Used Honda Ridgeline Prices Are Rapidly Decreasing
We’re starting to wonder if the Honda Ridgeline is in trouble because prices for used models are dropping at an alarming rate. While used truck prices are dropping across the board, used Honda Ridgeline prices are falling the fastest.
Is buying a used Honda Ridgeline worth it?
Yes, buying a used Honda Ridgeline is an excellent way to save on an upscale truck that’s practical, comfortable, and spacious. It often ranks as the best mid-size truck because of its SUV-like handling, loaded interior, and abundant passenger space.
Because the Ridgeline is such a high-ranking option, it’s a little odd for used models to be decreasing at a faster rate compared to rivals.
iSeeCars analyzed over 1.8 million used vehicles in the market that are between one to five years old to determine the biggest price differences between June 2022 and June 2023.
The study found that the average price for a used Ridgeline in June was $34,617, which is a 4.1% decrease or $1,469 less compared to the same time period last year.
The average price for a used Toyota Tacoma in June 2023 was $37,300, which is a 2.5% decrease or $937 less than it was in June 2022.
This is interesting because the Ridgeline is more modern and comfortable than the Tacoma, and it has a higher starting price. But on the other hand, the Tacoma is built for more durable off-roading applications.
How reliable is the Honda Ridgeline?
The 2023 Honda Ridgeline has an average reliability rating. It has a score of 80 out of 100 from J.D.Power. Scores between 70 and 80 are average, while anything between 81 to 90 is above average.
It missed the above-average category by one point! Used Honda Ridgeline models from this generation have a similar score because this truck has been more or less the same since 2017. Also, rivals like the Toyota Tacoma have an above-average reliability score.
You can expect the average Ridgeline truck to last between 200,000 to 250,000 miles. Some Ridgeline models have made it over 300,000 miles. Proper maintenance and regular care is the key to survival, so carefully review the history of your used Ridgeline model before buying it.
If you drive an average of 15,000 miles per year, then your Ridgeline could provide around 17 years of service on the road.
Does the Ridgeline have a good resale value?
The Honda Ridgeline doesn’t have the best resale value. This could be why used Honda Ridgeline prices are dropping. Anyway, the Ridgeline only retains about 56.9% of its resale value after five years.
If a Ridgeline depreciates by about 29% after five years, then it should have a resale value of about $32,457. Since the Ridgeline had a mid-cycle refresh, sales have been up.
It’s possible that used Honda Ridgeline models are dropping in price because leases are ending and there’s more inventory available. Also, truck sales are starting to slow due to rising inflation rates.
Having an average reliability rating and weak resale value probably doesn’t help. This comfortable truck still deserves a chance, though. Stay tuned as we continue tracking trends among used vehicles.