If you’re shopping for a new family-friendly three-row crossover, you’re no doubt trying to find the best deal, and the vehicle that provides the most fuel economy, the best safety scores, and the latest technology. One thing that maybe isn’t high on your priority list, but should be, is residual value. The more value your vehicle retains, the more you can get for it when you decide to sell it or trade it in. Since vehicle depreciation is one of the biggest expenses for any driver, residual value saves you money. The 2016 Honda CR-V offers superior ALG residual value ratings when compared to its competition.
Honda CR-V Residual Value
The Honda CR-V wins in ALG residual value estimates when compared to competitors like the Chevy Equinox, the Ford Escape, the Hyundai Santa Fe, the Jeep Cherokee, the Kia Sportage, and the Toyota RAV4. That means that the Honda CR-V will be worth more of its original purchase price for longer than those other vehicles.
ALG (Auto Leasing Guide) determines residual value depending on the age of a vehicle. ALG estimates are given using a percentage of the original MSRP. The Honda CR-V took home the ALG Residual Value Award for 2016 in the midsize crossover class.
ALG says that the CR-V wins out against the competition with a residual value rating of 53% at 36 months and 38% at 60 months. For comparison, consider the residual value ratings of other vehicles in the class:
- The Ford Escape has a 47% residual value rating at 36 months and 32% at 60 months.
- The Jeep Grand Cherokee is estimated at 41% of MSRP at 36 months and 30% at 60 months.
- The Kia Sportage retains 45% of its value at 36 months and 31% at 60 months.
- The Hyundai Santa Fe retains 53% of its purchase price at 36 months and 33% at 60 months.
- The Chevrolet Equinox rates at 50% at 36 months and 36% at 50 months.
It’s clear that the Honda CR-V wins by a sizable margin compared to these competitors. That means that the CR-V will ultimately cost less to drive than the competition, because when you decide that it’s time to upgrade, you’ll be able to get back more of your purchase price when you sell the vehicle or trade it in.
Time for a Test Drive
If you’d like to find out more about the newest Honda CR-V, then visit your local Hampton Roads Honda Dealer today. All of our dealerships have the 2016 Honda CR-V in stock, and our helpful sales team members are ready and waiting to fill you in on the details of this reliable, efficient, and smartly designed small crossover.
*Based on 2016 EPA mileage estimates. Use for comparison purposes only. Your actual mileage will vary depending on how you drive and maintain your vehicle.