The 2024 Chevy Silverado HD has taken first place in the Large Heavy-Duty Pickup segment of the J.D. Power 2024 Canada ALG Residual Value Award as the model projected to retain the greatest residual value four years after it is purchased new, the recently published study says.
Published by ALG, the automotive residual value branch of market research firm J.D. Power, the Award press release named the Chevy Silverado 3500 HD alongside the Toyota Tundra and Toyota Tacoma as the 2024 model year’s best pickups for keeping much of their original MSRP.
The Chevy Silverado HD won in the Canadian market last year as well, one of several awards and studies that have picked it as a high-value used vehicle. It is one of two Chevrolet vehicles that made it to the top of the study in both 2023 and 2024, the other being the Chevy Corvette, which also won the 2024 award in its own segment, Midsize Premium Sporty Car.
With the GMC Savana and Cadillac Lyriq also among the Residual Value winners in 2024, GM vehicles have put in a solid performance among the 15 brands and 298 models ALG evaluated for this year’s awards. In fact, The General was singled out along with Toyota as the two automakers producing some of the vehicles with the best residual value that are available in Canada.
“Continued consistency with quality, durability and pricing produces high demand which retains residual values” according to ALG managed director Danny Battaglia. He noted that this consistent quality is the source of GM and Toyota vehicle value retention despite the fact they have a “broad lineup and are high-volume producers.”
The residual value awards are intended to provide valuable information to both consumers and auto industry players. On the consumer side, they highlight vehicles such as the 2024 Chevy Silverado HD and give buyers the chance to assess total cost of ownership. On the auto industry side, “manufacturers and lenders” can use the info to boost profits and build “more accurate end-of-lease forecasting capabilities.”
The study uses multiple factors, including build quality data, features and options, and macroeconomic conditions to predict which 2024 model-year vehicles will keep the greatest amount of MSRP four years down the line for mass-market nameplates, or three years for luxury models.
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