Is the 2023 Honda CR-V Too Expensive?
Honda recently announced pricing for the newly redesigned 2023 Honda CR-V, and the MSRP skyrocketed, much like everything else these days. Unsurprisingly, the increase has people talking. Since its debut, the CR-V has earned a spot at or near the top of automotive reviewers’ best-of lists. However, today’s competition is so close that if rivals undercut Honda’s prices, the CR-V’s popularity could suffer.
The 2023 Honda CR-V price jump is startling
The 2023 Honda CR-V price jumped $4,310 over the 2022 model’s starting MSRP of $26,800. Though there are some justifiable reasons for such an increase, a $31,110 starting price could hurt the popular compact SUV’s ratings.
One of the main reasons for the significant hike over last year’s starting price, besides the ground-up redesign, is that Honda deleted the former base LX trim, moving the starting point up to the EX trim level, U.S. News reports.
In 2022, the EX was a $2,510 upgrade over the standard LX. Comparing the 2023 CR-V EX price to the 2022 EX reveals that Honda raised the price by $1,800. If you’re interested in a bit more luxury, the leather-trimmed EX-L boosts the base EX price by $2,650 to $33,760.
Other 2023 Honda CR-V models include the Sport (formerly known as the EX Hybrid), priced at $32,450, and the Sport Touring AWD Hybrid for $38,600. Though the Sport Touring AWD Hybrid comes standard with all-wheel drive, equipping other models with that optional drivetrain adds $1,500, and Honda adds a $1,245 destination charge to every trim level.
Compact SUV competitor pricing
For 2022 the Honda CR-V prices were competitive with other top compact SUVs. But until rivals release pricing for models such as the 2023 Toyota RAV4, 2023 Subaru Forester, and 2023 Kia Sorento, we won’t know where the MSRP increase fits with competitor pricing.
The only close competitor’s 2023 pricing we know is for the Kia Sorento Hybrid. Like the CR-V, the Sorento Hybrid deleted its 2022 base model, the S, for 2023 and raised the starting price for its new base model, the EX. The good news for Honda is that the Kia Sorento EX Hybrid, priced at $36,590, is over $4,000 more than the entry-level CR-V Sport Hybrid.
Is the 2023 Honda CR-V worth buying?
Though we don’t know much about the all-new 2023 Honda CR-V yet, we know the 2022 model ranks near the top for reliability, value, and customer satisfaction. Keeping that in mind, a redesigned CR-V seems worth a slight price increase over the EX trim. However, some buyers might balk at the upgrade without the lower LX trim unless the competition follows Honda’s and the Kia Sorento Hybrid’s lead by raising the bar for their base models.