The J.D. Power 2023 ALG Residual Value Awards were released on Thursday, and Lexus, Honda and Kia were revealed as the top brands in their categories, with Porsche showing up as the most improved luxury brand. J.D. Power stated in the release about the awards that “resale value a vehicle carries is consistently cited as one of the most important elements vehicle shoppers consider when purchasing a new vehicle, and has increased importance in today’s market for both automakers and consumers, given the recent increases in the cost of new and used vehicles.”
For a third consecutive year, Lexus received the brand award for best premium brand. For a second consecutive year, Honda received the brand award for best mass market brand. Kia receives the most model awards overall and is the most improved mass market brand year over year, moving up three places. Porsche is the most improved premium brand, moving up four places.
“This year’s achievement by Kia speaks volumes about how far the brand has come,” said Eric Lyman, vice president of ALG, the division of J.D. Power which provides an industry benchmark of automotive residual value projections. “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.”
For model year 2023, 13 different brands receive awards in 29 segments, which is six fewer brand recipients than a year ago, according to the company release. The award process consisted of evaluating used-vehicle performance, brand outlook and product competitiveness. To account for differences across trim levels, model averages are weighted based on percentage share relative to the entire model line.
Kia receives the most model-level awards, with five. Honda and Toyota each receive four model-level awards. Model award recipients include:
- Kia: K5, Rio, Sportage, Soul and Telluride
- Honda: Civic, Passport, HR-V and Odyssey
- Toyota: GR Supra, 4Runner, Tacoma and Tundra
- Land Rover: Range Rover Velar, Discovery and Range Rover Evoque
- Chevrolet: Bolt EV and Silverado 2500 HD
- Lexus: IS and LX
- Mercedes-Benz: AMG GT 4-Door and Metris
- Porsche: 911 and Macan
- Acura: Integra
- Audi: A6 Allroad
- GMC: HUMMER EV Pickup
- Jeep: Wagoneer
- Subaru: WRX
Numerous variables affect the actual residual value of a vehicle over a multi-year lease term. Examples include mileage, quality/reliability, options and feature sets, weather and macroeconomic environment.
