The newly released report states that the 2024 Chevy Silverado HD is the vehicle predicted to have the best residual value four years after it is purchased new, and it has won first place in the Large Heavy-Duty Pickup segment of the J.D. Power 2024 Canada ALG Residual Value Award.
The market research organisation J.D. Power’s automotive residual value division, ALG, released a press release naming the Chevy Silverado 3500 HD, Toyota Tundra, and Toyota Tacoma as the top trucks for 2024 based on how much of their initial MSRP they were able to retain.
The Chevy Silverado HD was recognised as a high-value used car by numerous studies and awards, including one that it received in the Canadian market last year. It is one of two Chevy cars that topped the survey in 2023 and 2024; the other is the Chevy Corvette, which took home the prize for Midsize Premium Sporty Car in its own right in 2024.
Among the 15 brands and 298 models that ALG analysed for this year’s awards, GM cars have performed admirably, with the GMC Savana and Cadillac Lyriq being among the Residual Value winners in 2024. Actually, The General and Toyota were singled out for creating some of the best-selling vehicles in Canada in terms of residual value.
Danny Battaglia, managed director of ALG, states that “continuous consistency with quality, durability, and pricing produces high demand which retains residual values.” He pointed out that even though GM and Toyota have a “wide lineup and are high-volume producers,” their constant quality is what keeps their cars’ values stable.
The goal of the residual value awards is to give customers and car industry participants useful information. From the consumer perspective, they showcase cars like the 2024 Chevy Silverado HD and allow purchasers to determine the overall cost of ownership. “Manufacturers and lenders” in the vehicle sector can utilise the data to increase revenue and develop “more accurate end-of-lease forecasting capabilities.”
The study predicts which 2024 model-year vehicles will retain the highest amount of MSRP four years later for mass-market nameplates, or three years later for luxury models, using a variety of parameters, including build quality data, features and options, and macroeconomic conditions.
