J.D. Power Press Release
TROY, Mich.: 16 Nov. 2023 — As new- and used-vehicle prices continue to rise, the resale (or residual) value of those vehicles has never been more important to consumers, according to the J.D. Power 2024 U.S. ALG Residual Value Awards,SM released today. For a fourth consecutive year, Lexus receives the brand award for best premium brand, while Honda receives the award for best mass market brand for a third consecutive year. Three marques—Honda, Lexus and Toyota—were each recognized with four model segment winners.
“The continued strength of Lexus and Honda underscores an attention to detail and a unique strategy in terms of product planning and management,” said Kristen Lanzavecchia, director of customer success at ALG, the division of J.D. Power recognized as the industry benchmark of automotive residual value projections. “Overall, these brands took a measured approach in their freshening of products, trim levels and powertrains, resulting in higher residual performance and better long-term value for their customers.”
The more balanced strategy specific to trim levels by Lexus and Honda is underpinned by entry-level vehicles that offered heightened product value. In terms of powertrains, Honda and Lexus were more conservative in their offerings of full electric vehicles, providing a wider range of options—including traditional gas-powered, hybrid and plug-in hybrid variants.
For model year 2024, 15 different brands receive awards in 28 segments, which is two more brand recipients than a year ago. The 2024 award process consisted of evaluating 293 models through analysis of used-vehicle performance, brand outlook and product competitiveness. Eligibility for a brand award requires a manufacturer to have model line entries in at least four different vehicle segments. To account for differences across trim levels, model averages are sales weighted based on percentage share relative to the entire model line. For a segment to qualify for an award, at least four different brands must be included. This year, the small car segment car has only three model lines, so it does not qualify to have a segment recipient.
Honda, Lexus and Toyota each receive four model-level awards. Model award recipients include:
Read the complete press release
Honda's dominance in reliability and consumer trust remains unparalleled. Honda emerged as the dominant force in Kelley Blue Book’s prestigious 2024 Consumer Choice Awards in the United States, formerly known as the Brand Image Awards, reinforcing its reputation for reliability. The unveiling of the winners on March 27 underscored Honda's unwavering commitment to producing dependable vehicles....
For over 25 years, the Honda Civic has reigned supreme on Canadian roads. Now, introducing the new 2024 Civic model, we're thrilled to uphold our legacy of industry dominance. From the moment you take the wheel, you'll be impressed by the safety, reliability, and sleek aesthetics of the 2024 Civic. The 2024 Civic has everything you need to drive with confidence and style. At the heart of the...
Everybody wants a new vehicle, including thieves Introducing the Honda Plus Locate Theft Recovery Device. This device is virtually undetectable by thieves and provides you with piece of mind knowing your vehicle is safe. The included Faraday box keeps your keys safe and provides an additional layer of protection. With recovery capabilities across North America, in the event your vehicle is...
Powered and developed by
