JD Power: These 3 Brands Rank Best For 2023 Resale Value
Kia ranks as the best brand for resale as forecasted by JD Power’s Consumer Satisfaction Index. That means for resale value, which should always be part of the car buyer’s considerations, you may be better off with a Kia product. For a variety of reasons we’ll get into, the Kia brand holds its value better.
Which companies came after Kia for residual value?
“This year’s achievement by Kia speaks volumes about how far the brand has come,” said Eric Lyman, vice president of JD Power’s ALG division. “The marketplace acknowledges that Kia has a very strong product lineup in terms of design, quality, and residual values. Kia has become a force to be reckoned with.”
The number two and three slots went to Honda and Toyota respectively. These are projected over a three-year period. JD Power factored in trims, options, mileage, and quality. It also factored how the car’s environment, whether cold and snowy or hot and humid, affected its condition.
But the JD Power index breaks down the residual values further into segments. Lexus received the top honors for the Best Premium Brand, the third time in a row it has received it. Honda won the best value for mass market brands. It is the second time in a row.
Which specific Kia models scored the best?
Overall, 13 brands snagged 29 segments, scrutinizing 231 models. For Kia, it scored the best in five residual value categories with the K5, Rio, Sportage, Soul, and Telluride SUV. For second place Honda, the Civic, Passport, HR-V, and Odyssey won out. Toyota models GR Supra, 4Runner, Tundra, and Tacoma came out on top.
For European brands, the surprising winner was Land Rover. In past years there has been a reliability stigma with Land Rover vehicles, in spite of their higher prices. Its Discovery, Range Rover Velar, and Evoque came out the best.
So far, the top four spots have been South Korean, Japanese, and European brands. But in fifth, Chevrolet scored best for American brands. It won the best residual value for its Bolt EV and Silverado 2500 HD pickups.
How is 2022 looking?
Kia has seen a significant increase in sales as reviews and customer satisfaction news is advising car buyers. From 2019 through 2021 it has seen a consistent rise in yearly sales, from around 60,000 in 2019 to almost 95,000 units in 2021. Just this past June it hit over 9,000 in sales.
Last year the company saw a 15.1 percent increase in sales year-over-year. With 677,000 sold overall. It was its highest sales year ever. That market share is partially attributed to surveys like this JD Power residual value index.
This year, the Sportage has already sold 12,000 more Sportage SUVs than last year. And for 2022 we’ve still got one month left. So the accolades and sales figures point to a solid choice for buyers.