Oshawa-made Chevrolet Silverado HD tops its class in J.D. Power Residual Value Awards

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Published February 16, 2024 at 4:12 pm

The Oshawa-made Chevrolet Silverado HD holds its value better than any other vehicle in its class, according to consumer data leader J.D. Power.

The General Motors Silverado 3500 HD earned top spot for the second year in a row in the Large Heavy-Duty Pickup segment of the J.D. Power 2024 Canada ALG Residual Value Award as the truck projected to retain the greatest residual value four years after purchased new.

The vehicle shared the stage with the Toyota Tundra and Toyota Tacoma as the 2024 model year’s best trucks for keeping much of their original value.

With the GMC Savana, Cadillac Lyriq and Chevrolet Corvette also class winners, GM was singled out along with Toyota as the two automakers producing some of the vehicles with the best residual value are available in Canada.

“Although Toyota and GM have a broad lineup and are high-volume producers, the consistency throughout their models has garnered higher residual values,” said Danny Battaglia, managing director of ALG customer success at J.D. Power. “Not only do these manufacturers have broad appeal vehicles high in the rankings, but they also have specialized vehicles, such as off-road, at the top as well. Continued consistency with quality, durability and pricing produces high demand which retains residual values.”

The J.D. Power Canada ALG Residual Value Awards are the automotive leading industry standard when it comes to recognizing the vehicle models that are projected to hold the highest percentage of the manufacturer’s suggested retail price after a four-year period for mass market vehicles, and after a three-year period for premium vehicles.

The study uses multiple factors, including build quality data, features and options, and macroeconomic conditions to predict which 2024 model-year vehicles will keep the greatest amount of value.

For model-year 2024, 15 different brands earned awards in 28 segments. The award process consists of evaluating 298 model lines through analysis of used-vehicle performance, brand outlook and product competitiveness.

In all, the Oshawa plant has won nearly two dozen J.D. Power awards for quality since 1999. In recognition of that achievement, J.D. Power awarded the Founder’s Award to Oshawa Assembly in 2008, an award that has been presented only six times in J.D. Power’s lengthy history.

Oshawa Assembly currently produces the Silverado HD and 1500 models.

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