Honda Ridgeline Resale Value: Do They Hold Their Value? What To Know
Source: Flickr
The Honda Ridgeline, a unique midsize pickup truck by Honda, first hit the market in March 2005 for the 2006 model year. Notably, it’s Honda’s sole foray into the American-centric pickup truck segment. This vehicle is distinctive for its unibody frame, transverse-mounted engine, and exclusive crew-cab short-box configuration. However, the Ridgeline often catches flak for not being a “true truck” due to its unibody construction, lower towing capacity, and limited off-road capabilities.
Despite the criticisms, the Ridgeline has received a solid bump in sales, thanks to its mid-cycle refresh that made it look like a traditional pickup—with that said, how does the Honda Ridgeline hold up in terms of resale value?
For today’s post, we delve into the Honda Ridgeline resale value, how well it retains its value over time, and how it stacks up against its closest competitors.
Honda Ridgeline Resale Value
iSeeCars says the Honda Ridgeline has the best resale value among all Honda models. It retains an impressive 76.4% of its original value even after five years. This high retention rate makes the Ridgeline the top choice for those looking for a Honda with excellent resale value, outperforming other models like the Honda Fit and Honda Civic, which have resale values of 70.2% and 69.6%, respectively.
According to a recent analysis of iSeeCars involving over 3 million cars, the Honda Ridgeline stands out for its exceptional value retention and high rankings in other significant categories. The Ridgeline has been ranked as the top model in three categories: Best Midsize Trucks, Most Reliable Midsize Trucks, and Safest Midsize Trucks. After five years, the Ridgeline’s average resale price is approximately $29,142.
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Meanwhile, CarEdge also has similar findings about the Ridgeline’s depreciation rate. Based on the website, the Ridgeline has a depreciation rate of only 29% after five years. This means that a Honda Ridgeline typically retains a resale value of $32,457 after five years. Based on a new Honda Ridgeline priced at $45,445, the initial selling price for the website’s analysis.
The value of the Honda Ridgeline decreases steadily over a decade, which is a common trend in vehicle depreciation. This is based on the assumption that the Ridgeline is well-maintained and drives an average of 12,000 miles annually. One notable aspect of its depreciation is the significant reduction in the rate of value loss after the initial years, suggesting that the Ridgeline maintains its worth effectively over time. In the first year, there was a $2,340 drop in value, which equates to 94.85% value retention. The second year saw a slight increase in depreciation to $2,627, maintaining 94.22% of its original value. This trend of value retention continues, with the Ridgeline preserving 71.42% of its value by the end of the fifth year.
Used Honda Ridgeline Buyer’s Guide (Powered by CoPilot Price Pulse Tool)
For this section, we delve into the Ridgeline’s performance in the used car market. We used our intuitive Price Pulse Tool to gain several critical insights about the Honda Ridgeline resale value. In this analysis, we’ll use the 2018 Ridgeline as an example. Here are some interesting things we found:
- Current Market Price: At $27,741, the asking price for a 2018 Ridgeline is currently exceeding expectations by $1,663. This surprising boost suggests that buyers are either really keen on getting their hands on this model or there simply aren’t enough available, creating a seller’s market.
- Price Trend: When we look at the price over time, we see it’s fallen. However, the fall is becoming less steep, hinting that the price drop is leveling off. So, the wait might be over for those waiting for prices to bottom out, as we’re likely nearing the lowest price point we can expect.
- Current Price Premium: The 2018 Ridgeline maintains its value better than projected, as indicated by the 6% price premium compared to the predicted cost. In simpler terms, it’s like the truck refuses to go on sale.
- Comparison with Other Years: The 2018 model of Ridgeline is priced at a premium of $1,663, between the $1,956 premium of the 2017 version and the $2,263 premium of the 2020 model. This pricing strategy has worked well for the 2018 Ridgeline as it offers a perfect balance of age, features, and pricing that is neither too high nor too low, making it an attractive option for buyers.
Buyers and sellers can use these insights to make informed decisions about purchasing or selling a Ridgeline in the used car market.
HONDA RIDGELINE PROS AND CONS
Are you seriously considering an investment in a used or new Honda Ridgeline? If so, it’s critical to look at the Honda Ridgeline pros and cons.
Honda Ridgeline Resale Value VS Competitors
The midsize truck market has significantly changed over the years. Today, the Ridgeline faces some really tough competition. As such, how does the Ridgeline stack up against its segment rivals in value retention?
- Nissan Frontier: Compared to the Nissan Frontier, the Ridgeline has better resale value. The Ridgeline has a 5-year depreciation rate of approximately 23.6%, while the Frontier depreciates at a slightly higher rate of 27.8%. This means that the Ridgeline retains 4.2 percentage points more of its value than the Frontier.
- Toyota Tacoma: When comparing the Ridgeline and the venerable Toyota Tacoma, the Ridgeline’s value depreciates by approximately 24% after five years, while the Tacoma’s value only decreases by 14%. This means that the Tacoma retains almost 10% more of its value than the Ridgeline over the same period, which is a huge deal if you intend to sell it later.
- GMC Canyon: Over five years, the Honda Ridgeline holds its value slightly better than the GMC Canyon, with the Ridgeline losing 23.6% to the Canyon’s 25.5% in value, giving the Ridgeline a marginal edge in resale value.
- Chevrolet Colorado: Chevy’s popular truck has a 5-year resale value of 27.8%, which loses out to the Ridgeline’s 23.6% five-year depreciation.
The Ridgeline’s resale value is okay but not top-notch. It doesn’t keep its value as well as the popular Tacoma, but it does better than some, like the Canyon, putting it in the middle of the pack.
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