According to the findings of the 2024 Canada ALG Residual Value Awards, which were just released by market research firm J.D. Power, the Chevy Corvette has once again been ranked among the cars most likely to maintain a high proportion of their original value over several years.
Within the Passenger Car category, the Chevy Corvette emerged victorious in one of the 28 segments that comprised the Awards: the Midsize Premium Sporty Car sector.
The reason the Chevy Corvette was selected was that, according to J.D. Power’s three-year residual value analysis, it retained the largest percentage of its original MSRP. Four years are taken into consideration for mass-market automobiles. To identify the 28 winners, a total of 298 models from 15 different automakers and brands were examined.
Along with the Chevy Corvette, a number of other GM cars were honoured with awards in their respective categories. These included the GMC Savana, the Cadillac Lyriq, and the Chevy Silverado 3500 HD. Toyota, on the other hand, was the best-performing car brand overall, taking home nine section prizes, or about a third of the total categories.
Notably, the Chevy Corvette was the recipient of the 2022 and 2023 Canada ALG Residual Value Award. The sports car from Bow Tie was also one of four GM models to win its class in 2021. The other two winners were the GMC Yukon and The General, which were comparable to this year’s successful competitors.
In highlighting GM and Toyota, ALG Managing Director Danny Battaglia said that although both manufacturers “have a broad lineup and are high-volume producers, the consistency throughout their models has garnered higher residual values.” Both of the two have “specialised vehicles, such as off-road” that have a sufficient amount of residual value, in addition to “broad appeal vehicles high in the rankings,” he said.
He continued by pointing out that “continued consistency with quality, durability, and pricing” is the source of the great value retention.
Based on “analysis of used-vehicle performance, brand outlook, and product competitiveness” and sophisticated analytical models that take into account current macroeconomic conditions, the 2024 Chevy Corvette’s three-year residual value is estimated.
