The Chevy Corvette has once again won a place among the vehicles most likely to retain a high percentage of their original value over several years, according to the 2024 Canada ALG Residual Value Awards results recently published by market research firm J.D. Power.
The Awards named the Chevy Corvette as the winner in the Midsize Premium Sporty Car segment, part of the Passenger Car category and one of 28 segments overall.
The Chevy Corvette was chosen because it was found to hold the highest amount of its original MSRP as residual value after three years, the time period J.D. Power uses for premium cars. For mass-market cars, the period considered is four years, Overall, a field of 298 models from 15 different automakers and brands was analyzed to determine the 28 winners.
Several other GM vehicles besides the Chevy Corvette received the award in their own category, including the Chevy Silverado 3500 HD, the Cadillac Lyriq, and the GMC Savana. The best-performing auto brand of all, however, was Toyota, which won nine segment awards, or almost a third of the included segments.
Notably, the Chevy Corvette also won the Canada ALG Residual Value Award in 2023 and in 2022. The Bow Tie’s sports car was also one of four GM models to win its segment in 2021, along with similar models to this year’s successful contenders from The General and, in that year, the GMC Yukon as well.
ALG managing director Danny Battaglia highlighted GM alongside Toyota, remarking that while the two automakers “have a broad lineup and are high-volume producers, the consistency throughout their models has garnered higher residual values.” He noted that the two have both “broad appeal vehicles high in the rankings” as well as “specialized vehicles, such as off-road” that retain ample residual value.
He further pointed out that the strong retention of value comes from “continued consistency with quality, durability and pricing.”
The three-year residual value for the 2024 Chevy Corvette is predicted based on “analysis of used-vehicle performance, brand outlook and product competitiveness” combined with advanced analytical models that weigh factors such as current macroeconomic conditions as well.
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Comment
Unfortunately, GM did not actually receive the award because the actual award itself, although currently listed, is on constraint.