• 2024 Genesis Electrified GV70 offers Best Residual Value in its class, according to Canadian Black Book.
If there's one thing that's harder to gauge with the new electric vehicles coming to market, it's their residual value.
Some products that you'd expect to hold their value very well are seeing that value plummet. This is particularly true of the Toyota bZ4X and Lexus RZ450e, which, as Insideevs reminded us ten days ago, are struggling to hold their value after just a few months on the market.
The truth is that everything is new in the electric world, and we have a new reality on our hands. Some models will become established, others less so.
Genesis announced today that the Electrified GV70 SUV has won the Canadian Black Book's (CBB) Best Residual Value 2024 award in the Electric SUV over $60,000 category.
The award recognizes the residual value of the Electrified GV70 as measured by the expected percentage of its original purchase price after four years. The Mercedes-Benz EQE and Volvo C40 took second and third place, respectively.
"We are incredibly honoured that the 2024 Genesis Electrified GV70 has been recognized by Black Book Canada. This award reflects our commitment to excellence and our vision for the future of electrification. The GV70 electric exemplifies our commitment to providing consumers with vehicles that offer elegant styling, dynamic performance and a hassle-free ownership experience," said Eric Marshall, Director of Genesis Motors Canada.
The Best Residual Value Awards are now in their third year. They have been expanded to include new vehicle categories such as compact, subcompact, mid-size and full-size SUVs from both general and dedicated luxury brands.
"There are more electric vehicles on the road, more people seeking, buying and leasing them, and more options from manufacturers. These vehicles are becoming more prevalent, and as a result, consumers are becoming more educated, which is helping to drive residual values higher," said Daniel Ross, CBB's senior director for industry insights and residual value strategy.
The Best Residual Value Awards project vehicle values from model year 2024 through 2028.