Toyota-Lexus and General Motors have earned top honours for resale value in the J.D. Power 2023 ALG Residual Value Awards. Toyota and Lexus kept their top positions for the second year in a row. For the 2023 awards, 15 brands took trophies in 29 segments. Toyota has the highest number of model-level awards at seven, while GMC and Lexus each earned three. Other multiple-award winners, with two each, are Cadillac, Chevrolet, Kia, and Mercedes-Benz.
The awards process involves assessing 272 model lines to determine which ones are projected to retain the highest percentage of their MSRP (manufacturer’s suggested retail price) after four years for mass-market vehicles, and after three years for premium models.
Each is assessed on an analysis of its used-vehicle performance, brand outlook, and product competitiveness, according to J.D. Power; the analysis is the same whether a customer would lease, finance, or purchase with cash. To be eligible for any award, an automaker must offer models in at least four different segments.
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2023 Toyota RAV4
MSRP
$32,590 to $44,250
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2023 Toyota Corolla
MSRP
$22,690 to $30,390
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2023 Lexus RX 350
MSRP
$58,650
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2023 GMC Sierra 1500
MSRP
$45,903 to $100,703
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2023 Lexus NX 250
MSRP
$47,950
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Toyota took seven awards for the Camry, Venza, Highlander, 4Runner, Tundra, Corolla Cross, and Sienna; while GMC earned three for the Yukon, Canyon, and Savana van. J.D. Power also noted that two models won their segments in their first year on sale: the Cadillac Lyriq and the Nissan Z.
Top Make-Level Performers
- Mass Market: Toyota
- Premium: Lexus
Passenger-Car Segment Winners
- Compact: Volkswagen GTI
- Midsize: Toyota Camry
- Premium Compact: Lexus IS
- Premium Compact Sportscar: Nissan Z
- Premium Full-Size: Mercedes-Benz AMG GT 4-Door
- Premium Midsize: Cadillac CT5
- Premium Midsize Sportscar: Chevrolet Corvette
- Small: Kia Rio
- Small Premium: Mercedes-Benz A-Class
- Sportscar: Subaru WRX
Utility Vehicle Segment Winners
- Compact Utility: Buick Envision
- Full-Size Utility: GMC Yukon
- Micro Utility: Hyundai Kona
- Midsize Utility 2-Row Seating: Toyota Venza
- Midsize Utility 3-Row Seating: Toyota Highlander
- Off-Road Utility: Toyota 4Runner
- Premium Compact Utility: Porsche Macan
- Premium Full-Size Utility: Lexus LX
- Premium Midsize Utility 2-Row Seating: Land Rover Range Rover Velar
- Premium Midsize Utility 3-Row Seating: Acura MDX
- Premium Small Utility: Lexus UX
- Small Utility: Toyota Corolla Cross
Top Model Per Segment
- Mass Market Electric: Kia EV6
- Premium Electric: Cadillac Lyriq
- Full-Size Heavy-Duty Pickup: Chevrolet Silverado 2500
- Full-Size Light-Duty Pickup: Toyota Tundra
- Midsize Pickup: GMC Canyon
- Commercial Van: GMC Savana
- Minivan: Toyota Sienna
Keyword: Toyota, General Motors earn top awards for residual value in Canada