Canadian Black Book has officially announced the winners of its 2024 Best Residual Value Awards! CBB presented the awards to the OEM winners in attendance at the 2024 Canadian International Auto Show in Toronto, Ont., on Feb. 15 during Media Day.
Daniel Ross, CBB’ Senior Manager, Industry Insights & Residual Value Strategy at Canadian Black Book, announced the winners at the Media Day kickoff.
The awards, now in their third year, offer a forecast of a vehicle’s value as a percentage of its original MSRP after four years. This year CBB included expanded categories featuring crossovers in various segments to reflect the shift in consumer preferences towards SUVs. The awards now cover compact, sub-compact, mid-size, and full-size models in mainstream and luxury markets, separately.
“With the car market settling into a more normalized volume of monthly sales and improved new vehicle production, so too have residual values started to level off,” said CBB in its news release. “2024MY marks a decline in average residual value, responding to widespread cooling of the wholesale market and a mitigated return to incentive spending.”
CBB said this has resulted in a slight decline from 2023MY’s average of 67.61%, which has now dipped to 66.28% for 2024MY. It is a small change that also highlights the definitive shift away from peak four-year valuations.
CBB also said the car category was the easy win in residual values this year, because their values actually grew (on average, it is 1.71% higher). Only 3.42% separates the best SUVs/trucks from the car category. Overall, the largest margin residual value winners to note are the Chevrolet Corvette (79.20%), Toyota Tundra (75.90%), and Toyota 4Runner (73.70%).
It is also worth noting that electric passenger cars (61.85%) still did better than internal combustion alternatives (59%) — but that electric crossovers (58.30%) “do not perform at the same level as their gas burning counterparts (69.63%). “Overall, the highest residual value for zero-emission vehicles are in plug-in hybrids (68.00%),” said CBB. “These vehicles balance the intent to become net-zero while removing some of the key risks to EV ownership.”
See below for the full list of 2024 Canadian Black Book Best Residual Value Award winners and runner-ups:
