Tesla’s Model X Just Won a Canadian Resale Value Award, a First for the Company

Image: Tesla

The Tesla Model X has won the BEV SUV: Premium category in this year’s Best Retained Value Awards in Canada, finishing ahead of the BMW iX and the Audi Q4 e-tron, and it’s the first time a Tesla has taken a category win in the awards.

That’s according to Canadian Black Book, which announced its 2026 Best Retained Value Awards on October 19. The awards look at 2023 model-year vehicles and how much of their original MSRP they held on to after four years. In its announcement, Canadian Black Book said that “for the first time Tesla made its way into the winner’s circle with its Model X topping BEV SUV: Premium.” This is the 21st year of the awards.

Tesla showed up in two other spots on the list. The Model 3 placed third in BEV Car: Premium, behind the Porsche Taycan and the BMW i4, and Tesla finished third for Overall Brand: Electric, behind Kia and Chevrolet. Kia moved up from second place last year to win the electric brand award. Canadian Black Book didn’t publish retained-value percentages for the Model X or any of the other individual winners.

The win comes in a rough year for resale values across the board. All 2023 model-year vehicles retained an average of 57.0% of their original MSRP after four years, down from 67.5% in last year’s awards. Canadian Black Book said battery electric models “still trail the broader market in 4-year retention,” but that brands with deeper electrified lineups are closing the gap. “With significant declines in overall retained values over the past year, this year’s winners highlight the limited successes Canadian OEMs have achieved while navigating what may be the most difficult consumer environment in decades,” said Daniel Ross, Director of Strategic Market Insights at Canadian Black Book.

The award lands after the Model X has already left Tesla’s lineup. Tesla ended production of the Model S and Model X this spring and handed over the last 250 Signature cars at a send-off event at its Fremont factory on May 21, with those production lines moving over to the Optimus humanoid robot. The Model X arrived in 2015 with its Falcon Wing doors and stayed in production for 11 years.

The 2023 model year was also one of the bumpier ones for Model X pricing in Canada. In August 2023, Tesla cut the Canadian price of the Model X Long Range to $109,990 from $135,990, and the Model X Plaid to $122,990 from $148,990. That means buyers paid very different amounts for the same SUV depending on when they ordered, a swing of $26,000 on the Long Range alone.

With the final new cars already delivered, the used market is now the only place left to buy a Model X in Canada, and this award suggests those SUVs are holding their value better than their premium electric rivals.

Would a resale award like this make you look at a used Model X?