The Popular Honda Model With the Best Resale Value in 2023 Isn’t the CR-V
The most popular Honda model in recent years is the CR-V. This beloved compact SUV outsells its stablemates by leaps and bounds. Because of its success, some people might assume the CR-V also holds its value the best. Although this small crossover has solid resale value, the popular Honda model with the best resale value is the Civic.
Does the Honda CR-V have good resale value?
Owners and experts praise the Honda CR-V. J.D. Power gave the 2023 model a positive review and an overall 81 out of 100. That’s enough to make it the sixth-best among 20 compact SUVs. However, the Honda CR-V’s “great” resale score of 84 really stands out. This is also the category in which the SUV performs the best.
Edmunds provides details about the CR-V’s resale value. The numbers are clear about why the CR-V excels in this area. The EX-L is the SUV’s most popular trim, starting at about $35,500.
Assuming it has 12,000 miles on it, owners should be able to sell their CR-V EX-L for $31,000 to $33,000. Over five years, and assuming it remains in good condition, this CR-V trim is expected to be worth $27,000. That’s a good depreciation rate.
What is the Honda Civic’s resale value?
The 2023 Honda Civic performed even better than the CR-V. J.D. Power gave the compact car an overall 82, making it the third-best in its segment. It also earned a resale value of 89, which J.D. Power considers “best.”
Meanwhile, Edmunds has the depreciation estimates for the Type R hatchback. That’s not the most common Civic trim, but it’s a coveted model that starts at about $44,400.
Even with 12,000 miles on the odometer, owners can expect to sell a used example of that Civic for $41,000 to $45,000. This high resale value is possible primarily because of the low supply of this Civic trim. After five years, Edmunds estimates this Civic model will still be worth about $33,800. That’s a great resale value.
So, it’s not surprising that Kelley Blue Book named the Civic one of the top 10 vehicles in 2023 in resale value. It finished seventh with a five-year resale value of 62.5% of its original price. No other Honda models appear in the top 10. Meanwhile, the CR-V didn’t even finish in the top 10 SUVs for resale value. For context, the Acura RDX sits in 10th place, with a resale value of 45.3% after five years.
What is the average car depreciation?
On average, cars lose about 60% of their value after five years, so any depreciation rate higher than that is good. That’s the basics of what depreciation measures, as it’s simply how much a product’s value declines after a few years. The vehicle manufacturer is one of the most significant factors affecting depreciation, but how owners maintain their cars also matters.
Drivers should ensure they take good care of their cars because that can lower depreciation and, thus, increase resale value. That matters most when it’s time to sell the vehicle or get a new one, as a good resale value means owners don’t lose too much money when selling or trading in their used car.