In this piece, we will look at the 12 SUVs With the Highest Resale Value in 2024. If you want to skip the analysis of the SUV market, you can go directly to 5 SUVs With the Highest Resale Value in 2024.
In 2024, the SUV market is undergoing significant changes influenced by various factors shaping consumer preferences and market dynamics. The SUV market was valued at USD 907.94 billion in 2023 and is anticipated to reach USD 1079.26 billion by 2030, with a projected compound annual growth rate (CAGR) of 2.5% during the forecast period from 2024 to 2030, per Verified Market Research.
Consumer tastes and lifestyle changes are driving the market towards larger, more versatile, and rugged SUVs, moving away from sedans. The increasing popularity of SUVs is attributed to their perceived functionality for daily use and leisure travel. Safety features and advanced technologies are becoming crucial for SUV appeal, as consumers prioritize vehicles with cutting-edge safety features. The practicality and flexibility of SUVs, offering enhanced visibility, cargo capacity, and a strong road presence, are attracting a diverse range of buyers.
Urbanization trends also play a role, as SUVs are seen as suitable city cars with off-road capabilities. Technological advancements such as fuel efficiency, infotainment systems, autonomous driving capabilities, and connectivity are appealing to tech-savvy buyers, while effective marketing strategies by manufacturers highlight the lifestyle and status associated with owning an SUV.
Within the broader SUV’s market, electric SUVs are gaining popularity worldwide as countries like China and India focus on reducing vehicle emissions and increasing government support. These electric SUVs offer longer driving ranges, addressing range anxiety, and making them more suitable for daily use. For example, Mercedes-Benz recently introduced its all-electric SUV, the EQE 500 4Matic, in India. Priced at INR 13.9 million, it is the third electric vehicle in the manufacturer’s Indian lineup. The company is also providing a 10-year warranty on the EV battery, marking a significant milestone for the brand.
The move towards electric vehicles (EVs) presents substantial changes. Traditional cars have a higher number of components compared to electric vehicles, resulting in increased assembly time. The United Auto Workers union is striving for fair wages and job security amidst worries that the transition may put 35,000 jobs at risk out of its 150,000 members due to potential effects on Detroit’s ‘Big Three’ car manufacturers. The anticipated expansion of the global e-SUV market is expected to increase from $208.50 billion in 2023 to $524.26 billion by 2030, displaying a compound annual growth rate (CAGR) of 14.1% throughout the forecast period.
Before we move to our list of SUVs With the Highest Resale Value in 2024, let’s take a look at some major market players in the automotive industry.
Glance at the Global Market Players in the Industry
Toyota Motor Corporation (NYSE:TM)
Toyota Motor Corporation (NYSE:TM) sales performance showed positive growth across all regions during the period of April to December 2023. Increased sales of hybrid electric vehicles significantly contributed to the company’s doubled profits. Toyota also revised its forecasts for the fiscal year 2024, projecting a sales revenue of US$293.1 billion by March 31, 2024.
From April to December 2023, Toyota and Lexus collectively delivered over 7.9 million vehicles, marking a 9.7% increase from the previous year. Toyota Motor Corporation (NYSE:TM) reported that electrified vehicles made up 35.9% of its total sales, including hybrids, plug-in hybrids, battery electric vehicles, and fuel cell electric vehicles. Toyota’s operating income for the same period saw a notable 102.1% increase year-on-year, primarily driven by the rise in overall sales, particularly in hybrid electric vehicles, with more than 2.64 million units sold, a 37.9% increase from 2022.
General Motors Company (NYSE:GM)
In 2025, General Motors (NYSE:GM) will introduce the Cadillac Escalade IQ, an all-electric SUV boasting greater power than its current supercharged V-8 model and an estimated range of 450 miles. This electric vehicle is anticipated to be available in dealer showrooms in 2025, with an expected starting price of approximately $130,000. The three-row electric SUV serves as a significant milestone in demonstrating to investors General Motors’ capability to produce profitable electric vehicles.
In the fourth quarter ending 31 December 2023, General Motors (NYSE:GM) disclosed a net income for stockholders of $2.1 billion, equating to $1.59 per share, as opposed to $2 billion, or $1.39 per share, in the previous year. Upon adjusting for one-time items, GM achieved an earnings per share of $1.24, surpassing projections on Wall Street. Revenue remained relatively consistent year over year, standing at $42.98 billion compared to $43.11 billion in the final quarter of 2022.
Tesla, Inc. (NASDAQGS:TSLA)
The recently launched Model Y electric car by Tesla, under the leadership of Elon Musk, has made its debut in China in October 2023 featuring enhanced design and performance adjustments. Remarkably, the starting price remains unchanged at approximately $37,000. This release comes shortly after the introduction of the updated “Highland” Model 3 in China, which was also introduced in Europe a month earlier. As per information on Tesla’s Chinese website, the Model Y now boasts a 0-60 mph acceleration time of 5.9 seconds.
In the fourth quarter ending 31 December 2023, Tesla disclosed revenue and profit figures that fell short of analysts’ expectations, resulting in a nearly 6% decline in the stock price during after-hours trading. While automotive revenue experienced a modest 1% increase from the previous year, total revenue rose to $25.17 billion, marking a 3% growth from $24.3 billion in the prior year. The operating margin for the quarter was recorded at 8.2%, lower than the 16% reported a year ago but slightly higher than the 7.6% from the preceding quarter.
An auto repair shop with a car in the foreground, demonstrating the need for comprehensive automobile coverage.
Methodology
To compile our list of the 12 SUVs with the Highest Resale Value in 2024, we conducted extensive research using diverse online sources that featured SUVs with the Highest Resale Value. After aggregating a significant number of SUVs based on their frequency across these sources, we developed a preliminary list. We then narrowed down the selection based on the Resale Scores provided by J.D. Power, a reputable authority in automotive data analysis. This Resale Score predicts a vehicle’s future depreciation over the next three years, with higher ratings correlating to lower depreciation levels. We then ranked the list based on resale scores. In instances where multiple SUVs had the same Resale Score, we introduced tiebreaking to outrank them, which encompasses various factors such as quality, reliability and driving experience, as evaluated by J.D. Power.
With this, we present our list of 12 SUVs with the Highest Resale Value in 2024.
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12. Lexus GX 2023
Resale Score: 80
12th on our list of SUVs with the Highest Resale Value in 2024 is 2023 Lexus GX, which stands out among mid-size luxury crossovers and SUVs for its impressive off-road capabilities and distinctive design features, including a bold grille and a well-designed interior. Despite its aging platform and technology, shared with the Toyota 4Runner, the GX’s classic V-8 engine, and off-road features allow it to excel beyond paved roads. The optional Off-Road package further enhances its rugged abilities.
11. Tesla Model Y 2023
Resale Score: 81
2023 Tesla Model Y, though popular with buyers, and high on the Resale Score, falls short compared to its sedan counterpart, the Model 3. While offering respectable driving range among electric SUVs like the Ford Mustang Mach-E and Volkswagen ID.4, the Model Y feels less nimble on twisty roads and lacks the luxurious feel of its upscale competitors. The interior’s use of lower-quality materials and reliance on a single infotainment screen may not meet the expectations of those considering luxury electric SUVs from brands like Audi, Cadillac, or Genesis.
10. Lexus NX 350 2023
Resale Score: 82
The 2023 Lexus NX distinguishes itself from being just a revamped Toyota RAV4 by offering a luxurious design and a well-appointed cabin. Despite these positive aspects, it falls short of matching the driving dynamics of European competitors like the Audi Q3, BMW X1, and Mercedes-Benz GLA-Class. While the Lexus NX provides a range of powertrain options, including a powerful plug-in hybrid, it may not deliver the same level of driving enjoyment as some of its rivals. However, for those focused on practicality and everyday use, the NX remains a reliable choice for daily commutes, errands, and road trips. In addition, it is also on our list of SUVs with the Highest Resale Value in 2024 which is a plus point.
9. Toyota Bz4X 2023
Resale Score: 83
9th on our list of SUVs with the Highest Resale Value in 2024 is Toyota Bz4X 2023, which is re-entering the electric vehicle market with the 2023 bZ4X crossover, featuring a distinctive design that differs from Toyota’s traditional gasoline-powered SUVs. It offers both front-wheel and all-wheel-drive options, with the former boasting a range of up to 252 miles per charge. While the bZ4X joins a competitive group of non-luxury EV SUVs, such as the Chevrolet Bolt EUV, Ford Mustang Mach E, Hyundai Kona Electric, Kia Niro EV, Tesla Model Y, and Volkswagen ID.4, its real-world highway range in testing reveals it lags behind some of its counterparts in this segment.
8. 2024 Mazda CX-50
Resale Score: 84
Mazda’s shift towards SUVs is evident, with the introduction of the 2024 CX-50 showcasing the brand’s continued commitment to its “zoom-zoom” spirit. This compact crossover combines ruggedly stylish aesthetics with a luxurious interior without compromising on Mazda’s signature nimble handling and driving excitement. The CX-50 satisfies the instinct of exploring without limits with an optional turbocharged engine that provides up to 256 hp and 320 lb-ft of torque, allowing one to explore wherever journey takes them. Competing in the same segment as popular models like the Honda CR-V and Volkswagen Tiguan, the CX-50 also faces competition from its own lineup, notably the Mazda CX-5. It is also 8th on our list of SUVs With the Highest Resale Value in 2024.
7. Lexus RX 350 2023
Resale Score: 84
Following a major redesign in 2023, the Lexus RX SUV maintains its smooth and comfortable ride, appealing to its loyal customer base. The lineup offers three powertrain options, with updated styling featuring a more modern look with a revised grille design and distinctive L-shaped running lights. The interior of the RX is now more refined, boasting a large infotainment touchscreen and cutting-edge technological features. Unlike the previous model, the 2023 RX is only available in a two-row configuration, though a three-row option may be introduced later, or Lexus may introduce a larger SUV with a standard seven-seat layout.
6. Jeep Wrangler 2024
Resale Score: 86
For those who enjoy outdoor adventures or simply appreciate the rugged aesthetic, the 2024 Jeep Wrangler, 6th on our list of SUVs with the Highest Resale Value in 2024, offers versatile off-road capabilities. While Jeep now provides more comfort features and luxurious touches in higher trims, it still retains its rugged, truck-like characteristics. The Wrangler’s ride might feel rough on uneven roads, requiring frequent steering corrections. In terms of refinement, competitors like the Ford Bronco and Toyota 4Runner offer smoother rides. However, Jeep stands out with a wide range of powertrain options, including a plug-in hybrid and a powerful V-8 engine exclusive to the Rubicon 392 model.
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Disclosure: None. 12 SUVs With the Highest Resale Value in 2024 is originally published on Insider Monkey.