The 2022 Chevy Corvette has received a J.D. Power Canada ALG Residual Value Award.
ALG, the official residual-value arm of global research firm J.D. Power, published the results of its 2022 Canada Residual Value Awards last week. General Motors Canada performed well in the study, as in addition to the 2022 Chevy Corvette Stingray, the five other 2022 model year GM vehicles recognized for strong residual values in this study were the Cadillac Escalade, GMC Yukon, GMC Savana, Chevy Bolt EV and Chevy Silverado 2500HD.
The Chevy Corvette’s strong residual values are well-documented. Last year, research firm Kelley Blue Book said it expected the C8 Corvette Stingray to maintain a strong residual value thanks to its attractive exterior styling, bargain $60,000 base price and undeniable performance.
“With its 490-horsepower pushrod V8 engine, it offers true supercar performance at a price that’s less than half of what you might pay for a Porsche 911,” KBB said of the mid-engine sports car previously.
Strong demand will also likely contribute to the residual value of the 2022 Chevy Corvette. The GM Bowling Green Assembly plant building the sports car as fast as it can and demand is still not being met, so it seems as though demand for second-hand Corvettes will remain strong in the near future.
J.D. Power says that “numerous variables affect the actual residual value of a vehicle over a multi-year lease term,” including mileage, quality/reliability, options and feature sets and the current macroeconomic environment. The research firm says automakers need to take these variables into account when forecasting residual values as this will leave them better equipped to maximize profitability with off-lease vehicle sales and repossessions in the future.