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When it comes to buying a new car, many may think consumers look at the engine, performance, style, or the sound system, but none of those are true. According to the data, the number one most important element amongst new car buyers is the resale value a vehicle carries. Unless leasing a car, owners keep the car, for better or worse, and sometimes a car may not be worth much after three or even five years. With so many consumers considering resale value after purchasing a new vehicle, several publications and organizations cover this very factor and publish the results every year. After all, every year, a car that was considered new becomes old, and this year, J.D. Power wrapped up its 2023 ALG Residual Value Awards to find which automakers and models keep their value for years to come, with Kia Corp receiving the most model awards overall.
“This year’s achievement by Kia speaks volumes about how far the brand has come…The marketplace is acknowledging that Kia has a very strong product lineup in terms of design, quality and residual values. Kia has become a force to be reckoned with.” - Eric Lyman, vice president of ALG, the division of J.D. Power recognized as the industry benchmark of automotive residual value projections
Kia was also the brand that most improved mass market brand year over year, moving up three places. The competition was pretty large with 291 models analyzed for used-vehicle performance, brand outlook, and product competitiveness. There were 29 car segments and 13 brands received an award this year. A vehicle’s residual value was scored on the cost of a vehicle, an automaker’s success in the areas of long-term quality and design, and the overall desirability of automotive brands and their models, and vehicle’s resale value when for sale or trade-in. With five models winning awards, Kia earned an award for the Kia K5 for the Midsize Car class, Kia Rio for the Small Car segment, Kia Sportage Compact SUV segment, Kia Soul for the Micro SUV class, and Kia Telluride for the Midsize SUV 3-row seating segment.
Ranking highest for the Mass Market Electric segment was the Chevrolet Bolt EV, still going strong after its release years ago. Chevy also took home car segment awards, with the Chevrolet Silverado 2500 HD winning an award for the Large Heavy Duty Pickup. The premium automaker Mercedes also took home two awards, with the Mercedes-Benz AMG GT 4-Door model winning the Premium Large car segment, and another award was received for the Commercial Van segment with the Mercedes-Benz Metris.
Stellantis brands didn’t show up much this year, but there is one brand we definitely know has great residual value. Jeep has a lot of fans for its torque, its off-road capabilities, and because of how much of its value is retained over the years. That’s why Jeep took home the Large SUV segment award for the Jeep Wagoneer. Still a relatively new vehicle, it’s curious as to why the SUV was considered for residual value, but J.D. Power seems pretty confident that the Wagoneer will be going strong for years to come.
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