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NADA Used Car Guide, a division of J.D. Power | nada.com/b2b 2016 Used Vehicle Retained Value Report: 3-Year-Old Models October 2016 NADA Used Car Guide and its logo are registered trademarks of Naonal Automobile Dealers Associaon, used under license by J.D. Power. ©2016 J.D. Power Licensed to J.D. Power

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NADA Used Car Guide, a division of J.D. Power | nada.com/b2b

2016 Used Vehicle Retained Value Report: 3-Year-Old Models

October 2016

NADA Used Car Guide and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power. ©2016 J.D. Power Licensed to J.D. Power

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

2

TABLE OF CONTENTS

Introduction ................................................................................................................................. 2

Highest Ranked Nameplates ........................................................................................................ 3

Highest Ranked Models ............................................................................................................... 3

Segment Rankings ........................................................................................................................ 6

At NADA Used Car Guide ............................................................................................................. 27

2016 Used Vehicle Retained Value Report: 3-Year-Old Models

INTRODUCTION

On average, depreciation—or the loss in value associated with advancing age and

mileage—is by far the number one expense associated with owning a vehicle.

Depreciation, and ultimately retained value, is determined by a variety of causes. Factors

such as reputation for quality and dependability, fuel economy and performance, and

vehicle design play critical roles in determining how well value is retained, as do new

vehicle pricing, incentive levels and production volumes.

High retaining models offer unmistakable benefits to automakers and consumers alike.

Strong value retention gives manufacturers a competitive advantage in both cost-of-

ownership and leasing (high retained value equals lower lease payments), while it allows

consumers to accrue positive equity quickly. This ultimately improves a consumer’s

purchase power when it’s time to buy again in the future.

With these points in mind, this edition of Perspective details the retention performance

of three-year-old (2013 model year) passenger cars and light-duty trucks. The retention

calculation is a function of a three month average of NADA Used Car Guide’s most recent

average trade-in value divided by a vehicle’s average typically-equipped Manufacturer

Suggested Retail Price (MSRP)1. Note that a vehicle’s rate of depreciation, and ultimately

retention, is in part a product of the level of discounting when new. As such, MSRPs do

not include any incentives or rebates available at the time of purchase.

1 In most cases, all vehicles within a model lineup were used to derive average retention. In some cases, however, certain vehicles –

predominantly lower volume performance cars – were omitted because they unreasonably skew overall model results.

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

3

Top Non-Luxury Nameplate: Toyota

Toyota vehicles dominated pickup truck, SUV and van segment value

retention in this year’s report. As a result, the brand ranked highest in their

respective segments six times with the FJ Cruiser (Compact Utility), 4Runner

(Mid-Size Utility), Tacoma (Mid-Size Pickup), Tundra (1/2 Ton Pickup), Sequoia

(Large SUV), and Sienna (Mid-Size Van). Toyota was also the top non-luxury

nameplate in 2015’s report with an equal share of highest segment rankings.

Following Toyota was Subaru, which recorded two highest-ranked finishes

including the XV Crosstrek (Compact Car) and Subaru Legacy (Mid-Size Car).

Top Luxury Nameplate: Land Rover

Land Rover replaced Audi as the top luxury nameplate in this year’s report. The brand

managed three highest rankings which include the Range Rover Evoque

(Luxury Subcompact Utility), LR4 (Luxury Mid-Size Utility), and Range Rover

(Luxury Large Utility).

Audi and Porsche followed Land Rover as each recorded two models with

highest-ranked finishes. Model finishes include Audi’s Allroad (Luxury

Compact Car) and Q5 (Luxury Compact Utility), and Porsche’s Panamera

(Luxury Large Car) and 911 (Luxury Sports Car).

Highest Value Retaining Non-Luxury Car: Subaru XV Crosstrek ̶— 63.3%

The XV Crosstrek was an all-new crossover vehicle from Subaru for the 2013

model year. Built on the Impreza’s platform, the XV offered more ground

clearance and practicality than its sibling, while also adding a level of

ruggedness today’s shoppers love. Value retention of a three-year-old

Crosstrek is currently 63.3%, a figure 16.8 percentage points higher than the

compact car segment average of 46.5%.

[ HIGHEST RANKED NAMEPLATES AND MODELS ]

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

4

Highest Value Retaining Luxury Car: Volvo XC70 ̶— 55.6%

Carried over for the 2013 model year, the Volvo XC70 was last redesigned in

2008, but that hasn’t hurt the model’s retention compared to other luxury

cars. While long in the tooth, the XC70 currently retains 55.6% of its original

price, which is 14.4 percentage points higher than the luxury mid-size car

segment average of 41.2%.

Highest Value Retaining Non-Luxury SUV/Truck: Toyota FJ Cruiser — 92.5%

The Toyota FJ Cruiser was relatively unchanged for 2013 and continued the

model’s reputation of being a true off-road capable SUV. The FJ’s 92.5%

retention value is astounding and higher than any other 2013 model year

vehicle. It is 41.9 percentage points above the compact utility segment

average of 50.7%.

Highest Value Retaining Luxury SUV/Truck: Land Rover Range Rover — 67.8%

The fourth-generation Land Rover Range Rover was all-new for the 2013

model year. The redesign of the off-road capable full-size luxury utility

retained the iconic look and heritage of its predecessors. Retention value of

the Range Rover is 15.8 percentage points higher than the luxury large SUV/

truck segment average of 52%.

[ HIGHEST RANKED NAMEPLATES AND MODELS CONTINUED]

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

5

Highest Value Retaining Non-Luxury Sports Car: Ford Mustang — 60.7%

Refreshed for the 2013 model year, the Ford Mustang’s 60.7% three-year-old

retention value is 9.4 percentage points higher than the sports car segment

average of 51.2%. Ford’s Mustang is a true pony car that utilizes a rear-wheel

drive layout. With V6 and V8 engine choices, this retro sports car is sure to

remain a favorite for many years to come.

Highest Value Retaining Luxury Sports Car: Porsche 911 (997) — 57.9%

Porsche’s 997 generation 911 was relatively unchanged for its final production year in

2013. Originally released in 2005, the 997 improved upon previous generation 911s

while maintaining its timeless looks. The 911’s retention score of 57.9%

earned it the highest finish in the luxury sports car segment, edging out its

sibling Boxster and 991 generation 911’s respective retention values by 2.8

and 3.9 points. The 911’s retention was also 7.7 percentage points higher than

the luxury sport car segment’s average 50.2%.

[ HIGHEST RANKED NAMEPLATES AND MODELS CONTINUED]

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

6

Subcompact Car Highlights

Subcompact Car retention averaged 37.5% over the report period, down 7.2%

percentage points from last year.

In 2015, the Scion xB ranked second behind the Honda Fit’s retention score of

57.5%. While this year the number one and two spots were a role reversal, in 2015’s

report the Scion xD ranked a similar third place with a retention score of 51.8%. This

year the xD performed slightly worse earning a retention score of 45.6%.

Similar to 2015’s report, the Fiat 500 and Smart FORTWO remained at the bottom of

the pack this year with respective retention scores of 30.8% and 24.8%, down 5.4

and 7.7 points compared to 2015.

[ SEGMENT RANKINGS]

24.8%

30.8%

33.8%

35.3%

35.6%

35.7%

36.4%

37.5%

38.6%

39.0%

40.0%

40.3%

41.6%

44.5%

45.6%

48.7%

51.9%

0% 10% 20% 30% 40% 50% 60%

Smart FORTWO

Fiat 500

Ford Fiesta

Mazda Mazda2

Chevrolet Spark

Scion iQ

Chevrolet Sonic

Segment Average

Kia Rio

Hyundai Accent

Nissan Versa

Toyota Yaris

Nissan Cube

Kia Soul

Scion xD

Honda Fit

Scion xB

16

15

14

13

12

11

10

SA9

87

65

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Subcompact Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

7

Compact Car Highlights

Compact Car retention averaged 46.5% over the report period, down 2.6 percentage

points from last year.

The Subaru Impreza was a stand out in 2015’s report and earned the Highest

Retaining Non-Luxury Car ranking; this year, however, the addition of the Subaru XV

Crosstrek to the segment bumped the Impreza from the top spot to second.

While the XV Crosstrek’s retention is a segment leading 63.3%, in 2015 the

Impreza’s retention score was an even higher 65.7%. For this year, however, the

Impreza’s score fell 8.8 points to 56.9%.

At the bottom of the pack, Suzuki’s SX4 retention fell 4.2 points to 29.5%, which is

8.5 points below the segment’s second lowest score of 38% (Mitsubishi Lancer).

[ SEGMENT RANKINGS]

29.5%

38.0%

38.1%

38.7%

40.0%

40.7%

41.5%

42.3%

44.7%

44.7%

45.0%

45.5%

46.2%

46.5%

46.5%

47.4%

48.0%

48.9%

56.9%

63.3%

0% 10% 20% 30% 40% 50% 60% 70%

Suzuki SX4

Mitsubishi Lancer

Ford Focus

Dodge Dart

Chevrolet Cruze

Buick Verano

Kia Forte

Volkswagen Jetta

Hyundai Elantra

Volkswagen Beetle

Nissan Sentra

Toyota Matrix

Volkswagen Golf

Hyundai Veloster

Segment Average

Toyota Corolla

Mazda Mazda3

Honda Civic

Subaru Impreza

Subaru XV Crosstrek

19

18

17

16

15

14

13

12

11

10

98

76

SA5

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Compact Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

8

Mid-Size Car Highlights

Mid-Size Car retention averaged 43.6% over the report period, down 1.6 percentage

points from last year.

Similar to last year, Subaru’s Legacy was the segment’s highest ranked model,

however, 2016’s 54% figure is 4.9 points lower than last year’s 58.9% number.

The Honda Accord managed to move up four spots to second place compared to

2015’s report. In 2016, three-year-old Accord retention reached 48.7%, up 2.4

points. The bump is due primarily to the model’s 2013 redesign.

At the bottom of the pack, Suzuki’s Kizashi retention fell 6.8 points to 26.7%, which

is 9.3 points below the segment’s second lowest value retention of 38% (Chrysler

200).

[ SEGMENT RANKINGS]

26.7%

36.0%

36.2%

37.7%

38.5%

39.8%

40.1%

40.6%

41.5%

41.8%

42.0%

43.6%

43.7%

45.1%

47.2%

48.7%

54.0%

0% 10% 20% 30% 40% 50% 60%

Suzuki Kizashi

Chrysler 200

Dodge Avenger

Volkswagen Passat CC

Mazda Mazda6

Volkswagen Passat

Buick Regal

Nissan Altima

Buick Lacrosse

Ford Fusion

Chevrolet Malibu

Segment Average

Hyundai Sonata

Toyota Camry

Kia Optima

Honda Accord

Subaru Legacy

16

15

14

13

12

11

10

98

76

SA5

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Mid-Size Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

9

Large Car Highlights

Large Car retention averaged 42.2% over the report period, down 4 percentage

points from last year.

The Dodge Charger maintained the top spot in this year’s report, beating out

Toyota’s Avalon by 2.5 points. Conversely, the Charger’s retention score is 1.3 points

lower than the same period in 2015.

Down the line, every vehicle in the segment with the exception of the Nissan

Maxima earned a lower retention score than in the same period in 2015.

The Nissan Maxima managed to move up three spots to third place with 43.3 % of

retained value for the period. The “Four-Door Sports Car” improved its retention

score by 2.2 points compared to the same period in our 2015 report.

[ SEGMENT RANKINGS]

30.6%

36.9%

40.9%

42.2%

42.7%

43.3%

50.3%

52.8%

0% 10% 20% 30% 40% 50% 60%

Chevrolet Impala

Ford Taurus

Hyundai Azera

Segment Average

Chrysler 300

Nissan Maxima

Toyota Avalon

Dodge Charger

76

5SA

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Large Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

10

Luxury Subcompact Car Highlights

Luxury Subcompact Car retention averaged 45.1% over the report period, down 3.2

percentage points from last year.

The BMW 1 Series improved its retention score by 1.5 points and secured the top

spot in the segment with a score of 47.2%.

Acura’s TSX earned the same 47% score as in 2015, followed by the Volvo C30,

which fell 3.9 points to 46.5%.

Volkswagen Group vehicles, the Audi A3 and VW Eos, each slotted in under the

segment average and were the worst performers in the segment. In 2015’s report,

the A3 secured the top spot with a retention score of 51.3%; a figure 7.4 points

above its current level.

[ SEGMENT RANKINGS]

36.1%

43.9%

45.1%

46.5%

47.0%

47.2%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Volkswagen Eos

Audi A3

Segment Average

Volvo C30

Acura TSX

BMW 1 Series

54

SA3

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Luxury Subcompact Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

11

Luxury Compact Car Highlights

Luxury Compact Car retention averaged 43.7% over the report period, down 2.5

percentage points from last year.

Audi’s Allroad wagon edged out the Lexus IS by 2 points and earned a best-in-class

retention score of 51.8%. In 2015, the IS ranked highest in the segment with a

retention score of 52.2%.

Retention scores of the Volvo C70, Audi A5, Lexus ES and Infiniti G all improved.

Remaining segment vehicles experienced slightly worse retention scores compared

to the same period in 2015.

At the bottom of the pack, Mercedes-Benz’s C-Class retention narrowly edged out

Cadillac’s ATS by .1 point. The ATS’ 37.2% score was the lowest in the segment.

[ SEGMENT RANKINGS]

37.2%

37.3%

39.0%

43.1%

43.7%

43.9%

44.5%

45.3%

46.1%

47.4%

48.7%

48.9%

49.2%

49.8%

51.8%

0% 10% 20% 30% 40% 50% 60%

Cadillac ATS

Mercedes-Benz C Class

Lincoln MKZ

Volvo S60

Segment Average

Acura ILX

BMW 3 Series

Acura TL

Infiniti G

Audi A4

Lexus ES

Audi A5

Volvo C70

Lexus IS

Audi Allroad

14

13

12

11

SA1

09

87

65

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Luxury Compact Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

12

Luxury Mid-Size Car Highlights

Luxury Mid-Size Car retention averaged 41.2% over the report period, down 1.9

percentage points from last year.

The top spot for this year’s highest retaining luxury car ranking is filled by the Volvo

XC70 with a retention score of 55.6%. The luxury mid-size vehicle also retains value

9.6 points ahead of the Audi A6 (46%). In 2015’s report, the XC70 also earned the

highest value retaining luxury car designation.

While the XC70 sits on top of the segment, the Volvo S80 is currently at the bottom

with only 35.9% of its original value retained. This figure is 4.5 points below the

vehicle’s score during the same period in 2015.

[ SEGMENT RANKINGS]

35.9%

38.1%

39.9%

40.4%

41.2%

41.4%

42.6%

42.8%

43.0%

43.9%

44.6%

46.0%

55.6%

0% 10% 20% 30% 40% 50% 60%

Volvo S80

Cadillac CTS

BMW 5 Series

BMW 6 Series

Segment Average

Mercedes-Benz E Class

Infiniti M

Jaguar XF

Hyundai Genesis

Lexus GS

Mercedes-Benz CLS Class

Audi A6

Volvo XC70

12

11

10

9SA

87

65

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Luxury Mid-Size Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

13

Luxury Large Car Highlights

Luxury Large Car retention averaged 42.4% over the report period, down 0.4

percentage point from last year.

Porsche’s Panamera and Audi’s A7 are currently tied for the highest ranked spot in

the segment. Each model currently retains at a rate of 49.5%. In 2015’s report, the

A7 ranked the highest at a rate of 55%, while the Panamera followed right behind

with a score of 48.1%.

Toward the bottom of the pack, the Hyundai Equus, BMW 7 Series and Lincoln MKS

failed to cross the 38% value retention threshold in this year’s report. Lincoln’s MKS

fell two spots — and 3.3 points — compared to the same period in 2015.

[ SEGMENT RANKINGS]

35.2%

36.7%

37.6%

38.5%

39.4%

42.0%

42.1%

42.4%

43.2%

44.6%

49.5%

49.5%

0% 10% 20% 30% 40% 50% 60%

Lincoln MKS

BMW 7 Series

Hyundai Equus

Mercedes-Benz CL Class

Cadillac XTS

Lexus LS

Mercedes-Benz S Class

Segment Average

Audi A8

Jaguar XJ8

Audi A7

Porsche Panamera

10

98

76

54

SA3

21

1

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Luxury Large Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

14

Subcompact Utility Highlights

The Subcompact Utility segment is relatively new and very small; it only contains

the Nissan Juke and Buick Encore for the 2013 model year.

Retention for the two models is very close with the Juke narrowly edging out the

Encore by 0.2 percentage point of retention value.

[ SEGMENT RANKINGS]

52.0%

52.1%

52.2%

0% 10% 20% 30% 40% 50% 60%

Buick Encore

Segment Average

Nissan Juke

2SA

1

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Subcompact Utility

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

15

Compact Utility Highlights

Compact Utility retention averaged 50.7% over the report period, down 3.4

percentage points from last year.

Toyota’s FJ Cruiser continues to dominate the segment with a retention score of

92.5%, which is one point better than the same period in 2015 and one of the

highest we’ve ever recorded.

The Jeep Wrangler is also a very strong performer, scoring 75.8% in this year’s

report. The figure is 1.5 points better than the same period last year.

Retention scores for the remainder of the segment are more in line with

competitive segment averages that ranged from 61.7% for Toyota’s RAV4, to 30.1%

for Suzuki’s Grand Vitara.

[ SEGMENT RANKINGS]

30.1%

39.1%

41.6%

43.3%

44.7%

44.9%

45.5%

47.3%

47.8%

48.5%

49.7%

50.4%

50.7%

52.3%

54.3%

54.5%

56.2%

58.9%

61.7%

75.8%

92.5%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Suzuki Grand Vitara

Chevrolet Captiva Sport

Mazda Mazda5

Volkswagen Tiguan

Jeep Compass

Jeep Patriot

Mitsubishi Outlander

Ford Escape

Mitsubishi Outlander Sport

Chevrolet Equinox

Nissan Rogue

GMC Terrain

Segment Average

Hyundai Tucson

Kia Sportage

Mazda CX5

Honda CR-V

SUBARU Forester

Toyota RAV4

Jeep Wrangler

Toyota FJ Cruiser

20

19

18

17

16

15

14

13

12

11

10

9SA

87

65

43

21

Retained value(%)

Ran

k, M

ake

/Mo

de

l

Compact Utility

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

16

Mid-Size Utility Highlights

Mid-Size Utility retention averaged 53.7% over the report period, down 0.3

percentage point from last year.

At the top of the segment list, Toyota’s 4Runner and Highlander models earned the

same rankings as last year, however retention scores for the two respectively fell 1.6

points and 3.8 points compared to the same period last year.

Scores across the rest of the segment board were relatively similar to what was

recorded during the same period in 2015.

[ SEGMENT RANKINGS]

44.4%

48.1%

48.9%

49.2%

49.6%

50.4%

50.8%

50.9%

51.4%

52.1%

53.1%

53.3%

53.6%

53.7%

54.0%

54.5%

54.6%

58.0%

58.6%

60.1%

60.9%

70.4%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Dodge Journey

Nissan Murano

Ford Edge

Toyota Venza

Honda Crosstour

Subaru Tribeca

Buick Enclave

Ford Flex

Kia Sorento

Mazda CX9

Chevrolet Traverse

Nissan Pathfinder

Hyundai Santa Fe

Segment Average

Ford Explorer

GMC Acadia

Jeep Grand Cherokee

Nissan Xterra

Dodge Durango

Honda Pilot

Toyota Highlander

Toyota 4Runner

21

20

19

18

17

16

15

14

13

12

11

10

9SA

87

65

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Mid-Size Utility

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

17

Large Utility Highlights

Large Utility retention averaged 53.1% over the report period, down 1.4 percentage

points from last year.

Toyota’s Sequoia retained its spot on top of the segment earning a retention score

of 62.7%. It should be noted this year’s score is one point lower than during the

same period in 2015.

In this year’s report, the Nissan Armada managed to improve its retention score by

5.3 points, which moved it from 12th place in 2015, to 5th this year.

[ SEGMENT RANKINGS]

49.6%

51.1%

51.5%

51.5%

51.5%

52.5%

52.6%

53.1%

54.1%

54.8%

57.1%

59.5%

62.7%

0% 10% 20% 30% 40% 50% 60% 70%

GMC Yukon XL 1500

GMC Yukon XL 2500

Ford Expedition EL

GMC Yukon

Ford Expedition

Chevrolet Suburban 2500

Chevrolet Suburban 1500

Segment Average

Nissan Armada

Chevrolet Tahoe

GMC Denali XL

GMC Denali

Toyota Sequoia

12

11

10

98

76

SA5

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Large Utility

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

18

Mid-Size Pickup Highlights

Mid-Size Pickup retention averaged 67.2% over the report period, up 4.7 percentage

points from last year.

Compared to last year’s report, the segment was cut in half with the elimination of

the Chevrolet Colorado, GMC Canyon and Suzuki Equator for the 2013 model year.

In the 2015 report, these vehicles fell toward the bottom of the pack and earned

retention scores between 59.2% (Canyon) to 45.6% (Equator).

In this year’s report, the Toyota Tacoma defended its spot at the top of the

segment. Retention, however, fell by 2.7 points compared to last year. Honda

Ridgeline and Nissan Frontier retention improved compared to 2015. The Ridgeline

experienced a 5.1 point increase, while the Frontier saw a slight 1.1 point gain.

[ SEGMENT RANKINGS]

62.2%

67.2%

67.6%

72.9%

56% 58% 60% 62% 64% 66% 68% 70% 72% 74%

Nissan Frontier

Segment Average

Honda Ridgeline

Toyota Tacoma

3SA

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Mid-Size Pickup

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

19

Half-Ton Pickup Highlights

Half-Ton Pickup retention averaged 56.5% over the report period, down 1.2

percentage points from last year.

Toyota’s Tundra ranked highest-in-class (again) in this year’s report, however its

retention score fell by 0.5 point.

Retention of the Chevrolet Avalanche improved by over two points. Scores across

remaining segments were down slightly, but within bounds of what was recorded

during the period in 2015.

[ SEGMENT RANKINGS]

50.3%

53.9%

55.7%

56.0%

56.4%

56.5%

62.2%

64.8%

0% 10% 20% 30% 40% 50% 60% 70%

Nissan Titan

Ram 1500

GMC Sierra 1500

Chevrolet Silverado 1500

Ford F150

Segment Average

Chevrolet Avalanche 1500

Toyota Tundra

76

54

3SA

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Half-Ton Pickup

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

20

Mid-Size Van Highlights

Mid-Size Van retention averaged 50.4% over the report period, up 0.3 percentage

point from last year.

For the second consecutive year, Toyota’s Sienna ranked highest in class. The family

hauler’s 54.3% retention score was 3.2 points lower than the same period in 2015.

Retention scores of the remaining segment vehicles all improved slightly compared

to 2015’s report.

[ SEGMENT RANKINGS]

43.8%

46.3%

49.4%

50.4%

52.5%

54.3%

0% 10% 20% 30% 40% 50% 60%

Dodge Grand Caravan

Chrysler Town & Country

Nissan Quest

Segment Average

Honda Odyssey

Toyota Sienna

54

3SA

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Mid-Size Van

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

21

Luxury Subcompact Highlights

The Luxury Subcompact Utility segment is relatively new and only contains the Land

Rover Range Rover Evoque and BMW X1 for the 2013 model year.

The Evoque’s retention score of 54.6% is 11.4 percentage points better than BMW’s

X1.

[ SEGMENT RANKINGS]

43.2%

51.5%

54.6%

0% 10% 20% 30% 40% 50% 60%

BMW X1 Series

Segment Average

Land Rover Evoque

2SA

1

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Luxury Subcompact Utility

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

22

Luxury Compact Utility Highlights

Luxury Compact Utility retention averaged 50.1% over the report period, down 0.9

percentage points from last year.

At the top of the segment list, Audi’s Q5 currently earns the highest ranking with a

retention score of 56.2%. The figure is 1.8 points below its score during the same

period in 2015.

Acura’s RDX retained its spot right under the Q5, however retention for the RDX

improved by 0.7 points compared to last year’s report.

[ SEGMENT RANKINGS]

44.6%

45.7%

45.8%

48.5%

48.8%

50.1%

53.6%

56.2%

0% 10% 20% 30% 40% 50% 60%

Mercedes-Benz GLK Class

BMW X3 Series

Infiniti EX

Volvo XC60

Land Rover LR2

Segment Average

Acura RDX

Audi Q5

76

54

3SA

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Luxury Compact Utility

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

23

Luxury Mid-Size Utility Highlights

Luxury Mid-Size Utility retention averaged 48.2% over the report period, down 2.2

percentage points from last year.

Land Rover’s LR4 remained at the top of the segment list in this year’s report,

however its 58.4% retention score was 1.5 points lower than the same period in

2015.

Remaining segment vehicles — on average — performed similar to the LR4 as 2016

retention scores were lower than that of the same period in 2015.

[ SEGMENT RANKINGS]

36.9%

41.5%

41.9%

45.2%

46.4%

47.4%

48.0%

48.1%

48.2%

48.3%

49.7%

50.0%

50.1%

50.8%

51.5%

53.2%

54.7%

58.5%

0% 10% 20% 30% 40% 50% 60% 70%

Lincoln MKT

Lincoln MKX

Acura ZDX

BMW X5 Series

Porsche Cayenne

Cadillac SRX

Volvo XC90

Mercedes-Benz M Class

Segment Average

Volkswagen Touareg

BMW X6 Series

Infiniti FX

Lexus RX

Acura MDX

Audi Q7

Infiniti JX

Lexus GX

Land Rover LR4

17

16

15

14

13

12

11

10

SA9

87

65

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Luxury Mid-Size Utility

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

24

Luxury Large Utility Highlights

Luxury Large Utility retention averaged 52% over the report period, up 1.5

percentage points from last year.

Land Rover’s redesigned full-size Range Rover sits atop the segment list with a

retention score of 67.8%. The figure is a blistering 18.9 points higher than the 2012

retention score in last year’s report and elevates the luxury off-roader five spots to

the top of the segment.

Compared to last year’s report, scores across the segment were positive for the

most part. Exceptions to the buoyant segment performance include the Land Rover

Range Rover Sport (-2.7 points) and Cadillac Escalade ESV (-1.9 points).

[ SEGMENT RANKINGS]

46.8%

47.6%

48.5%

50.0%

50.0%

52.0%

52.7%

53.2%

53.5%

54.9%

60.0%

67.8%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Lincoln Navigator

Cadillac Escalade ESV

Lincoln Navigator L

Mercedes-Benz GL Class

Cadillac Escalade

Segment Average

Land Rover Range Rover Sport

Cadillac Escalade EXT

Lexus LX

Toyota Land Cruiser

Infiniti QX

Land Rover Range Rover

11

10

98

7SA

65

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Luxury Large Utility

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

25

Sports Car Highlights

Sports Car retention averaged 51.2% over the report period, up 1.6 percentage

points from last year.

Ford’s Mustang knocked the Dodge Challenger out of the top spot in this year’s

report with a retention score of 60.7%. The Challenger’s performance is an

improvement of 6.2 points compared to the 2012 Mustang in last year’s report. The

boost in retention elevated the Mustang two positions versus last year.

Rounding out the top three spots, Dodge’s Challenger and Volkswagen’s GTI each

fell one spot, down 2.2 points and 0.3 points, respectively.

[ SEGMENT RANKINGS]

47.4%

47.5%

47.9%

48.5%

49.2%

50.2%

50.4%

51.2%

52.4%

55.7%

60.1%

60.7%

0% 10% 20% 30% 40% 50% 60% 70%

Nissan 370Z

Mini Cooper

Mazda MX-5 Miata

Hyundai Genesis

Scion tC

Scion FR-S

Subaru BRZ

Segment Average

Chevrolet Camaro

Volkswagen GTI

Dodge Challenger

Ford Mustang

11

10

98

76

5SA

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Sports Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

26

Luxury Sports Car Highlights

Luxury Sport Car retention averaged 50.2% over the report period, down 1.9

percentage points from last year.

The segment’s top three spots were all filled by Porsche brand vehicles in this year’s

report. The 997 generation 911 took the top spot with a retention score of 57.9%, a

0.9% improvement over the 2012 model in last year’s report.

In our 2015 report, the 2012 Nissan GT-R sat on top of the segment list, however it

fell 8.4 points and three spots in this year’s report with a retention score of 52.2%.

[ SEGMENT RANKINGS]

40.3%

43.6%

44.7%

47.9%

50.2%

51.2%

51.5%

52.2%

54.0%

55.2%

57.9%

0% 10% 20% 30% 40% 50% 60% 70%

Jaguar XK8

Mercedes-Benz SL Class

Mercedes-Benz SLK Class

BMW Z4 Series

Segment Average

Chevrolet Corvette

Audi TT

Nissan GT-R

Porsche 991 911

Porsche Boxster

Porsche 997 911

10

98

7SA

65

43

21

Retained Value (%)

Ran

k, M

ake

/Mo

de

l

Luxury Sports Car

Source: NADA Used Car Guide

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

27

AT NADA USED CAR GUIDE

About NADA Used Car Guide, a division of J.D. Power

Since 1933, NADA Used Car Guide has earned its reputation as the leading provider of vehicle valuation products, services and information to businesses throughout the United States and worldwide. NADA Used Car Guide’s team collects and analyzes over one million combined automotive and truck wholesale and retail transactions per month. Its guidebooks, auction data, analysis and data solutions offer automotive/truck, finance, insurance and government professionals, the timely information and reliable solutions they need to make better business decisions. Visit nada.com/b2b to learn more about solutions for your business and nada.com/usedcar to stay abreast of the latest used and new vehicle market trends.

Financial Industry, Accounting, Legal, OEM Captive Steve Stafford 800.248.6232 x7275 [email protected]

Director, Sales and Customer Service Dan Ruddy 800.248.6232 x4707 [email protected]

Automotive Dealers, Auctions, Insurance, Credit Unions, Fleet, Lease, Rental Industry, Government Doug Ott 800.248.6232 x4710 [email protected]

Director, Business Development James Gibson 800.248.6232 x7136 [email protected] Media Relations Ryan Morris 800.821.6232x7165 [email protected]

What’s New

The new NADA Values Online introduces New Vehicle Values, a range of values that provide new vehicle pricing guidance based on actual market transactions and market influencers. It also includes inventory valuation, vehicle valuation trends and a custom reporting tool to help you see vehicle values from every angle. With NADA Values Online, you have the data and insight you need to make better business decisions and see better outcomes.

See how we can help your business >> Go to nada.com/valuesonline.

On the Road

Learn from Jonathan Banks and Larry Dixon as they speak and present at the National Remarketing Conference (Used Car Week) in

Las Vegas, Nov. 14 – 18.

Meet up with Ryan Morris at the 2016 Los Angeles Auto Show in Los Angeles, Nov. 16 – 17.

Say, "Hi" to Mike Stanton at the 2016 National Auto Auction Association conference in Las Vegas, Nov. 16 – 18.

Perspective | October 2016

NADA Used Car Guide® and its logo are registered trademarks of National Automobile Dealers Association, used under license by J.D. Power.

© 2016 J.D. Power

NADA Used Car Guide, a division of J.D. Power 8400 Westpark Drive, 6th Floor| McLean, VA 22102 | 800.544.6232 | nada.com/b2b

28

NADA USED CAR GUIDE CONSULTING SERVICES

NADA Used Car Guide’s market intelligence team leverages a database of nearly 200 million automotive transactions

and more than 100 economic and automotive market-related series to describe the factors driving current trends to

help industry stakeholders make more informed decisions. Analyzing data at both wholesale and retail levels, the team

continuously provides content that is both useful and usable to the automotive industry, financial institutions,

businesses and consumers.

Complemented by NADA Used Car Guide’s analytics team, which maintains and advances its internal forecasting models

and develops customized forecasting solutions for automotive clients, the market intelligence team is responsible for

publishing white papers, special reports and the Used Car & Truck Blog. Throughout every piece of content, the team

strives to go beyond what is happening in the automotive industry to confidently answer why it is happening and how it

will impact the market in the future.

VP, Vehicle Analysis & Analytics Jonathan Banks 800.248.6232 x4709 [email protected]

Senior Manager, Market Intelligence Larry Dixon 800.248.6232 x4713 [email protected]

Senior Analyst, Automotive David Paris 800.248.6232 x7044 [email protected]

ADDITIONAL RESOURCES

Connect with NADA Used Car Guide

White Papers NADA Used Car Guide’s white papers and special reports aim to inform industry stakeholders on current and expected used vehicle price movement to better maximize today’s opportunities and manage tomorrow’s risk.

Used Car & Truck Blog Written and managed by the Market Intelligence team, the Used Car & Truck Blog analyzes market data, lends insight into industry trends and highlights relevant events.

Perspective

Leveraging data from various industry

sources and NADA Used Car Guide’s

analysts, Perspective takes a deep dive

into a range of industry trends to

determine why they are happening and

what to expect in the future.

Guidelines Updated monthly with a robust data set from various industry sources and NADA Used Car Guide’s proprietary analysis, Guidelines provides the insight needed to make decisions in today’s market.

Read our Blog nada.com/usedcar

Follow Us on Twitter @NADAUsedCarGde

Find Us on Facebook Facebook.com/NADAUsedCarGuide

Watch Us on YouTube Youtube.com/NADAUsedCarGuide

Disclaimer: NADA Used Car Guide makes no representations about future performance or results based on the data and the contents available in this report (“Guidelines”). Guidelines is provided for informational purposes only and is provided AS IS without warranty or guarantee of any kind. By accessing Guidelines via email or the NADA Used Car Guide website, you agree not to reprint, reproduce, or distribute Guidelines without the express written permission of J.D. Power.