According to the J.D. Power 2024 U.S. Automotive Brand Loyalty Study, Toyota, Honda, and Lexus have strengthened their shares of loyal customers, even as other brands have faced stagnation. Tyson Jominy, vice president of data & analytics at J.D. Power, noted that during the ongoing inventory shortages, many of the most loyal customers refrained from purchasing a vehicle if their preferred model wasn’t available. Now that inventory levels are recovering, these customers are returning to the market. Toyota and Honda, in particular, are benefiting from increased availability of hybrid vehicles, with Honda owners switching to hybrids at nearly three times the industry average. Lexus, despite an overall plateau among premium brands, has maintained loyalty through strong residual values.
Top-Ranked Brands in Loyalty
- Porsche: Leading among premium brand car owners for the third consecutive year, with a 57.5% loyalty rate, followed by Mercedes-Benz at 49.0%.
- Lexus: Highest among premium brand SUV owners, with a 60.2% loyalty rate, followed by BMW at 55.8%.
- Toyota: Tops the mass market brand car category for the third year running, with a 62.5% loyalty rate, with Honda trailing at 58.8%.
- Honda: Leading in mass market SUV loyalty with a 64.2% rate, while Subaru ranks second with 62.6%.
- Ford: Leading truck loyalty for the third consecutive year with the highest rate in the study, 65.1%, followed by Toyota at 60.8%.
The study, now in its sixth year, is based on transaction data from the Power Information Network, tracking whether customers purchase the same brand after trading in their vehicle. Loyalty is determined by the percentage of owners who remain with the same brand when buying their next vehicle, with sales at new-vehicle franchised dealerships qualifying. The study covers loyalty across five segments: premium cars, premium SUVs, mass market cars, mass market SUVs, and trucks.
The 2024 study’s data includes transactions from September 2023 to August 2024 across all model years traded in.
