Kia Rio and EV6 Land Best Residual Value
Kia Rio and EV6 Land on ALG Best Residual Value List for 2023 by JD Power
Kia has once again landed multiple vehicles on the annual ALG Best Residual Value List by JD Power. The Kia Rio and the Kia EV6 have both been awarded the honor.
Resale value is consistently cited as one of the most important elements vehicle shoppers consider when purchasing a new vehicle. And its importance has only grown in recent years, given the increases in the cost of new and used vehicles. This marks the 3rd year in a row Kia has appeared on this list.
“This year’s achievement by Kia speaks volumes about how far the brand has come,” said Eric Lyman, vice president of ALG, the division of J.D. Power which provides an industry benchmark of automotive residual value projections.
“The marketplace is acknowledging 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.”
What are the ALG Best Residual Value Awards?
The 2023 J.D. Power Canada ALG Residual Value Awards are a vital consideration for vehicle shoppers when assessing the total cost of ownership for a particular vehicle whether the vehicle is financed, leased or purchased with cash. This year’s recipients have shown strong forecasted value in their competitive segments in the Canadian market for the mass market and premium segments.
For model-year 2023, 15 different brands won awards in 29 segments. The award process consists of evaluating 272 model lines through analysis of used-vehicle performance, brand outlook and product competitiveness. Eligibility for a brand award requires a manufacturer to have model entries in at least four different segments. To account for differences across trim levels, model averages are weighted based on percentage share relative to the entire model line.