Honda, GMC among Canadian Black Book’s Best Retained Value winners
Used vehicles overall are still worth 64 per cent of what they cost when new
Supply issues with new vehicles continue to affect the price of used cars, and Canadian Black Book (CBB) notes a new record for used values as it announces the winners of its Best Retained Value Awards. Among auto brands, Honda, GMC, Porsche, Volkswagen, and Kia took top honours.
Among all models in Canada, used vehicles on average have retained 64 per cent of their MSRP after four years, up from the previous high of 61.5 per cent set in March 2021.
CBB has made several changes to its award, which will now be announced each November, rather than March. The measured vehicle categories have changed, and sales volumes will be taken into consideration when measuring best retained value. In February 2022, CBB will release a new set of awards that measure future value, rather than measuring the retained value after four years.
For 2021, the Best Retained Value Award winners are:
Among individual vehicles, CBB names first, second, and third in each category:
Among the winners, CBB noted value growth in the ZEV category, where the Volkswagen e-Golf held 57.1 per cent of its MSRP after four years, the most for any zero-emission vehicle to date. “Battery degradation concerns (for all ZEVs) are dissolving in the market as consumers are seeing ten-year lifespans, and (automakers) are commonly placing ten-year warranties on batteries,” said James Hancock, director of OEM Strategy and Analytics. “Couple this with increased average ranges, which is alleviating much of the past range anxiety, and we get a user base and potential user base that trusts the product more, and therefore are willing to pay more for used units.”
Among the overall brand awards, Honda took the car segment for the second year in a row, while Porsche took the luxury award for its third straight year. GMC and Volkswagen took their first top honours, and Kia nabbed its first-ever CBB Best Retained Value Award, for the new “Most Improved” category.
The Chevrolet Corvette held 88.5 per cent of its value over the past four years, the all-time record for retained value for any vehicle. The Toyota Tacoma was right behind it at 88.3 per cent, taking its thirteenth straight win, followed closely by the Jeep Wrangler at 87.2 per cent.
