"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. "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, senior manager of valuations for Kelley Blue Book. Given the fact that new-car buyers are paying more up front now than ever before, experts recommend they seriously take into account a vehicle's resale value as they consider their purchase decisions. At the end of 2022, the average transaction price (ATP) of a new vehicle reached a record high of $49,507, and ATPs have remained above sticker price (or MSRP, the manufacturer's suggested retail price) for more than a year, according to data from Kelley Blue Book. These challenges ultimately impact supply and demand, with the increased costs trickling down to consumers who are paying record-high prices for new cars. Supply chain issues have improved within some industries and yet still remain a challenge in others, including the automotive industry. Prices of many consumer items remain inflated nearly three years after the pandemic began. To help new-car buyers shop smart, Kelley Blue Book, a Cox Automotive company, today announces the 2023 model-year brand, category, and top 10 winners of the 21st annual Best Resale Value Awards, recognizing vehicles for their projected retained value through the initial five-year ownership period.
Understanding a car’s resale value can make the difference of hundreds, if not thousands, of dollars in the long run.