Toyota leads the way in CBB Best Retained Value Awards

Toyota, led by its wildly popular Tacoma small pickup, was again the big winner in Canadian Black Book’s annual Best Retained Value Awards.

The Japanese automaker claimed a total of seven of the 2024 awards, the most of any brand, including the top overall brand awards for cars and SUVs/trucks. In addition, Toyota’s sister brand, Lexus, took the top spot in two categories.

It was Toyota’s second consecutive year with the most victories and third straight overall brand win in the SUV/truck category.

Porsche, which repeated as the runner-up for total awards with five, earned its third consecutive overall brand award for luxury brands and added the overall award for battery electric vehicles.

Genesis was named the most improved brand.

Toyota’s segment category winners were led by the Tacoma, which extended its winning streak among small pickups to 16 years in a row, the longest in any category in the CBB awards’ history.

Other Toyota winners included the Corolla in the car: main category, Tundra for full-size pickups, CH-R for SUV: main sub-compacts and RAV4 for SUV: main compacts.

Lexus’ IS-Series took the top honor in the car: luxury segment and its UX-Series earned the SUV: luxury sub-compact/compact award, ending Porsche’s five-year dominance in that segment.

Porsche’s segment award winners were the Panamera (car: prestige), 911 (sport car: luxury) and Taycan (BEV: luxury).

CBB said the average vehicle in the Canadian market retained 67% of its original MSRP, down from 77% in 2023.

“As the industry recognized a significant price correction over the past 12 months, retained value has shown it is a bellwether of brand and vehicle strength in a volatile market,” CBB senior manager for industry insights and residual value strategy Daniel Ross said in a news release. “The winners this year have maintained course on their long-term strategies and led the way in electrification and the anticipation of consumers’ needs.

“We are proud of our OEM partners who have understood these trends and used them to create great value for Canadian consumers in a marketplace riddled with affordability concern.”

The winners of the 17th Annual CBB Best Retained Value Awards are: