Find the depreciation rate of your Honda CR-V in the graph below.
A vehicle depreciates, or loses value, beginning the moment you drive it off the dealership’s lot. The Honda CR-V is no exception. The greatest depreciation occurs in the first year after you purchase a new vehicle. After those 12 months, the car will continue to depreciate at a slightly slower rate over the next few years. By the eight-year mark, many cars are worth about 50% of their initial MSRP.
Although eight years is a good general rule, cars depreciate at different rates depending on the make, model, vehicle type, and other factors to a lesser extent. By learning the depreciation rate of a specific vehicle, you can make an informed decision about its value and the cost of ownership.
Keep in mind that just because the vehicle costs the least to own in the sweet spot we have outlined here, you still may not want to own the vehicle during these depreciation sweet spot years. Although vehicles depreciate less as they get older, they have more repairs. Duh right? However, keep in mind that repairs don’t just cost you money, they cost you time. Reliability is the difference between being able to make it to your destination on time or missing an opportunity because the car broke down.
Check out our article on the best and worst years of the Honda CR-V to see our reliability ratings for all years of the CR-V between 2001-2022. We also cover mpg, safety ratings, and a number of other factors. We pulled data from CR-Vs registered in our app and surveyed owners to get you data-backed answers on just how good or bad each year of the CR-V is.
If you like our online tools and articles, consider purchasing our FIXD scanner and app for $19.99 (67% off). It’s our flagship product. With it, you can scan your car for common engine problems.
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If you’d like, we’ll even show you trusted repair shops in your area where you can get your ride fixed through RepairPal. Within the app, there’s a total cost of ownership feature, which shows you the total maintenance costs, repairs, and depreciation.
Honda CR-V Depreciation
|Model Years||Mileage||Amount Depreciated||Residual Value Percentage||Resale Value|
The above table shows the approximate depreciation for a Honda CR-V. It uses Kelley Blue Book data since 2001, based on a vehicle in a standard trim, in a generic color such as black or white, driven 12,000 miles per year.
Keep in mind that the auto market was heavily affected in 2020 and beyond. Automakers selling new cars during the COVID pandemic raised prices, which caused a spike in demand for used cars as people tried to save money. Many automakers, however, did not drop prices after the pandemic so they could make a larger profit.
This is why the most recent model years of many vehicles have seemingly experienced less depreciation. Some may have even increased in value due to the heightened levels of inflation.
Factors That Impact the Honda CR-V Depreciation Rate
Honda has a reputation for making safe and reliable vehicles, routinely earning awards for the overall value of its cars. This reputation may contribute to a lower depreciation rate and higher resale value for Honda vehicles. Besides reputation, here are some other factors that may affect your Honda CR-V’s depreciation rate and resale value.
Vehicle age is one of the top factors impacting depreciation rate. Age refers to the vehicle’s model year, or the year denoting the vehicle’s generation and its pricing. Many automakers produce and begin selling new model-year vehicles in the preceding calendar year, which is why you can often buy a brand-new vehicle before its stated model year.
Regardless of when you buy the vehicle, its model year directly influences its depreciation rate. This is especially true with outgoing model years when a new version of the vehicle is about to replace the previous one. Most automakers fully redesign their vehicles every few years, and in between, they update the cars to keep them feeling fresh and new. For this reason, some model years may be more reliable than others or have better features, often giving them a better resale value.
Body type, also known as body style, refers to the shape and size of a vehicle and classifies it into a particular segment. Some common body types include sedans, coupes, sports cars, station wagons, hatchbacks, convertibles, SUVs, minivans, and pickup trucks. SUVs and pickups tend to be the most in-demand used vehicles, which helps them depreciate slower than other body types. In general, luxury sedans have the highest rate of depreciation.
The CR-V is a small, five-passenger SUV. Along with pickups, small SUVs are one of the most popular body types for drivers in the United States. If this trend continues, Honda CR-Vs may continue to enjoy a lower depreciation rate than luxury vehicles and smaller cars, such as sedans.
Like age, mileage is another factor affecting a car’s depreciation and resale value. As you drive a car, it naturally experiences some wear and tear, and in some cases, it may require repairs or additional maintenance. Because there are many estimates of the average mileage put on cars each year, we based our model on 12,000 miles of driving per year. If you drive your Honda CR-V less than that, it may depreciate at a slower rate. Conversely, putting more miles on a Honda CR-V may increase its depreciation.
A vehicle’s overall condition refers to both its mechanics and its appearance. Generally, a vehicle in good overall condition with normal wear and tear will retain more value than a similar vehicle with poor maintenance or a history of accidents. Keep your Honda CR-V in good condition by completing routine maintenance, such as oil changes and tire rotations, and driving it safely. Also, make sure you don’t cause excessive wear and tear to the vehicle. Examples of excessive wear and tear include damaged upholstery or large exterior dents.
At some point, maintaining or repairing a vehicle may become cost-prohibitive, especially as it gets older. Consider whether it might be better to sell or trade in the vehicle before investing more money into it.
It may surprise you to learn that a vehicle’s color can impact its depreciation and value. According to a study from iSeeCars.com, yellow vehicles have the lowest depreciation rate compared with other colors. Other colors that retain their value well include beige, white, blue, and green. Vehicles in popular colors, such as black, silver, or brown, may depreciate faster because of their widespread availability. While color is only one factor among many, choosing a Honda CR-V in a color that depreciates more slowly may boost its resale value.
Other Costs of Honda CR-V Ownership
A vehicle’s depreciation rate is part of the total cost of ownership, but it’s only one factor to consider. Here are some other costs associated with owning a Honda CR-V.
Some vehicles cost more to insure than others, depending on factors such as a vehicle’s safety rating and estimated repair costs. The Honda CR-V tends to have lower insurance costs than other vehicles. The average cost to insure a Honda CR-V is $1,352 per year for full coverage. That’s compared to a national average of $2,014 per year for all vehicles in the United States, according to Bankrate. Average costs to insure the Honda CR-V even beat other SUVs in its class that have low insurance rates, including the Hyundai Tucson and the Ford Escape.
Taking your Honda CR-V in for routine maintenance can ensure it continues to run efficiently and keeps the SUV in good condition. The average repair costs for a Honda CR-V are $640 per year. That’s in line with the average repair costs for all compact SUVs, which is $550-650 per year, which includes major scheduled maintenance and repairs. You can compare the maintenance costs by Honda CR-V model year using our graph.
While the Honda CR-V has lower-than-average maintenance costs, it’s important to remember that some model years of the CR-V may have more issues requiring maintenance or repairs. In particular, these model years may have additional costs related to engine troubles and other issues:
The Best Honda CR-V Model Year To Buy
Based on factors including price and reliability (but not depreciation), our choice for the best Honda CR-V model years to buy are the 2005–2006, 2008-2010, 2013, 2015, but check out our article on the best and worst years of the CR-V to get the whole story. When you purchase a CR-V within these model years, you’re in the sweet spot, based on residual value after depreciation. In particular, the 2013 and 2015 model years have low average maintenance costs, at $556 and $536 per year, respectively, making them excellent choices for a used CR-V.
Buying a New vs. Used Honda CR-V
A new 2023 Honda CR-V has a starting MSRP of $28,410. Due to a heightened level of inflation, it may depreciate more slowly in the next few years. Within two years, the same 2023 CR-V has an estimated resale value of $26,904. That’s a total accumulated depreciation of $1,506. In comparison, a used 2021 CR-V has a value of $25,350 after factoring in $3,662.76 of depreciation within a two-year period.
When purchasing a used car, do your research to understand the average depreciation rates for the make and model you’re considering. Use resources such as Kelley Blue Book to determine the potential resale value of the used vehicle. Think about the other costs of ownership, such as insurance and maintenance, to help you purchase a vehicle that will give you the most value for your money.
The data in this article applies to the base trim for the Honda CR-V with standard features. Some higher-level trims or CR-Vs with advanced options may have a higher resale value over time. Other factors, such as the condition of the vehicle and whether you sell it privately or trade it in, can also impact the resale value. Additionally, the COVID-era chip shortage may continue to affect resale values for used cars due to a lower supply and higher demand.
Keep in mind that there are large economic factors at play here, and the sale of new cars has caused shifts in the used-car market. There is a stark difference in the cost of vehicles due to car manufacturers seeking higher profit margins after COVID, as detailed by CNN and posted by CBS Channel 58:
“… (T)he auto industry saw sky-high profits even as sales plummeted. Domestic manufacturers of cars and car parts saw a profit of $32 billion through the third quarter of 2022 (the latest data available) — their largest profit since 2016. Car dealerships also reported record-breaking profits through Q3, according to auto-retail advisers Haig Partners.
That’s because pandemic-era pent-up consumer demand remained strong as supply shifted, allowing automakers to increase their prices and their profit margins. Cars and trucks were sold nearly as soon as they hit dealership lots, and the average price paid for a vehicle in December soared to a near-record high of $46,382, according to J.D. Power.
Data from the Labor Department’s November Consumer Price Index shows American consumers are paying about 20% more for cars than they were in 2019.
The trend could continue into next year — research website Edmunds expects new-car sales to hit 14.8 million in 2023, a marginal increase from last year but well below pre-pandemic levels.
The auto industry has entered a new era: Less choice, higher prices and larger profit margins. So far it seems to be working for them.”
This shift by car companies to create higher profit margins by taking advantage of the heavily reported chip shortage during COVID has had rebound effects upon the value of used cars.
Note that newer years (the latest 3-4 model years) may be higher in price because of this, and depending on how big this problem is for the model you are considering, it may even be inflating the price of the older model years.
Frequently Asked Questions About Vehicle Depreciation
In general, the Honda CR-V retains its value well compared with other small SUVs in its class. However, the resale value of your Honda CR-V can vary based on several factors, including its age, mileage, overall condition, and color.
In addition, the price you get for your used CR-V and therefore, the level of depreciation you experience, also depends on how you choose to sell your SUV.
For example, if you trade in a white 2020 Honda CR-V LX in good condition with 36,000 miles, a dealership may give you $22,938 for it. In contrast, if you sell the same CR-V privately, you may get $25,039, according to Kelley Blue Book.
Based on the rate of depreciation and factors such as reliability, safety, and maintenance, the best years of a used Honda CR-V to buy are 2010, 2013, and 2015. In general, Honda CR-Vs in these model years earn good safety and reliability scores with minimal expensive maintenance issues.
If you’re planning to buy a used Honda CR-V, avoid these model years:
These CR-Vs have lower reliability scores, some safety concerns, and greater potential for costly repairs and maintenance.
High mileage is a relative term, especially when it comes to the Honda CR-V. An owner survey revealed that an average of 20% of CR-V owners believe their cars will make it 200,000 miles (or already have), compared to 7% who doubt their CR-Vs will achieve the same milestone.
CR-V longevity comes down to usage and condition. A well-cared-for vehicle with 200,000 miles, used primarily on highways, is likely to outlast a poorly maintained car with 100,000 miles driven primarily in stop-and-go city traffic. A thorough inspection is the best way to determine if a CR-V has too many miles.
For the best rate of depreciation, buy a Honda CR-V between model years 2010 and 2015. That way, you’ll enjoy at least five years in the sweet spot for depreciation.
(2023.) Kelley Blue Book Announces Winners of 2023 Brand Image Awards, Including All-New Best EV Brand Award. Kelley Blue Book. Retrieved July 13, 2023, from https://mediaroom.kbb.com/2023-04-05-Kelley-Blue-Book-Announces-Winners-of-2023-Brand-Image-Awards,-Including-All-New-Best-EV-Brand-Award
(2021.) Why You Should Pay Attention to Car Model Cycles. Autotrader. Retrieved July 13, 2023, from https://www.autotrader.com/car-shopping/buying-car-why-you-should-pay-attention-model-cycles-239246
(2020.) Study: Vehicles With Lowest Depreciation Rates. Auto Remarketing. Retrieved July 13, 2023, from https://www.autoremarketing.com/ar/study-vehicles-lowest-depreciation-rates/
(2023.) Why Car Prices Are Still So High — And Why They Are Unlikely To Fall Anytime Soon. NPR. Retrieved July 13, 2023, from https://www.npr.org/2023/03/18/1163278082/car-prices-used-cars-electric-vehicles-pandemic
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