The average transaction price of new vehicles in Canada continues to climb, reflecting buyers’ changing tastes to more costly SUVs and trucks loaded with the latest technology. With high prices comes an increased risk of vehicle depreciation. A new car that loses its value faster than its rivals can cost you money in lower trade-in value, higher monthly lease costs, or the possibility of owing more than what it may be worth in a long-term loan. That’s why choosing a vehicle with solid resale value can save you more money in the long run.
Across all the 350 models Kelley Blue Book Canada (KBB) tracks, the resale value at wholesale auction after four years is now at 73% for the 2019 model year, which is sharply higher than what we would typically expect to see in the market.
“A supply shortage is driving this dramatic uptick in prices in both the new and used vehicle markets. In fact, since January of 2019, our own KBB price index (which looks at 1- to 20-year-old vehicles) has risen by 53% to the record high levels it remains at today,” says Brian Murphy, Managing Director, Kelley Blue Book Canada.
Based on data collected by Kelley Blue Book Canada, here are the top 10 resale value finishers for the 2019 model year:
7th place (tie): Toyota Tacoma / 82%*
The Tacoma faces a resurgence in the mid-size truck market, with the Chevrolet Colorado/GMC Canyon reborn a few years ago, the Ford Ranger also re-entering the market, a new Nissan Frontier, and the just-arrived Jeep Gladiator. In the face of these challengers, Tthe Tacoma remains the best-selling mid-size truck in Canada and has been for the past 15 years. There are good reasons for this: the Tacoma’s reputation for high quality, high resale value, and a wide variety of trim choices.
7th place (tie): GMC Sierra 1500 / 82%
There had to be trucks on this list from the Detroit 3. And Canadians seemingly have no end of love for pickup trucks. Both General Motors's full-size pickup trucks, the Chevrolet Silverado 1500 and the GMC Sierra 1500 were redesigned for the 2019 model year in the light-duty format, and the market seems to have embraced the significant change in design.
7th place (tie): Honda Ridgeline / 82%
The presence of this Honda truck, which shares its unibody roots with some other large Honda products like the Odyssey minivan, may be seen as a bit of a surprise. However, Honda did not build many of these, making them a bit rarer than many vehicles. The Ridgeline also has the unique appearance of offering pickup truck utility, Honda quality and a ride that is more like a passenger car/SUV than a body-on-frame truck.
6th place (tie): Dodge Charger / 83%
Muscle cars are a uniquely North American phenomenon, so when Dodge decided to build a family sedan, it came as no surprise that the result turned out like the Charger. If you require 4 doors, but like the idea of a powerful sedan with unapologetically aggressive styling and handling, the big Dodge sedan is in a league all its own. A wide range of models, colours, options and engines flies in the face of the pre-packaged offerings from most automakers.
6th place (tie): Ford Mustang / 83%
If you’re looking for a car to reinvigorate your lost youth while laying down a patch of rubber—like the great muscle cars of the past—and do a good job retaining its original purchase price, the Ford Mustang has your name written all over it. No longer a one-trick pony, the Mustang offers power, handling, comfort and style all in a package the average Canadian can easily afford. Available in coupe or convertible form, the Mustang comes in several flavours.
5th place: Toyota Tundra / 84%
While it's not had the sales success of the Ford F-150, Chevrolet Silverado/GMC Sierra twins, or the Ram 1500, the Tundra has carved out a devoted, loyal following that's evidenced by its solid resale value. For years, owners have been pleasantly surprised by what they can get in the resale market, even for higher mileage examples. We would be surprised if there were not a Toyota pickup on this list a decade from now.
4th place: Chevrolet Silverado 3500 HD / 85%
The Chevrolet Silverado 3500 HD (as in “Heavy Duty”) are the big guns you call in when there’s serious work to be done. Their reputation for being simultaneously rugged yet refined has earned them a well-deserved loyalty among many owners. They’re excellent, tough and eminently capable. There’s also a fierce brand loyalty that might keep you from considering rivals that can tow more weight than these Chevy HD pickups.
3rd place: Chevrolet Camaro / 86%
The 2019 Camaro got a polarizing facelift on all but the ZL1 edition. But buyers still desire the Camaro for its retro-tinged styling complemented by modern-day features and performance. Chevy offers a wide range of variants, from the base 1LT—that still manages to make 275 horsepower—all the way up to the smoking’ hot ZL1. Another plus: There’s still a Camaro convertible.
2nd place: Dodge Challenger / 88%
Do you see some common elements on our list? The Challenger, Camaro, and Mustang are vehicles available in trims from rental-car mundane up to high-performance muscle cars that will easily tear up the tarmac—and your license! The big Dodge coupe is even more special among this trio, offering an extra rear seat (compared to the Camaro/Mustang's 2+2 setup) and a classic muscle-car versus sports coupe driving experience.
1st place: Mercedes-Benz G-Class / 99%
You may pay a lot upfront (prices for new 2021 models start at over $150,000 in Canadian dollars), but the Mercedes-Benz G-Class will retain almost 100% of its original purchase price over time. Even with its military heritage and legitimate go-anywhere capabilities, the luxurious G-Class comes across as more Yorkville than the Yukon. Currently, a 4-year-old version of this vehicle is often selling at wholesale auction for close to what it sold for new.
*Percentage of 2019 models’ original selling price retained at wholesale auction.