Kelley Blue Book Names 2022 Winners of 20th Annual Best Resale Value Awards
Understanding Resale Values More Important than Ever for New-Car Buyers Given Current Marketplace Conditions
ATLANTA, Feb. 28, 2022 /PRNewswire/ -- So many items have become more expensive to purchase over the last few years due to pandemic-influenced supply-chain issues, including new vehicles. The experts predict that prices should gradually level out as inventory supplies rise and settle into more normal patterns over time, but given the fact that the average cost for a new car at the end of 2021 topped $47,000, new-car shoppers in 2022 would be wise to pay more attention than ever to their vehicle's resale value – what a vehicle will be worth down the line when going to sell or trade it in. While most car buyers understand that their vehicle will depreciate, many are not fully aware to what extent and how much this amount can vary from model to model. Understanding a car's resale value can make the difference of hundreds, if not thousands, of dollars in the long run. To help new-car buyers shop smart, Kelley Blue Book, a Cox Automotive company, today announces the 2022 model-year brand, category and top 10 winners of the 20th annual Best Resale Value Awards, recognizing vehicles for their projected retained value through the initial five-year ownership period.
"New-car shoppers who buy from Toyota or its luxury-brand sibling Lexus – our 2022 Best Resale Value Brand winners – can rest assured that their vehicle should retain its value quite well over time," said Janice Yoell, senior manager of valuations for Kelley Blue Book. "Toyota and Lexus, respectively, are the best vehicle brand and luxury brand for 2022 in terms of the highest average projected resale value across their full lineups. Trucks and SUVs continue to dominate among the top 10 vehicles, including a brand-new Best Resale Value Award winner this year with the Ford Maverick compact pickup – which also was named Best New Model for 2022 by Kelley Blue Book. It's also notable that an electrified vehicle – the Tesla Model X – is among the top 10, another indication of how electrified vehicles are becoming more mainstream in today's marketplace."
This year marks the sixth Best Resale Value: Brand win for Toyota, which previously won the same honors in 2014, 2017, 2018, 2019 and 2021. For 2022, Lexus edges past last year's winner Porsche to celebrate its 3rd win as Best Resale Value: Luxury Brand win.
2022 BEST RESALE VALUE: BRAND
2022 BEST RESALE VALUE: LUXURY BRAND
2022 BEST RESALE VALUE: BY VEHICLE CATEGORY
COMPACT CAR: Honda Civic
FULL-SIZE SUV: GMC Yukon
MIDSIZE CAR: Honda Accord
LUXURY SUBCOMPACT SUV: Volvo XC40
ENTRY-LEVEL LUXURY CAR: Lexus IS
LUXURY COMPACT SUV: Mercedes-Benz GLB
LUXURY CAR: Lexus LS
LUXURY MIDSIZE SUV – 2-ROW: Land Rover Range Rover Velar
SPORTS CAR: Chevrolet Corvette
LUXURY MIDSIZE SUV – 3-ROW: Lincoln Aviator
HYBRID VEHICLE: Toyota RAV4 Hybrid
LUXURY FULL-SIZE SUV: Lexus LX
ELECTRIC VEHICLE: Ford Mustang Mach-E
OFF-ROAD SUV: Toyota 4Runner
LUXURY ELECTRIC VEHICLE: Tesla Model X
COMPACT PICKUP TRUCK: Ford Maverick
SUBCOMPACT SUV: Subaru Crosstrek
MIDSIZE PICKUP TRUCK: Toyota Tacoma
COMPACT SUV: Subaru Forester
FULL-SIZE PICKUP TRUCK: Toyota Tundra
MIDSIZE SUV – 2-ROW: Subaru Outback
FULL-SIZE PICKUP TRUCK – HEAVY-DUTY: GMC Sierra 2500
MIDSIZE SUV – 3-ROW: Kia Telluride
MINIVAN: Toyota Sienna
2022 BEST RESALE VALUE: TOP 10 CARS
Tesla Model X
(Residual values used for award calculations are based on the 2022 model-year vehicles that appear in the January/February 2022 Kelley Blue Book® Residual Value Guide. Top 10 models appear in alphabetical order.)
Many new-car buyers do not realize that depreciation often is the greatest expense incurred by drivers during the first five years of vehicle ownership. An average 2022 model-year vehicle will only retain about 43% of its original value after a five-year ownership period, meaning that a $45,000 new car today will only be worth somewhere close to $19,350 after five years. In comparison, all vehicles in Kelley Blue Book's Top 10 for Best Resale Value are projected to retain around 56% or more of their MSRP.
Resale value for new vehicles can vary greatly. Vehicles with average or below-average resale values generally are plentiful in the marketplace and easy to find, but certain vehicles are projected to hold their value better than others. While much of a vehicle's resale value is based on supply and demand, as well as current and projected future market conditions, vehicles that retain their value best typically are discounted the least and tend to generate high levels of consumer interest.
Now in its 20th year, Kelley Blue Book's Best Resale Value Awards are based on projections from the Kelley Blue Book® Official Residual Value Guide. Kelley Blue Book® Residual Values are established by experienced automotive analysts that review the output from statistical models built upon millions of transactions. Vehicles that earn the highest five-year residual values, expressed as a percentage of their original Manufacturer's Suggested Retail Price (MSRP), are selected for these prestigious awards. Low-volume vehicles are excluded from award consideration, except in the electric, luxury and sports car categories.
Residual values reflect projected future auction values for vehicles in average condition with 75,000 miles at the end of a five-year lease or ownership period. Kelley Blue Book's residual values are used by manufacturers, banks, financial institutions and the automotive leasing industry. For more information about Kelley Blue Book's Best Resale Value Awards, visit https://www.kbb.com/awards/best-resale-value-cars-trucks-suvs/.
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About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides market-reflective values on its top-rated website KBB.com, including its famous Blue Book® Trade-In Values and Kelley Blue Book® Price Advisor tool, which provides a range for what consumers can reasonably expect to pay for a vehicle in their area. Car owners looking to sell immediately can also get a redeemable, transaction-ready offer with Kelley Blue BookSM Instant Cash Offer. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book is a Cox Automotive brand.
About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using vehicles easier for everyone. The global company's more than 27,000 team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Dickinson Fleet Services, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of nearly $20 billion. www.coxautoinc.com
SOURCE Kelley Blue Book
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