New Cars and Trucks with the Highest Residual Value in 2023
ALG, a division of J.D. Power which specializes in forecasting future vehicle values, today announced the winners of its 2023 Canadian Residual Value Awards, recognizing the vehicles that are projected to hold the highest percentage of their original MSRP after a four-year period for mass-market models and after a three-year period for luxury models.
Remember, depreciation is the single costliest aspect of car ownership, which is why a vehicle’s residual value is always something to consider at the time of purchase, because that’s how you can determine its actual cost.
- Also: These 5-Year-Old Vehicles Retain the Most Value in 2022
- Also: Certified Pre-Owned Vehicles With the Best Value in 2022
Numerous variables affect the actual residual value of a vehicle over time. Examples include mileage, quality/reliability, options and feature sets and macroeconomic environment.
ALG's award process consisted of evaluating 272 model lines through analysis of used-vehicle performance, brand outlook and product competitiveness. To account for differences across trim levels, model averages were weighted based on percentage share relative to the entire model line.
Similar to last year, Toyota (mass market) and Lexus (luxury) won the awards for top brands in their respective segments. Below is the complete list of ALG’s 2023 Canadian Residual Value Awards:
- Best Subcompact Car: Kia Rio
- Best Compact Car: Volkswagen Golf GTI
- Best Premium Compact Car: Lexus IS
- Best Midsize Car: Toyota Camry
- Best Premium Midsize Car: Cadillac CT5
- Best Premium Full-size Car: Mercedes-AMG GT 4-Door Coupe
- Best Sports Car: Subaru WRX
- Best Premium Compact Sports Car: Nissan Z
- Best Premium Midsize Sports Car: Chevrolet Corvette
- Best EV: Kia EV6
- Best Premium EV: Cadillac LYRIQ
- Best Micro Utility: Hyundai Kona
- Best Subcompact Utility: Toyota Corolla Cross
- Best Premium Subcompact Utility: Lexus UX
- Best Compact Utility: Buick Envision
- Best Premium Compact Utility: Porsche Macan
- Best Midsize Utility (2 rows): Toyota Venza
- Best Midsize Utility (3 rows): Toyota Highlander
- Best Premium Midsize Utility (2 rows): Land Rover Range Rover Velar
- Best Premium Midsize Utility (3 rows): Acura MDX
- Best Full-size Utility: GMC Yukon
- Best Premium Full-size Utility: Lexus LX
- Best Off-road Utility: Toyota 4Runner
- Best Minivan: Toyota Sienna
- Best Midsize Pickup: GMC Canyon
- Best Full-size Pickup: Toyota Tundra
- Best Heavy-duty Full-size Pickup: Chevrolet Silverado 2500HD
You can compare the 2022 ALG winners with last year’s recipients.