which calculate the percentage of MSRP the vehicle still holds after four years of ownership. The company states “‘Retained’ awards measure value held from the past and the new ‘Residual’ awards measure values held into the future.”
Yolanda Biswah, Vice President, and General Manager of Canadian Black Book explains, “Due to our position as a leader in wholesale and residual value data and analytics, the Residual Value Awards were the logical next step for us and the industry.”
To qualify for a Residual Value Award, the vehicle must be on sale by January 1st and included in the January /February Canadian Black Book Residual Value guide. Value forecasts are based on 48 months of age with an annual average of 24,000 KM driven.
The 2022 awards feature Toyota (including Lexus) leading the way with seven category wins and twelve overall mentions (first, second or third place). GM is second with six wins and seven mentions total.
“Our new Residual Value Awards were designed to better represent the dynamic of today’s Canadian auto market.,” says Blackbook’s James Hancock, Director, OEM Strategy and Analytics. “We have put much more emphasis on EV categories – growth in EV options and consumer acceptance are hugely influencing today and tomorrow’s market.”