If you’ve been told that nothing is a sure investment, we’ve heard that, too, but we have a tough time believing it when we see how the 2016 Honda HR-V residual value stacks up to its competing crossovers. As far as vehicles go, West Michigan drivers will have a hard time finding a vehicle that delivers like the HR-V does, and value experts at ALG have predicted the HR-V will keep its value well into the future with their residual value estimates.
But what is residual value and what does it tell us about cars before buying them? We have a recap of what residual value is and why it matters, but if you already know about this important auto stat, go ahead and skip down to the comparison.
What Is Residual Value?
Before we dive into the comparison of the 2016 Honda HR-V residual value to its competing crossovers, we want to give you a refresher of what residual value is and why it matters. Put simply, it’s the value left over after a certain period of time owning a vehicle, and it’s expressed as a percentage of the initial purchase price. So if a car really lost half its value when you drove it off the lot, it would have a 50% residual value.
While it’s impossible to know a vehicle’s exact residual value until the time has passed, value experts have criteria that let them predict those values based on vehicle specs, market history, and statistical models. So comparing the residual values of a bunch of crossovers can give you an idea of how each one shapes up as a whole in a way that few stats can.
How Do 2016 Honda HR-V Residual Values Compare?
There aren’t too many vehicles in the compact crossover class right now, but the HR-V has the edge over four of its top competitors on value:
- The 2016 Nissan Juke S ALG residual value comes in at 47% for 36 months and drops to 35% at 60 months.
- Every 2016 Mitsubishi Outlander ES has an estimated residual value of 43% after 36 months of ownership that drops to 29% at 60 months.
- The 2016 Buick Encore residual value estimates come in at 47% for 36 months and 32% for 60 months of ownership.
- A 2016 Jeep Renegade Sport has estimated residual values of 48% at 36 months and 34% at 60 months, according to ALG.
With those competitors out of the way, here’s what the HR-V looks like:
- Each 2016 Honda HR-V 2WD LX equipped with a CVT has ALG-estimated residual values of 55% at 36 months of ownership and 42% at 60 months.
Even if you don’t plan on ever selling your HR-V, it’s a good idea to know what you’re investing your money in and how it compares to the competition.
Test Drive the HR-V
We have three different trim levels and your choice of front- or all-wheel drive on the 2016 Honda HR-V. See what it has to offer besides a solid investment by visiting a West Michigan Honda Dealer near you today for a test drive.
West Michigan Honda Dealers includes Battle Creek Honda, Betten Honda, Crown Honda, Fox Honda, River Town Honda, and Zeigler Honda.