The Most Expensive Honda of 2023 Has the Best Resale Value in the Lineup
Honda vehicles have a strong track record for excellent resale value. That can save owners considerable money if they regularly trade in their cars every few years. According to data, the most expensive Honda model also holds its value the best.
Which 2023 Honda model has the best resale value?
The 2023 Honda model with the highest resale value is the Passport. It’s also the most expensive, primarily because of its well-equipped base model.
While the base model for most Honda models is a humble LX or EX, the entry-level trim for the Passport is the EX-L. It’s loaded with standard features, including a 280-hp V6 engine, all-wheel drive, leather seats, a power moonroof, wireless charging, and the latest safety tech.
Although the Passport has a relatively high starting price, the Honda Pilot and Odyssey are more expensive than the Passport in their Elite trims.
J.D. Power is a trusted source in predicting the resale value of new cars. On its 100-point scale, the data analytics firm gave the 2023 Honda Passpower a near-perfect 92 out of 100 in its “Resale” category. That puts this midsize SUV at the top of its segment for resale value.
How does the 2023 Passport’s resale value compare to other new Honda models?
That’s also the best resale score of any Honda model in J.D. Power’s rankings. The Honda Civic is close with a resale score of 89, the Ridgeline midsize truck earned an 88, and the Pilot three-row SUV got an 87. In fact, every 2023 Honda model has an 80 or higher in resale value.
The Passport’s achievement as the Honda with the best resale value is even more impressive when considering how well Honda models generally hold their value. A discerning SUV shopper who chooses the 2023 Honda Passport will do well if they trade it into a dealership a few years down the road and won’t lose much value to depreciation.
What are vehicle resale value and depreciation?
Resale value refers to how well a car holds its value over the years. According to iSeeCars data, midsize SUVs hold 57.2% of their value over five years. In other words, when the average midsize SUV is five years old, it’s worth 57.2% of its MSRP when it was new.
The 2023 Honda Passport beats the segment average by holding 58.8% of its value over five years. The only other SUVs in this class with better resale value are the Subaru Ascent, Toyota Highlander (Toyota has the best resale value of any brand, according to Kelley Blue Book), the Jeep Grand Cherokee L, the Toyota 4Runner, and the Jeep Wrangler, which historically is one of the slowest-depreciating models.
So, if resale value is important to you and you’re in the market for a two-row midsize SUV, the 2023 Honda Passport is worth considering. On top of its excellent resale value, it boasts a spacious interior, rugged capabilities in the TrailSport trim, and modern, user-friendly tech features.