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KBB 2024 Best Resale Value Award Winners

Written by CarPro | Mar 19, 2024 1:02:24 AM

Vehicle depreciation and resale value are topics CarPro Show host Jerry Reynolds talks about a lot on the CarPro Radio Show when giving car buying advice.  Vehicles start to depreciate the moment they leave the lot, a big factor in resale value.  In fact, many buyers don't realize depreciation can be one of the biggest expenses they'll encounter during their vehicle ownership period, according to Kelley Blue Book.

KBB's 2024 Best Resale Value Winners

That brings us to KBB's 2024 Best Resale Value Awards.  The awards recognize 2024 model-year vehicles for their projected retained value through the initial five-year ownership period.   

There are two main brand winners,  25 category winners and the Top 10 Car winners.  This year's brand winners are no strangers to the view from the top, with Toyota and Lexus taking home top brand honors for their third consecutive years.

"For the third consecutive year, Toyota takes home top honors winning Best Resale Value: Brand, and its sibling Lexus wins Best Resale Value: Luxury Brand," said Rheia Szymczyk, senior manager of valuation operations for Kelley Blue Book. "The automotive landscape continues to change rapidly, with more new introductions of brands and models with varying powertrains each year. Consumers now have more electric vehicle (EV), plug-in and hybrid options than ever before, and we continue to modify our Best Resale Value Awards categories accordingly to accurately reflect the marketplace. This year marks the first Best Resale Value Award for EV startup Rivian, which is taking home an award for its successful R1S electric SUV."

This year marks the eighth Best Resale Value: Brand win for Toyota, which previously won the same honors in 2014, 2017, 2018, 2019, 2021, 2022 and 2023. For 2024, Lexus celebrates its third consecutive win, and fifth time overall taking home the award for Best Resale Value: Luxury Brand.

Here's a list of all the award winners:

2024 BEST RESALE VALUE: BRAND  - Toyota

2024 BEST RESALE VALUE: LUXURY BRAND - Lexus

 

2024 BEST RESALE VALUE:  BY VEHICLE CATEGORY

 

 

COMPACT CAR:  Honda Civic

OFF-ROAD SUV:  Ford Bronco

MIDSIZE CAR:  Honda Accord

SUBCOMPACT SUV:  Subaru Crosstrek

SPORTS CAR:  Chevrolet Corvette

COMPACT SUV: Honda CR-V

MINIVAN:  Toyota Sienna

MIDSIZE SUV:  Hyundai Palisade 

LUXURY COMPACT CAR:  Lexus IS

FULL-SIZE SUV:  Toyota Sequoia

LUXURY MIDSIZE CAR:  Lexus ES

LUXURY SUBCOMPACT SUV:  Lexus UX

LUXURY FULL-SIZE CAR:  Lexus LS

LUXURY COMPACT SUV: Lexus NX

HEV/PHEV:  Toyota Prius

LUXURY MIDSIZE SUV:  Lexus RX 

ELECTRIC CAR:  Hyundai IONIQ 6

LUXURY FULL-SIZE SUV:  Mercedes-Benz G-Class

LUXURY ELECTRIC CAR:  Mercedes-EQ EQS

COMPACT PICKUP TRUCK:  Ford Maverick

ELECTRIC SUV:  Rivian R1S

MIDSIZE PICKUP TRUCK:  Toyota Tacoma

LUXURY ELECTRIC SUV:  Cadillac Lyriq

FULL-SIZE PICKUP TRUCK:  Toyota Tundra

ELECTRIC TRUCK:  Ford F-150 Lightning

 

 

2024 BEST RESALE VALUE: TOP 10 CARS

Chevrolet Corvette

Toyota 4Runner

Ford Bronco

Toyota GR Supra

Ford Maverick

Toyota Prius

Mercedes-Benz G-Class

Toyota Tacoma

Porsche 718 Cayman

Toyota Tundra

(Residual values used for award calculations are based on the 2024 model-year vehicles that appear in the January/February 2024 Kelley Blue Book Residual Value Guide. Top 10 models appear in alphabetical order). 

KBB says an average 2024 model-year vehicle will only retain about 42.4% of its original value after a five-year ownership period, meaning a $50,000 new car today will only be worth somewhere close to $21,200 after five years. In comparison, KBB says all vehicles in its Top 10 for Best Resale Value in 2024 are projected to retain around 58% or more of their MSRP after the initial five-year ownership period.

To read more about the awards visit Kelley Blue Book here.

Photo:  Chevrolet.