Which cars hold their value best in Canada? Canadian Black Book named its 2026 Best Retained Value winners on October 19. Toyota won the top mainstream brand award for the 10th year in a row and took eight awards in all. The Tacoma won its class for the 18th straight time. Average resale value fell hard this year.
Key takeaways
- Canadian Black Book (CBB) looked at 2023 models and how much of their MSRP they kept after four years.
- Toyota won the Mainstream brand award for the 10th year in a row. Honda was second and Chevrolet third.
- Toyota won six model classes, and Lexus won one. Toyota took all three podium spots in three classes.
- On average, 2023 models kept 57.0% of their MSRP. Last year the average was 67.5%.
- Kia won the Electric brand award. Tesla won its first ever class, with the Model X.
Why Toyota is in the news this week
Toyota Canada put out a news release on October 19 about its eight wins. Car sites across Canada picked it up. This week, Toyota was also in the news for a Land Cruiser fuel tube recall in the U.S. We cover that one in our Land Cruiser recall article.
This article is about resale value. That is the number many Canadians care about most when they trade in a car.
How the Canadian Black Book awards work
CBB sets used car values for dealers, banks and insurers in Canada. Each fall, it checks how much of the original MSRP a four-year-old vehicle still keeps. For 2026, it looked at 2023 models in 16 classes. It also named four brand awards.
The award is about the percent kept, not the dollar price. A cheap car can win if it loses less of its price over time.
The full list of 2026 winners
These are the class winners, with second and third place, as CBB posted them.
| Class | Winner | 2nd | 3rd |
|---|---|---|---|
| Brand: Mainstream | Toyota | Honda | Chevrolet |
| Brand: Premium | Porsche | Cadillac | Lexus |
| Brand: Electric | Kia | Chevrolet | Tesla |
| Most Improved | Cadillac | Porsche | Lexus |
| Car: Mainstream | Toyota Corolla | Toyota Camry | Toyota Prius |
| Car: Premium | Cadillac CT5 | Lexus ES 300h | BMW 3 Series |
| PHEV: Mainstream | Toyota RAV4 Prime | Subaru Crosstrek PHEV | Kia Sorento PHEV |
| PHEV: Premium | Porsche Panamera E-Hybrid | Lexus NX PHEV | BMW X3 PHEV |
| Sports Car | Porsche 911 | Porsche 718 Boxster | Chevrolet Camaro |
| Small/Mid Pickup | Toyota Tacoma | GMC Canyon | Chevrolet Colorado |
| Full-Size Pickup | Toyota Tundra | Ford Super Duty | Chevrolet Silverado HD |
| SUV: Mainstream Small | Toyota Corolla Cross | Toyota RAV4 | Toyota C-HR |
| SUV: Premium Small | Acura RDX | Lexus NX | BMW X4 |
| SUV: Mainstream Mid/Full | Toyota Sienna | Toyota 4Runner | Toyota Sequoia |
| SUV: Premium Mid/Full | Lexus LX | Mercedes-Benz G-Class | Cadillac Escalade |
| EV Car: Mainstream | Chevrolet Bolt EV | Kia Soul EV | Nissan Leaf |
| EV Car: Premium | Porsche Taycan | BMW i4 | Tesla Model 3 |
| EV SUV: Mainstream | Kia EV6 | Volkswagen ID.4 | Hyundai Ioniq 5 |
| EV SUV: Premium | Tesla Model X | BMW iX | Audi Q4 e-tron |
| Commercial Van | GMC Savana | Chevrolet Express | Ford Transit |
CBB did not post the exact percent for each model. So we do not list one here.
Toyota's eight wins, one by one
Toyota Canada listed its wins this way:
- Brand: Mainstream. 10th win in a row.
- Toyota Corolla. 3rd win in a row for mainstream cars.
- Toyota RAV4 Prime. 2nd win in a row for mainstream plug-in hybrids. The new model is called the RAV4 plug-in hybrid.
- Toyota Tacoma. 18th win in a row for small and mid-size pickups.
- Toyota Tundra. 4th win in a row for full-size pickups.
- Toyota Corolla Cross. It moved up from third place last year to first.
- Toyota Sienna. Top spot in mainstream mid and full-size SUVs.
- Lexus LX. Top spot in premium mid and full-size SUVs.
The RAV4 came second in its class. Toyota points out that it is built in Canada, in Ontario.
Photo: Elise240SX, CC BY-SA 4.0, via Wikimedia Commons. A 2022 Toyota Corolla Cross L.
Why resale values dropped so much
The drop from 67.5% to 57.0% is the big story for anyone with a trade-in. CBB did not give one reason for it. Its Daniel Ross said this year's winners stand out in "what may be the most difficult consumer environment in decades."
Here is what I have seen over the years. Used prices jumped in 2021 and 2022, when new cars were hard to find. Many people paid over list for a used car. As supply came back, those prices had to come down. A car that kept 67% last year was helped by that short supply. So a lower number now does not mean cars got worse. It means the market is getting back to normal.
If you bought a 2023 model, expect a lower trade-in offer than a friend got for the same car a year ago.
What this means if you are buying now
Resale value is a hidden part of what a car costs you. Two cars with the same price can cost you thousands of dollars apart after four years. That gap shows up when you trade in or sell.
A few things I tell people who ask me:
- Trucks and Toyota SUVs keep value well. This list backs that up again. A Tacoma or 4Runner rarely sits long on a used lot.
- Hybrids now hold up well. The RAV4 Prime, Crosstrek PHEV and Lexus hybrids all placed. Buyers clearly want them used.
- EVs still lose more value. CBB says battery EVs still trail the market. Kia, Chevrolet and Tesla did best. If you buy an EV, a lease can protect you from a weak resale price.
- Look past the badge. A winner on this list is a 2023 model. A redesign can change the next result.
Price matters too. Check what a car costs today before you shop. Our 2026 RAV4 prices and trims and 2026 4Runner prices and trims list the Canadian MSRPs. Also read what a Canadian MSRP includes so you compare the same thing.
Toyota's sales are strong too
Toyota Canada says it sold a record 130,369 electrified vehicles in the first nine months of 2026. That already beats its full-year total for 2025. Those are mostly hybrids. Strong demand for new hybrids tends to help used hybrid prices too.
FAQ
Which car brand holds its value best in Canada?
In Canadian Black Book's 2026 awards, Toyota won the Mainstream brand award for the 10th year in a row. Porsche won the Premium brand award, and Kia won the Electric brand award.
Which pickup holds its value best in Canada?
The Toyota Tacoma won the small and mid-size pickup class for the 18th year in a row. The Toyota Tundra won the full-size class.
How much value does a car lose after four years in Canada?
CBB says 2023 models kept 57.0% of their MSRP on average after four years. Last year the average was 67.5%.
Which EV holds its value best in Canada?
The Chevrolet Bolt EV won for mainstream EV cars, and the Kia EV6 for mainstream EV SUVs. The Porsche Taycan and Tesla Model X won the premium EV classes.
When are the next Canadian Black Book awards?
CBB says it will name its 2027 Best Residual Value Awards in February 2027. Those look ahead at future value, not past value.
Sources
- Canadian Black Book, "Canadian Black Book Announces 2026 Best Retained Value Awards" (October 19, 2026): https://www.canadianblackbook.com/canadian-black-book-announces-2026-best-retained-value-awards/
- Toyota Canada, "Toyota Canada receives eight 2026 Canadian Black Book Best Retained Value Awards" (October 19, 2026): https://media.toyota.ca/en/releases/2026/toyota-canada-receives-eight-2026-canadian-black-book-best-retai.html
- Toyota Canada, "Toyota Canada releases September and Q3 2026 sales results" (October 1, 2026): https://media.toyota.ca/en/releases/2026/toyota-canada-releases-september-and-q3-2026-sales-results.html
