The compact crossover market is filled with options for our West Michigan drivers seeking something that’s small and sporty, but does the 2015 Mitsubishi Outlander residual value make it a smart investment, or are there better choices? With all of the competition for the Outlander, including the brand new 2016 Honda HR-V, we think it’s important for you to consider all of your options.
We want to see how the Outlander and HR-V compare in key areas, like residual value, but first, a quick definition of what residual value is and why it matters.
What is Residual Value?
The old saying is that your car loses half of its value when you drive it off the lot, and while that’s not exactly true, your car does lose some value once you take ownership of it. As it ages and as you put miles on your vehicle, it loses value, and the “residual value” is the value that remains after a given time, expressed as a percent of the original purchase price.
Companies like ALG have made a business out of predicting car values, and they release data on what they estimate the residual value of a vehicle will be at 36 months and 60 months to give you an idea of whether or not a vehicle is a good investment for your money.
How Does the Outlander Compare?
Now that you know about residual value, let’s look at the numbers:
- The 2015 Mitsubishi Outlander residual value is 42% at 36 months and 29% at 60 months. While those numbers are better than some, they are worse than most.
- The 2016 Honda HR-V 2WD LX CVT has a 60% ALG residual value at 36 months and a 45% ALG residual value at 60 months.
While it’s tough to pin down one reason why the HR-V would out-value the Outlander so handily, Honda’s wide range of standard features and fuel-efficient four-cylinder engine likely played a big part.
Test Drive an HR-V
The 2016 Honda HR-V is new to West Michigan, and we want to show you why it’s such a success in person. Visit one of our West Michigan Honda Dealer locations today to take a test drive.