Since its launch for the 2022 model year, the Ford F-150 Lightning has earned its fair share of accolades, a list that includes a Kelley Blue Book Best Buy Award, a KBB Best Resale Value Award, a KBB Five-Year Cost To Own Award, a Best Value in America Award from Vincentric, North American Truck of the Year, and a Wards Auto 10 Best Interiors & UX Award. Now, that list has grown yet again, this time to include a spot on the J.D. Power 2024 U.S. ALG Residual Value Awards list.
The Ford F-150 Lightning took home top honors in the Mass Market Electric Vehicle Segment, which is notable for a couple of reasons. As J.D. Power points out, with new and used vehicle prices soaring to new heights in recent years, resale and residual values are more important to consumers than perhaps ever before, which means that seeking out vehicles that hold their value better in the long term can save one a substantial amount of money in the long run.
J.D. Power’s U.S. ALG Residual Value Awards are designed to recognize vehicles that are projected to hold the highest percentage of their MSRP following three-years of ownership. Aside from financing or outright purchases, value retention is also a key variable in the lease cost of a vehicle, but there are numerous others that also impact residual value. Some examples include quality, reliability, mileage, options, and even weather or macroeconomic environments, which must be taken into account when coming up with accurate residual value forecasts. In that regard, Lexus and Honda continue to lead the pack, with the former earning best premium brand for the fourth straight year and the latter landing as the best mass market brand for the third consecutive year.
“The continued strength of Lexus and Honda underscores an attention to detail and a unique strategy in terms of product planning and management,” said Kristen Lanzavecchia, director of customer success at ALG. “Overall, these brands took a measured approach in their freshening of products, trim levels and powertrains, resulting in higher residual performance and better long-term value for their customers.”