Toyota, Lexus earn repeat wins in KBB’s Best Resale Value Awards

Toyota has won Kelley Blue Book’s “Best Resale Value: Brand” award for the seventh time in 10 years, while corporate sibling Lexus has earned its fourth overall and second consecutive “Best Resale Value: Luxury Brand” title.

KBB, which is part of Cox Automotive, announced 2023 model-year winners of its Best Resale Value Awards on Monday, spotlighting vehicles expected to retain the most value over the first five years of ownership.

Toyota’s win was its third straight and adds to its awards won in 2014, 2017, 2018, 2019, 2021 and 2022

In addition to recognizing the overall brand winners, KBB honored resale value winners in 28 segments, along with an overall top 10 models for resale value.

“Toyota wins Best Resale Value: Brand for 2023, while its sibling Lexus wins Best Resale Value: Luxury Brand, both enjoying top honors for the second consecutive year,” said Janice Yoell, KBB’s senior manager of valuations, in a news release.

“In addition, Kelley Blue Book made some changes to the vehicle categories for the 2023 Best Resale Value Awards, adding additional categories to reflect the growing electric vehicle market,” Yoell said. “In recent years the awards featured just one overall Electric Vehicle category, but now Kelley Blue Book’s Best Resale Value Awards include categories for Electric Car, Luxury Electric Car, Electric SUV, Luxury Electric SUV and Electric Truck.

“As the automotive landscape shifts and manufacturers continue to introduce more and more electric models, it was fitting to expand the award categories accordingly.”

Winners of those EV segments and all honorees can be found below.

SOURCE: Kelley Blue Book

In other news from KBB, the company shared a vehicle recall advice resource for consumers amid the National Highway Traffic Safety Administration’s 2023 Vehicle Safety Recalls Week, which runs today through Sunday.

“Vehicle recalls were not on the radar of the average driver until the headline-making massive airbag recalls affected millions of cars in recent years — and even now that people are more familiar with the term, many car owners still do not know what to do or how to find out if a recall affects them,” KBB executive editor Brian Moody said in a news release.

“Drivers need to understand that a recall usually will not cost you a dime to repair. Any defect affecting a vehicle’s safety can trigger a recall, and car manufacturers must fix defects from recalls for free if the vehicle is less than 16 years old,” Moody said. “Car owners should proactively check to see if their vehicle has an open recall and prioritize getting it promptly fixed, for their own safety and the safety of others on the road.”

More information can be found here.