Tesla Model X wins first Canadian Black Book retained value award

Tesla earned its first category win in the Canadian Black Book Best Retained Value Awards, with the Model X taking top honours among premium electric SUVs for 2026.

Announced October 19, the awards measure how much of a vehicle’s original manufacturer’s suggested retail price it retains after four years. This year’s results are based on 2023 model year vehicles and show an overall decline in used vehicle values across the Canadian market.

According to Canadian Black Book, vehicles retained an average of just 57% of their original selling price this year, down from 67.5% in the previous awards.

Model X tops premium electric SUV segment

The Model X finished ahead of the BMW iX and Audi Q4 e-tron in the premium electric SUV category. The Model X was discontinued earlier this summer, and its limited availability may have helped support resale values.

The Model 3 also performed well, placing third among premium electric cars behind the Porsche Taycan and BMW i4.

Other EV winners

Kia moved from second place last year to claim the overall electric brand award, ahead of Chevrolet and Tesla. The Kia EV6 topped the mainstream electric SUV category, while the Chevrolet Bolt EV led mainstream electric cars.

The results highlight the continuing resale value gap between EVs and their gasoline and hybrid counterparts, though Tesla’s first category win suggests certain EV models are becoming more competitive in the Canadian used vehicle market.

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