It's good news for owners.
In a significant achievement for Chevrolet, the Chevy Corvette has been named a winner in the J.D. Power 2024 U.S. ALG Residual Value Awards, distinguishing itself among 28 top nameplates across various categories. This prestigious accolade underlines the Corvette's enduring value, predicting it to retain the highest percentage of its original MSRP three years after purchase, a key factor in determining a vehicle's lease cost.
The award, which scrutinizes 293 models from 15 different automakers, underscores the Corvette’s appeal in the Midsize Premium Sporty Car segment, a part of the overall Passenger Car division. Factors contributing to the Corvette's high residual value include its quality, design, popularity, options and features, current economic trends, and even weather patterns.
This year's J.D. Power study highlights the increasing importance of resale value for consumers, especially in a market where new and used vehicle prices are steadily climbing. The study acknowledged the Corvette's achievement alongside other segment winners like the Subaru WRX (Sporty Car) and the Jaguar XF (Midsize Premium Car).
Notably, Lexus and Honda received the top brand awards, with Lexus winning best premium brand for the fourth consecutive year and Honda as the best mass market brand for the third year in a row. Both brands, along with Toyota, each had four model segment winners, showcasing their consistent focus on quality and value retention.
Kristen Lanzavecchia, director of customer success at ALG, a division of J.D. Power, commended the overall strategy of Lexus and Honda. Their approach to product planning, trim level optimization, and powertrain variations has resulted in superior residual performance and long-term value for customers.
The awards process evaluated 293 models based on used-vehicle performance, brand outlook, and product competitiveness. Eligibility for a brand award required a manufacturer to have entries in at least four different vehicle segments. The analysis also took into account the sales-weighted average of model lines and required a minimum of four brands per segment to qualify for an award.
The Chevy Corvette's triumph in the 2024 ALG Residual Value Awards is a testament to its enduring appeal and the commitment of Chevrolet to delivering vehicles that combine performance, style, and long-term value. This accolade further solidifies the Corvette's status as a sought-after vehicle in the automotive market.