Canadian Black Book recently announced its 2023 Best Residual Value Awards, which includes 16 vehicle categories and five overall brand categories.
This is the second year that CBB is presenting these awards, with 2023 highlighting some intriguing trends around electric vehicles.
“After averaging the residual values percentage of the winners across the internal combustion engine (ICE) car categories and comparing this to the same average for EV car category winners, it shows that EV cars are predicted to hold more value after four years than their ICE car counterparts,” said CBB in a news release.
The average residual value across EV cars that won is 58.5 per cent. In comparison, the average across the ICE car winners is 56.1 per cent. CBB predicts that all four EV category winners will hold more value by 2027 than last year’s winners.
“There are more EVs on the roads; more people researching, buying, and leasing them; and more options from OEMs and dealers,” said Daniel Ross, Senior Manager, Industry Insights & Residual Value Strategy at Canadian Black Book, in a statement.
He added that EVs are becoming commonplace, helping to boost consumer confidence and, in turn, bring up residual values for these types of vehicles.
“Canadians still have a soft spot for larger, more versatile vehicles. This is a taste that transcends the ICE versus EV debate. With more SUV EV options being made available, recognition and sales of EVs has increased, bringing values up,” said Ross.
This year’s awards include two new categories, “Plug-in Hybrid EV: Main” and “Plug-in Hybrid EV: Luxury.” In “PHEV: Main,” the Jeep Wrangler 4XE won, while the Land Rover Range Rover won in “PHEV: Luxury.” For the full list of winners, see below: