The all-new 2024 Chevy Trax vindicated its popularity in the J.D. Power 2024 U.S. ALG Residual Value Awards by winning the top segment model award in the “Micro SUV” category, part of the utility vehicle division.
According to the results released on November 16th, the affordable compact crossover was one of the best models for holding residual value out of a field of 293 nameplates across 15 major brands.
The ALG Residual Value Award, provided by ALG, J.D. Power’s automotive residual value division, evaluated the Chevy Trax and the other candidates via “analysis of used-vehicle performance, brand outlook and product competitiveness.” The numbers are crunched using the work of analysts, algorithmic modeling, and artificial intelligence or AI to get as detailed and accurate a picture as possible.
The Residual Value Award given to the Chevy Trax and the other winning vehicles for 2024 indicates these models will keep the biggest amount of MSRP as value over the first three years of ownership. ALG notes that the ability of a vehicle model to keep value and lose less worth to depreciation than other cars in its segment is important to lease cost and predicting end-of-lease value.
Inputs to picking the winning vehicles include what the market reveals about a model’s desirability to customers – a strong point of the Chevy Trax, which is a successful Chevy brand ambassador – along with its “long-term quality and design.” Performance of the vehicle when used, mix of trim levels, available features and packages, and the overall performance of the automaker are also weighed.
The study and analysis for the Award doesn’t just evaluate the cars in a vacuum. Current trends, the economy, and even the weather and climate conditions vehicles are predicted to be exposed to are considered when choosing the winners, too.
At the bottom line, ALG customer success director Kristen Lanzavecchia says models are picked based on “higher residual performance and better long-term value for their customers.” This is particularly important, the analysis points out, because residual value has become a very important component of buying decisions for new car buyers.