2024 Toyota Resale Value Compared with Other Brands

When it comes to buying a new car, one factor that savvy buyers in the Goderich area always consider is resale value—the amount your vehicle will still be worth when you decide to sell or trade it in down the line. For Canadian drivers, this is an especially important consideration, given the country’s varying driving conditions and economic factors that can affect vehicle depreciation. In the 2024 market, Toyota continues to outperform most other brands in terms of resale value, solidifying its reputation as a long-term, value-driven investment.

According to data from Canadian Black Book (CBB) and J.D. Power, Toyota consistently ranks among the top brands for retaining value, with several of its models leading their respective categories. In this article, we’ll explore why Toyota vehicles offer superior resale value, why resale value matters when buying a car, and highlight some of the Toyota models with the best resale performance.

Why Resale Value Matters

Resale value is not just about getting a good deal when you trade in or sell your vehicle—it’s a reflection of a car’s reliability, quality, and desirability. A vehicle with a high resale value depreciates less over time, which can save you thousands of dollars in the long run. In Canada, where harsh winters and fluctuating fuel prices affect car demand, a strong resale value ensures that you’re not left with a depreciated asset if your needs change.

For example, if you plan to sell your vehicle after five years, a car with a 60% resale value means you’ll recoup 60% of the price you initially paid, whereas a car with a 40% resale value will only return 40%. This difference can translate to thousands of dollars depending on the original purchase price. Vehicles with better resale value are also often easier to sell, as buyers associate them with reliability and low maintenance costs.

Why Toyota Vehicles Offer Superior Resale Value

Toyota’s dominance in resale value isn’t by chance—it’s the result of decades of innovation, reliability, and brand loyalty. Here are the key reasons Toyota vehicles outperform the competition:

1- Proven Reliability

Toyota’s reputation for building dependable, long-lasting vehicles is a major factor in its strong resale value. Canadian buyers often face challenging conditions, such as extreme cold and rugged terrain, and Toyota models are known to withstand these challenges better than many competitors. Whether it’s the sturdy Toyota RAV4 or the reliable Corolla, these vehicles are built to last.

2- Low Cost of Ownership

Toyota vehicles are designed with cost-conscious drivers in mind. Lower maintenance and repair costs, combined with excellent fuel efficiency, make Toyota models affordable to own over time. This affordability makes them more attractive in the resale market, as buyers know they won’t be burdened with high repair bills.

3- Strong Demand in the Used Market

Toyota has a loyal customer base in Canada, which keeps demand for used Toyota vehicles high. Models like the Toyota Tacoma and Toyota Highlander are particularly popular among buyers looking for reliable trucks and SUVs, making them easier to sell and commanding higher prices on the used market.

4- Eco-Friendly Leadership

Toyota’s leadership in hybrid and eco-friendly technology also boosts its resale value. The Toyota Prius and hybrid versions of the RAV4 and Camry are sought after for their exceptional fuel efficiency and low environmental impact, which are increasingly important factors for Canadian buyers.

5- Awards and Accolades

Toyota has received numerous accolades from organizations like Canadian Black Book, which frequently names Toyota models as leaders in their categories for retained value. These awards reinforce consumer confidence in Toyota’s reliability and value retention.

Toyota Models with the Best Resale Value

Not all vehicles are created equal, and even within Toyota’s lineup, certain models stand out for their exceptional resale performance. Here are a few examples:

1- Toyota Tacoma

The Toyota Tacoma is consistently recognized as one of the best vehicles for resale value—not just among Toyotas, but in the entire industry. Known for its rugged durability and off-road capability, the Tacoma is a favorite among truck enthusiasts in Canada. According to Canadian Black Book’s 2024 Retained Value Awards, the Tacoma retains an impressive 80-85% of its value after three years, far surpassing competitors like the Ford Ranger and Chevrolet Colorado.

2- Toyota RAV4

Canada’s best-selling SUV, the Toyota RAV4, continues to dominate the resale market. Its practicality, fuel efficiency, and reliability make it a top choice for families and individuals alike. Hybrid versions of the RAV4 are particularly popular, with resale values often exceeding 70% after three years. The RAV4’s consistent demand ensures high resale value across Canada.

3- Toyota Corolla

A staple of Toyota’s lineup, the Toyota Corolla is synonymous with reliability and affordability. This compact car is incredibly popular with first-time buyers and commuters, ensuring strong demand in the used market. The Corolla retains around 60-65% of its value after five years, making it a smart choice for anyone looking for long-term value.

4- Toyota Highlander

The Toyota Highlander, a midsize SUV, is a family favorite that offers excellent resale value thanks to its versatility, roomy interior, and strong safety features. Hybrid versions of the Highlander are especially sought after, retaining up to 70% of their value after three years, according to J.D. Power.

5- Toyota Prius

As a pioneer of hybrid technology, the Toyota Prius remains a popular choice for eco-conscious Canadians. Its excellent fuel economy and reputation for reliability make it a standout in its class, with resale values often exceeding 65-70% after three years, especially as demand for hybrid vehicles continues to grow.

Toyota vs. Other Brands in Canada

When compared to other major brands in Canada, Toyota consistently comes out on top. While competitors like Honda and Subaru also perform well in resale rankings, Toyota’s broader lineup of hybrid and fuel-efficient vehicles gives it an edge. American brands such as Ford and Chevrolet tend to depreciate faster due to higher maintenance costs and lower reliability ratings, while luxury brands like BMW and Audi suffer from steeper depreciation because of higher initial purchase prices and costly repairs.

For example, in Canadian Black Book’s 2024 Resale Value Report, Toyota ranked higher than Nissan, Mazda, and Hyundai in most categories. Even within specific vehicle segments, Toyota models like the RAV4 outperformed competitors like the Honda CR-V and Nissan Rogue in retained value.

Conclusion: Toyota is a Resale Value Champion

For Canadian buyers, Toyota continues to deliver unbeatable value in 2024. Whether you’re looking for a rugged truck like the Tacoma, a family-friendly SUV like the RAV4, or an eco-conscious hybrid like the Prius, Toyota’s reputation for reliability, low cost of ownership, and strong demand make it a smart investment. Not only will you enjoy lower depreciation and greater resale value, but you’ll also benefit from driving a vehicle that’s built to last.

If you’re in the market for a vehicle that will hold its value and save you money in the long run, Toyota remains the gold standard in Canada. It’s no wonder so many Canadians choose Toyota year after year—and why these vehicles are so sought after in the used market.