For the second year in a row, the Cadillac Lyriq has come in at the top of its segment, Premium Electric Vehicle, in the J.D. Power Canada ALG Residual Value Awards as the model projected to retain the highest percentage of its original MSRP three years after initial purchase.
The 2024 ALG Residual Value Awards for Canada use three-year value retention for premium models such as the 2024 Cadillac Lyriq and four-year residual value for less elite models such as the Ford F-150 Lightning that won the other EV category for 2024, Mass-Market Electric Vehicle.
The Cadillac Lyriq was the only vehicle from The General’s luxury brand to win an award in the 2024 Canada awards, while last year, the Cadillac CT5 was also a category winner among ICE vehicles. However, several other GM vehicles also made the cut this year, including the Chevy Corvette, Chevy Silverado 3500 HD, and GMC Savana.
ALG, which handles J.D. Power’s automotive residual power research, specifically called out GM alongside Toyota as one of the top makes for high residual values. Its managing director Danny Battaglia said that while “Toyota and GM have a broad lineup and are high-volume producers, the consistency throughout their models has garnered higher residual values.”
Battaglia observed that “continued consistency with quality, durability and pricing produces high demand which retains residual values” for the models of the two automakers as well as other winners. The projections are made by analyzing quality, durability, performance, and brand outlook among other factors. Options, features, and expected mileage are also taken into consideration.
The awards are designed to help those participating at both ends of the transaction find the best vehicles. “Manufacturers and lenders” can use the residual value awards to find the most profitable models, while ordinary consumers can use the info to weigh the total cost of ownership for a specific purchase.
The Cadillac Lyriq was one of 298 models from 15 different brands that were included in the 2024 study and awards selection.
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Comments
My local Cadillac dealership shows 44 LYRIQs in their inventory. yikes
I notice in my are (relatively poor buffalo NY area), that Latest Lyriq’s are a bit of a hard sell.
I would think they’d sell many more tech trimmed vehicles than the optioned up ones they have for $10,000 more.
Of course my pretty fully equipped 2023 Luxury model has so many features I’d never really pay for, is about $12,000 cheaper than an equivalent 2024 model.
This was the rare case where buying early was an excellent value.