Keeping the highest amount of its original MSRP as residual value four years after purchase gave the 2024 GMC Savana the first-place win among the models in the Commercial Van segment of J.D. Power’s 2024 Canada ALG Residual Value Award, released earlier this month.
A winner in its category for four years straight, the GMC Savana is one of a quartet of GM vehicles that made it to the top ranking in the 2024 Award process, making the automaker a leading contender alongside Toyota, according to the J.D. Power research.
The GMC Savana and 27 other segment winners were picked out of a field of 298 vehicle models from 15 different manufacturers. Other models from The General that won their category in this year’s awards include the Chevy Corvette, the Chevy Silverado HD, and the Cadillac Lyriq.
The Commercial Van segment winner for the Canadian market was also the GMC Savana in the 2023 ALG Residual Value Award, and picked up a similar win in 2022. In 2021, it was again one of the four GM winners, with the other models being similar to the 2024 winners as well, with the exception of the GMC Yukon winning instead of the Cadillac Lyriq.
ALG, the automotive residual value branch of market research J.D. Power, estimates the residual value of 2024 model-year mass-market vehicles four years from now, and luxury vehicles three years in the future, using multiple data points and sophisticated analysis. The automaker’s overall quality, past performance of the model, available features, and external factors like macroeconomic trends are all used to forecast winners.
GM and Toyota lead the field because of “continued consistency with quality, durability and pricing,” a set of factors that “produces high demand which retains residual values” according to ALG managing director Danny Battaglia. He added that the two carmakers manage this consistent quality and dependability in spite of having “a broad lineup” and being “high-volume producers.”
The study is meant to give customers who might buy the GMC Savana or other models useful information on cost of ownership, while also letting companies in the auto sector predict end-of-lease value.
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