More than ever, new car shoppers are looking for confidence in uncertain times. In addition to looking for safety and a good deal, residual or ‘resale’ value is becoming more of a concern for new vehicle shoppers who plan to sell their vehicles down the road.
Though many brands from many countries compete for your new car dollar, only several have made it onto the ALG (Automotive Lease Guide) list of residual value award winners.
One of the big winners was Honda-- specifically with their Accord, Odyssey and Fit models. The Accord won the award in the ‘Best Midsize Car’ category, while the Fit was the winner of the ‘Best Compact Car’ category. Finally, it was Honda’s Odyssey that prevailed in the ‘Best Minivan’ category.
Honda says that since 2001, they have had 20 model awards and six overall brand awards from the ALG.
"In a challenging economy, residual value moves up on the list of buyer considerations," says John Mendel, Executive VP of American Honda Motor Co. "These ALG awards once again recognize Honda's commitment to offer high-quality products with long-term value."
The 2010 model year marks the 11th year of the awards, which recognize vehicles that are predicted to retain the highest percentage of their original price after a three-year period.
ALG arrives at winning vehicles by carefully studying the competition in each segment, as well as by analyzing historical vehicle performance and industry trends. Vehicle quality, production levels relative to demand, and pricing strategies are some of the key factors that affect the ALG's residual value forecasts.
James Clark is the General Manager at ALG. He comments, “We continue to believe that residual value is the best metric for evaluating the overall strength of an automotive brand, and we congratulate all of the 2010 winners for their successful products and marketing strategies.”
The performance of the Honda brand in terms of residual value even extended to Acura, the automaker’s technology-enhanced luxury division. The upscale brand won the ALG’s ‘Luxury Brand Residual Value Award’ for the second year in a row.
“Acura has taken a different tack than most luxury brands, and its decision to stick with front-wheel drive platforms and smaller engines has served it well in the current uncertain times,” Clark adds. It is all part of Honda’s company-wide focus on delivering honestly priced, well made, reliable cars.
The ALG awards to the Honda brand mean that shoppers can confidently pick a new Odyssey, Fit or Accord knowing that their vehicle will lose a minimal amount of value as time passes.
Further confidence comes from another important award given to the trio by the Insurance Institute for Highway Safety (IIHS). The Odyssey, Fit and Accord have also been recognized for their top-notch performance in crash-test safety by the IIHS. All three models were given a ‘Top Safety Pick’ rating for their high crash-test performance and electronic stability control system. There’s no higher safety rating when it comes to occupant protection.
If high safety and high value are priorities for your next family ride, be sure to check out a Fit, Odyssey or Accord at your local Honda dealer.