Lexus LX
Credit: Lexus

Toyota, Lexus Take Home Top Brand Honors for Third Consecutive Year

March 12, 2024 - ATLANTA - PRNewswire - Many car buyers do not realize that depreciation can be one of the biggest expenses they will encounter during their vehicle ownership period, or the extent of how much this amount can vary from one model to the next. Understanding a car's resale value can make the difference of hundreds, if not thousands, of dollars in the long run. To help new-car buyers shop smart, Kelley Blue Book, a Cox Automotive company, today announces the 2024 model-year brand, category and top 10 winners of the 22^nd annual Best Resale Value Awards, recognizing vehicles for their projected retained value through the initial five-year ownership period.

"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.

(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).

Many new-car buyers do not realize that depreciation often is the greatest expense incurred by drivers during the first five years of vehicle ownership. 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, all vehicles in Kelley Blue Book's 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.

Resale value for new vehicles can vary greatly. Vehicles with average or below-average resale values generally are plentiful in the marketplace and easy to find, but certain vehicles are projected to hold their value better than others. While much of a vehicle's resale value is based on supply and demand, as well as current and projected future market conditions, vehicles that retain their value best typically are discounted the least and tend to generate high levels of consumer interest.

Now in its 22^nd year, Kelley Blue Book's Best Resale Value Awards are based on projections from the Kelley Blue Book^® Official Residual Value Guide. Kelley Blue Book^® Residual Values are established by experienced automotive analysts that review the output from statistical models built upon millions of transactions. Vehicles that earn the highest five-year residual values, expressed as a percentage of their original Manufacturer's Suggested Retail Price (MSRP), are selected for these prestigious awards. Low-volume vehicles are excluded from award consideration, except in the electric, luxury and sports car categories.

Residual values reflect projected future auction values for vehicles in average condition with 75,000 miles at the end of a five-year lease or ownership period. Kelley Blue Book's residual values are used by manufacturers, banks, financial institutions and the automotive leasing industry. For more information about Kelley Blue Book's Best Resale Value Awards, visit https://www.kbb.com/awards/best-resale-value-cars-trucks-suvs/.

For more information and news from Kelley Blue Book's KBB.com, visit www.kbb.com/media/, follow us on LinkedIn at https://www.linkedin.com/company/kelley-blue-book/, Twitter at www.twitter.com/kelleybluebook (or @kelleybluebook), like our page on Facebook at www.facebook.com/kbb  and follow us on Instagram at https://www.instagram.com/kbb_com/ (or @kbb_com).

About Kelley Blue Book 
Founded in 1926, Kelley Blue Book, The Trusted Resource^®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry for nearly a century. As the industry standard for generations, Kelley Blue Book provides transparent, objective information and data-driven, innovative tools for consumers, automotive dealers and manufacturers. The company publishes millions of market-reflective values weekly on its top-rated website KBB.com, from its famous Blue Book^® Trade-In Values to the Kelley Blue Book^® Price Advisor tool, which offers a range for what consumers reasonably can expect to pay for a vehicle in their area. KBB.com editors rate and review hundreds of new vehicles each year to help consumers understand the Best Cars and Best SUVs to meet their needs. Kelley Blue Book^SM Instant Cash Offer provides a redeemable trade-in offer to transaction-ready consumers and conveniently connects them to local participating dealers. Kelley Blue Book's Service Advisor provides guidance on how much to pay for service and repairs, allowing consumers to schedule service with local dealers on KBB.com. The company also provides vehicle values to finance and insurance companies as well as governmental agencies. Kelley Blue Book is a Cox Automotive brand.

About Cox Automotive
Cox Automotive is the world's largest automotive services and technology provider. Fueled by the largest breadth of first-party data fed by 2.3 billion online interactions a year, Cox Automotive tailors leading solutions for car shoppers, auto manufacturers, dealers, lenders and fleets. The company has 29,000+ employees on five continents and a portfolio of industry-leading brands that include Autotrader^®, Kelley Blue Book^®, Manheim^®, vAuto^®, Dealertrack^®, NextGear Capital™, CentralDispatch^® and FleetNet America^®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com or connect via @CoxAutomotive on X, CoxAutoInc  on Facebook or Cox-Automotive-Inc on LinkedIn. 
Source: Kelley Blue Book