Used-vehicle prices have been falling from highs seen in March of last year, but Canadian Black Book’s 2023 Best Retained Value Awards show values in the market remain elevated.

Analysis around the awards also shows a first for battery electric vehicles, in particular.

“This year we saw all winners retaining over 82% which is the first time BEV’s have reached this mark. We can expect the overall retained value to continue to decrease next year as 2022 marked the peak in our used-vehicle index,” CBB president Yolanda Biswah said in a news release.

The company expects depreciation to continue through the end of the year, further normalizing values in the used-car space.

The average retained value across all vehicles included in the study came in at 77% MSRP on 2020 model-year vehicles.

This is the second highest average retained value since the awards began, with last year’s models holding 80% of MSRP.

For the third year in a row, the awards included two BEV categories to reflect growing interest in these units.

The VW e-Golf won in the BEV Main category, and the Porsche Taycan was awarded the prize in the BEV Luxury category.

Small pickups are known for their low depreciation rates, and no model is more touted in this respect than the Toyota Tacoma. The model has been tops for the small pickup segment for the awards for 15 years — the longest streak in the award program’s history, CBB said.

In fact, Toyota garnered the most wins this year, coming in at six. Porsche is runner up with wins in five categories.

For SUVs, the Porsche Macan won for the fifth consecutive year for luxury vehicles, while the Subaru Crosstrek was tops for mainstream brands.

Who is ahead in the car categories? For mainstream brands, Cadillac reigns, while Mercedes Benz continues its streak in the luxury category.

Overall, Honda is first for brands, but Toyota won for overall brand among SUVs and trucks for the second year in a row. Porsche was tops for overall brands in the luxury category for the third year in a row.