We know the used car market is wacky right now. But there are some SUVs that are holding their value better than others. The old rule of thumb was that a vehicle lost about a third of its value the second you drove it off a car lot. That’s not the case with the 2020 Toyota Highlander.
The Kelly Blue Book Value of the Highlander has barely gone down
The typical list price for a used XLE version is $39,453, according to Kelly Blue Book. That’s pretty amazing value considering that an XLE trim was $40,775 new. There are very few SUVs you can put 36,000 miles on over two years and have it only lose $1,300 in value. But, if that same Highlander had low miles, say 10,000, it would be worth more used than new, and the typical listing price today is $42,179.
Why does the 2020 Highlander hold its value?
The Highlander has been continuously updated since it came to the U.S. in 2001. The Highlander is Toyota’s larger, though, not largest, SUV. That would be the Sequoia. But the Highlander grew to include more powerful V6 engines, up to seven seats, and a near-luxury interior.
The 2020 revision brought a lot more features, better handling and a much more powerful engine. It would take a Toyota fan to spot the differences between a 2020 Highlander and a 2022, and that’s a significant reason it holds its value. The Highlander has a third row, but it’s more suited to kids than adults. The 2020 came with several standard features that were major options in the previous generation. The big upgrade, however, is the Hybrid version that is also all-wheel drive.
Consumer Reports recommends the 2020 Highlander
The 2020 Highlander, as well as the 2021 and 2022, all made Consumer Reports’ list of recommended SUVs. They are known for their reliability as well as their on-road comfort. It’s so good, Lexus borrowed the platform and made the Lexus RX out of it, which is now Lexus’s best-selling SUV.
At J.D. Power, too, the 2020 Highlander earns great marks for its driving experience and its quality and reliability. In fact, it’s ranked as the No. 1 Upper Midsize SUV by J.D. Power for 2020, which helps its Kelly Blue Book value.
How much is a 2022 Toyota Highlander?
The 2022 Toyota Highlander starts at $35,855 for a basic front-wheel drive version, which means that Kelly Blue Book value of a used one is more than new. Toyota makes 11 different trims, and the popular XLE and XSE midline versions, are about $42,500 and pack in a lot of the luxury you’d expect in a luxury SUV. At that price, you get soft-touch leather-like trim on the dash and doors, two-tone leather seats, a large touchscreen, and more.
The top trim level of the 2022 Highlander, the Platinum, starts at $48,010 for a gas-powered front-wheel-drive version but tops out at nearly $50,000 for the Hybrid version. It comes with heated seats in the front and second row, a 10-way driver’s seat, a bird’s eye 360-degree camera, premium audio, and your choice of four interior colors. It’s also one of Consumer Reports’ best-rated three-row SUVs.