Photo: Hyundai
J.D. Power has just released its list of the 2022 Residual Value Awards, and Hyundai won more segments than any other carmaker. Over 19 different brands that won, only Honda matched Hyundai's three awards. Here's a deep dive into what that means and why Hyundai did so well.
The J.D. Power ALG division projects the residual value of all new vehicles on the market. These awards are given to vehicles that are projected to hold the highest percentage of their MSRP after three years. In fact, their evaluation serves as the basis for hundreds of billions of dollars in market spending each year.
The VP of ALG division, Eric Lyman, said: “Accurately forecasting residual values in the auto industry is a key factor in assessing an estimated $225 billion lease portfolio of vehicles in the United States, the brands and vehicle models that rise to the top demonstrate that they score well across the award program’s criteria, including manufacturers’ superior design and quality.”
Honda and Hyundai each won three classifications. Honda picked up awards for the Civic, the Passport, and the Odyssey. Hyundai won with the Accent, the Kona, and the Kona EV.
What that signals is that Hyundai and, by association, its partner, Kia, is on the up and coming in a major way. Just a decade ago, both brands wouldn't be considered for awards like these. Now, they're just as competitive, if not more so, than any other brand.
Hyundai isn't just happy to be included, though. They're going for the jugular. Olabisi Boyle is the VP of Product Planning at Hyundai North America. This is what he had to say about the awards.
“Buyers of Hyundai’s Kona, Kona Electric, and Accent are smartly selecting vehicles that hold their value more than any competitor in their respective segments... earning a coveted Residual Value Award from J.D. Power makes these compelling products even more appealing to rational buyers in a very competitive marketplace.”
Smartly and rational are two words we can't really argue with when it comes to buying a Hyundai. They're more stylish than ever before. They're put together as well as any Honda or Toyota, and they offer the best warranty in the car business. The ball is in everyone else's court.
The VP of ALG division, Eric Lyman, said: “Accurately forecasting residual values in the auto industry is a key factor in assessing an estimated $225 billion lease portfolio of vehicles in the United States, the brands and vehicle models that rise to the top demonstrate that they score well across the award program’s criteria, including manufacturers’ superior design and quality.”
Honda and Hyundai each won three classifications. Honda picked up awards for the Civic, the Passport, and the Odyssey. Hyundai won with the Accent, the Kona, and the Kona EV.
What that signals is that Hyundai and, by association, its partner, Kia, is on the up and coming in a major way. Just a decade ago, both brands wouldn't be considered for awards like these. Now, they're just as competitive, if not more so, than any other brand.
Hyundai isn't just happy to be included, though. They're going for the jugular. Olabisi Boyle is the VP of Product Planning at Hyundai North America. This is what he had to say about the awards.
“Buyers of Hyundai’s Kona, Kona Electric, and Accent are smartly selecting vehicles that hold their value more than any competitor in their respective segments... earning a coveted Residual Value Award from J.D. Power makes these compelling products even more appealing to rational buyers in a very competitive marketplace.”
Smartly and rational are two words we can't really argue with when it comes to buying a Hyundai. They're more stylish than ever before. They're put together as well as any Honda or Toyota, and they offer the best warranty in the car business. The ball is in everyone else's court.
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