It’s important to research all the specs and stats when shopping for a new vehicle, and we want to help drivers in the market for a new SUV. We’ve researched the 2016 Honda Pilot residual value ratings as well as the residual values of top competitors for our Albany area drivers, giving you a comprehensive look at just how smart an investment a modern SUV can be.
If you aren’t familiar with residual value, don’t worry, we have a refresher on what it is and why it matters when shopping for a new car.
Why Does Residual Value Matter?
Did you know that your vehicles all depreciate over time? Most drivers know that the older vehicles are, the less they are worth, and this is what we mean when we talk about depreciation. The phrase “residual value” means just what it sounds like: the value that is left over. When we talk about residual values, we express them as percentages of the initial purchase price for easy comparison.
While it’s not possible to know exactly how a given vehicle will depreciate over time, value experts at organizations like Kelley Blue Book and ALG are good at predicting vehicle value. They look at important vehicle specs, history of the vehicle and the brand, and the current auto market to gauge what they think the residual value will be at 36 months and at 60 months.
So, how does the Pilot stack up when it comes to value?
The Pilot vs. the Competition
With the idea of “residual value” fresh in your mind, take a look at the stats for the Pilot and a handful of its top competitors.
- The 2016 Honda Pilot LX 2WD has a residual value of 56% at 36 months, dropping to 40% at 60 months, according to ALG estimates.
- Each 2016 Kia Sorento has an ALG residual value of 54% after 36 months and 38% at 60 months; that’s pretty close to the Pilot, but still coming up short.
- A 2016 Toyota Highlander also comes close to Honda with an ALG residual value of 54% at 36 months and 37% at 60 months.
- 2016 Toyota RAV4 models have a 51% residual value after 36 months of ownership and a 37% residual value after drivers have held the keys for 60 months.
- A longtime competitor, the 2016 Ford Explorer drops even further down the list when compared to the Pilot, managing just 49% at 36 months, which falls to 35% at 60 months.
- At the bottom of the list is the 2016 Jeep Grand Cherokee with a 36-month residual value of 48%. At 60 months of ownership, it falls all the way to 32%.
Test Drive a Pilot
We think the numbers speak for themselves, but they can only say so much. Let us show you what makes the the 2016 Honda Pilot residual value estimates so strong; visit a Capital Region Honda Dealer near you today to take a test drive. With five different trims, we think you should have no trouble finding a Honda Pilot to fit your needs.
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.