When it comes to SUVs, the Honda CR-V and the Toyota RAV4 are consistently two of the most popular on the market. They are so similar that customers might have a hard time deciding which one to ultimately buy since both have features and amenities that are appealing to drivers and their needs. However, when it comes to choosing between the 2023 Honda CR-V and the Toyota RAV4, there is one important factor that may sway you.

The CR-V and RAV4 are extremely similar

As two of the most desirable SUVs, the list of similarities between the CR-V and the RAV4 is pretty long, especially the base trims. According to Edmunds, the pricing is nearly the same, with the 2023 CR-V price starting at $28,410, and the RAV4 starting at $28,275. Both have impressive ratings, with Edmunds giving the CR-V a score of 8.1. The Toyota RAV4 isn’t too far behind, coming in at 7.7.

Both cars have a basic 3-year/36,000-mile basic warranty and a 5-year/60,000-mile drivetrain warranty. They also have similar features, such as standard Bluetooth, cruise control, and cloth upholstery. Almost every spec on the two cars is identical, with both having front-wheel drive and steel wheels. While the CR-V has 190 hp @ 6,000 rpm engine power, the RAV4 has 203 hp @ 6,600 rpm. The CR-V also boasts 179 ft-lbs. @ 1,700 rpm engine torque, and the RAV4 is similar with 184 ft-lbs. @ 5,000 rpm. An eight-speed shiftable automatic is what drivers will find in the RAV4, and the CR-V has a continuously variable-speed automatic transmission.

The SUVs are also extremely similar when it comes to fuel economy, with the CR-V achieving 28 mpg in the city and 34 mpg highway. As for the RAV4, drivers can expect 27 mpg city and 35 mpg highway. Even the dimensions are similar, with the CR-V having a curb weight of 3,472 lbs, to the RAV4’s 3,380 lb.

The CR-V has a ground clearance of 7.8 inches, a 73.5-inch width, a height of 66.2 inches, and a length of 184.8 inches. By contrast, the RAV4 has a ground clearance of 8.4 inches, a 73.0-inch width, a height of 67.0 inches and a length of 180.9 inches.

5-year cost-to-own estimate has the CR-V being much more affordable

Customers will surely take into consideration the five-year cost to own when it comes to the two cars. The Honda CR-V’s true cost to own is $36,857, and the RAV4 comes in at $38,376. The average cost per mile is similar between the two, with the CR-V being $0.49, and the RAV4 being $0.51. The fuel cost is identical at $9,079, and the maintenance cost of the CR-V is $4,572, slightly lower than the cost of the RAV4, which is $4,969. Although many specs are nearly identical, the cost to own estimate makes the CR-V more affordable.

Depreciation makes up most of the difference

The cars appear to be similar, but there is one factor that might sway customers when it comes to choosing between the two. Depreciation is what makes up most of the cost-to-own difference, with the Honda CR-V holding its value better than the Toyota RAV4. In fact, the depreciation on the Honda model is $9,507, with the RAV4 coming in at $10,452. Although this is a small factor at less than a $1,000 difference, it could be the deciding factor for someone who is stuck when deciding between the Honda CR-V and the extremely similar Toyota RAV4.