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Buying a new car or even a used car can be an exciting experience for consumers. It also comes with lots of questions, such as “How long will this vehicle keep its original value?” or “Is this used vehicle still as valuable as the same model for the new model year?” The latter question has all kinds of other variables that go with it since newer models tend to have more and better features, so let’s focus on the first question. It’s a heavy-loaded question consumers will need to ask themselves, and luckily, organizations like J.D. Power do the heavy lifting with their U.S. ALG Residual Value Awards. This year, some of our favorite brands won the highest ranking for their respective segment for the 2024 study.
According to the J.D. Power 2024 U.S. ALG Residual Value Awards, the resale (or residual) value of vehicles has become more important to consumers than ever whilst new - and used-vehicle prices continue to rise. Most J.D. Power studies place a focus on vehicles after 90 days of ownership and tend to send out surveys to evaluate new vehicles and collect the results. The Residual Value study is a little different. For the 2024 model year, J.D. Power evaluated 293 models and analyzed them based on used vehicle performance, brand outlook, and product competitiveness.
To be eligible for evaluation and win a brand award, an automaker would need to provide model line entries for at least four different vehicle segments. This means automakers like Chrysler or Mitsubishi, having limited the variety of their model lineup in recent years, won’t be appearing in this study. Moreover, a segment must have at least four different brands eligible for the award, and thus, the small car segment car did not qualify this year, having only three eligible model lines – we really do need more small cars and sedans in the market. For the 2024 study, J.D. Power found that 15 different brands had ranked highest to receive awards in their respective segments, 28 in total.
The U.S. ALG Residual Value Awards recognizes vehicle models expected to keep their value high for several years. More specifically, those ranked highest hold the highest percentage of their manufacturer’s suggested retail price following a three-year period of ownership. Numerous variables are accounted for when evaluating vehicles, but the most important factors analyzed for this study include mileage, quality/reliability, options and feature sets, weather, and macroeconomic environment.
Now onto the awards. Chevrolet won two awards, with the Chevrolet Corvette ranked highest for the “Midsize Premium Sporty Car” segment and the Chevrolet Trax ranked highest for the “Micro SUV” segment. The Mercedes-Bens AMG GT 4-door Coupe was ranked highest for the “Large Premium Car” segment, the Kia Telluride was ranked highest for the “Midsize SUV 3-Row Seating” segment, and the GMC Sierra 3500 HD was ranked highest for the “Large Heavy Duty Pickup” segment. Jeep also won two awards, with the Jeep Wagoneer ranking highest for the “Large SUV” segment and the Jeep Wrangler ranking highest for the “Off-Road Utility Vehicle”. Like most competitions involving Stellantis, Jeep is joined by Ram Truck, with the Ram ProMaster ranked highest for the “Commercial Van” segment.
Want to find a new car that will keep a high resale value for years to come? Shop for a new car online with NowCar.