While most car buyers understand their vehicle will depreciate – many have heard the old adage, "a vehicle loses value the moment you drive it off the lot!" – the average person may not be fully aware to what extent and how much this amount can vary from one model to the next. Understanding a car's resale value can make the difference of hundreds, if not thousands, of dollars in the long run. 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 21^st annual Best Resale Value Awards, recognizing vehicles for their projected retained value through the initial five-year ownership period. 

Prices of many consumer items remain inflated nearly three years after the pandemic began. Supply chain issues have improved within some industries and yet still remain a challenge in others, including the automotive industry. These challenges ultimately impact supply and demand, with the increased costs trickling down to consumers who are paying record-high prices for new cars. 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. 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.

"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. "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. In recent years the awards featured just one overall Electric Vehicle category, but now Kelley Blue Book's Best Resale Value Awards include categories for Electric Car, Luxury Electric Car, Electric SUV, Luxury Electric SUV and Electric Truck. As the automotive landscape shifts and manufacturers continue to introduce more and more electric models, it was fitting to expand the award categories accordingly."

This year marks the seventh Best Resale Value: Brand win for Toyota, which previously won the same honors in 2014, 2017, 2018, 2019, 2021 and 2022. For 2023, Lexus celebrates its second consecutive win and fourth time overall winning the award for Best Resale Value: Luxury Brand.