When shopping for a new family or work vehicle around Albany, crossovers should be at the top of your list, and you should be comparing competing models to the 2016 Honda CR-V residual value to make sure you’re making a good investment. Not sure what residual value means or why it matters? We’ve got a quick recap of this important auto value statistic and then a comparison between the CR-V and some of its top competitors.
What Is Residual Value?
Have you ever heard the saying that your car loses half its value when you drive it off the lot? That’s an exaggeration, of course, but there is some truth to the idea that your vehicle loses value the second you drive it home.
The value of your car, truck, SUV, or minivan after a given period of ownership is called its residual value, and it’s most easily expressed as a percent of the initial cost—so if that story were true, the residual value would be 50% after driving the car home.
While we can’t know the future, companies like ALG are very good at predicting it. They look at the specs, features, and dependability of a vehicle and project estimated residual values for 36 months and 60 months of ownership. The goal is to give you an idea of how experts in auto value think your car might depreciate over time so that you can choose the one that’s the right investment for you.
Compare to the Competitors
One of the best ways to use residual value estimates is to compare to competing models. How does the 2016 Honda CR-V residual value compare to its competition? Quite well:
- 2016 Honda CR-V LX 2WD: ALG estimates a residual value of 53% at 36 months and 38% at 60 months of ownership.
- 2016 Nissan Rogue: Residual value estimates for the Rogue come in at 50% at 36 months and 35% at 60 months.
- 2016 Hyundai Santa Fe Sport: ALG residual value estimates for the Santa Fe Sport are 48% at 36 months and 32% at 60 months.
- 2016 Chevy Equinox: The Equinox has a 50% residual value at 36 months and a 36% residual value at 60 months.
- 2016 Ford Escape: The ALG residual value for the Escape is 47% at 36 months and 32% at 60 months.
- 2016 Jeep Cherokee: The Jeep name helps a bit, but the Cherokee only has a 44% residual value at 36 months, dropping to 30% at 60 months.
- 2016 Kia Sportage: The Kia crossover has a 36-month residual value of 47%, dropping to 34% at 60 months.
Test Drive a CR-V
We hope that by looking at the 2016 Honda CR-V residual value numbers, you see that this crossover is a good investment. Now we want to show you what makes the CR-V a joy to drive, giving you a firsthand look at how well-equipped and comfortable this crossover is. Visit a Capital Region Honda Dealer near you today for a test drive of the new CR-V; with five trims to choose from, we’re confident there’s one here for you.
Capital Region Honda Dealers includes Lia Honda, Keeler Honda, Mohawk Honda, Carbone Honda of Bennington, D’Ella Honda of Glens Falls, Rensselaer Honda, Bedard Bros. Honda, and Saratoga Honda.