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Canadian Used Vehicles Worth More Than Ever

The 2021 CBB Awards featured the highest ever industry average used vehicle retained value across all vehicle models in Canada, since the yearly awards began in 2007. Photo: Canadian Black Book

Canadian Black Book announced its 2021 Best Retained Value Award Winners.

The fourteenth edition of the awards featured the highest ever industry average used vehicle retained value across all vehicle models in Canada since the yearly awards began in 2007.

The retained value across every vehicle in Canada measured for the 2021 Awards showed that four-year-old models (2017 model year) held an astonishing 61.5% of original MSRP, industry-wide.

To put this into perspective, the closest year was just last year, when the industry average was 56.6%, and for further perspective, in 2019 the industry stood at 52%. In short, today used vehicles are holding far more value than ever before.

“In terms of retained values, the past year has been a wild ride, to say the least. We have been through steep record-setting declines last spring, followed by rapid increases culminating in record level retained values in Canada across the board,” says Yolanda Biswah, Vice President, Sales at Canadian Black Book. “Much of the gains have been propped up by economic phenomena directly related to the global pandemic,” she adds.

For 2021, the ‘Overall Brand Awards’ for Cars goes to Honda; for Trucks/SUVs to Toyota; and for Luxury Brand to Porsche. Across all car segments overall, on average they held 53.1% of original MSRP after 4 years (across nearly 3,000 trims), while trucks/Vans/SUVs held a substantially higher 63.6% (across nearly 13,000 trims). 

“It’s not surprising that Trucks and SUVs hold value better, as these segments are the ones that command more consumer demand here in Canada, which drives up the prices,” says Biswah. 

  • Premium Luxury Cars only held 47.6% or MSRP after four years, Full-Sized Cars only 49.1%, and Sub-Compact Cars didn’t fare much better at 51.1%. This is compared to the larger segments such as Small Pick-Ups that held 68.8%, Full-Size Pick-Ups at 65.4%, and Full-Sized Crossover/SUVs not far behind at 63.1%. 
  • The Small Pick-Up category was won again, as it has for the past 12 years (the longest winning streak in awards history) by the Toyota Tacoma as the 2017 Tacoma model has held an incredible 87.1% of its original MSRP. The Jeep Wrangler and Porsche 911 come second in highest retained value, both with 82.3%.
  • The Zero Emission category has made progress since it was first included as a category in 2019. The winner in the segment, the Chevy Bolt, took a big leap forward with 56% vs the Ford Focus winning the category last year at 51%. As a whole, the category itself held 47% of original MSRP on average versus 45% last year and only 40% in 2019. Used EVs and BEVs are becoming more valuable.
2021 Overall Brand Awards
Car Honda
Truck &Crossover/SUV Toyota
Luxury Porsche

 

MODEL 1st 2nd 3rd
Sub-Compact Car Honda Fit Toyota Yaris Hyundai Accent
Compact Car Toyota Prius v Honda Civic Toyota Corolla
Mid-Size Car Honda Accord Toyota Camry Nissan Altima
Full-Size Car Toyota Avalon Dodge Charger Nissan Maxima
Entry Luxury Car Lexus IS-Series Mercedes-Benz C-Class Mercedes-Benz CLA-Class
Luxury Car Mercedes-Benz E-Class BMW 5 Series Volvo V90
Premium Luxury Car Porsche Panamera Mercedes-Benz CLS-Class Mercedes-Benz S-Class
Premium Sports Car Porsche 911 Chevrolet Corvette Porsche Cayman
Sports Car Ford Mustang Dodge Challenger BMW 2 Series
Small Pickup Toyota Tacoma Chevrolet Colorado Honda Ridgeline
Full-Size Pickup Toyota Tundra Ford F250 S/D Ford F150
Minivan Honda Odyssey Toyota Sienna Kia Sedona
Full-Size Van Mercedes-Benz Sprinter

2500 Cargo

RAM ProMaster Mercedes-Benz Sprinter

3500 Cargo

Compact Commercial

Van

Ford Transit Connect Mercedes-Benz Metris RAM ProMaster City
Compact

Crossover/SUV

Honda CR-V Mazda CX-5 Toyota Rav4
Mid-SizeCrossover/SUV Jeep Wrangler Toyota 4Runner Toyota Highlander
Full-SizeCrossover/SUV GMC Yukon Toyota Sequoia Chevrolet Tahoe
Compact Luxury

Crossover/SUV

Porsche Macan Mercedes-Benz GLC-Class Lexus NX Series
Mid-Size Luxury

Crossover/SUV

Lexus GX460 Lexus RX Series Mercedes-Benz GLE-Class
Full-Size Luxury

Crossover/SUV

Mercedes-Benz G-Class Lexus LX570 Range Rover Sport
Sub-Compact Luxury

Crossover

MINI Countryman Audi Q3 Mercedes-Benz GLA-Class
Sub-CompactCrossover Honda HR-V Mazda CX-3 Jeep Renegade
Zero Emission Chevrolet Bolt VW eGolf Kia Soul EV

The Canadian Black Book 2021 Awards category winners. Credit: Canadian Black Book

 

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