Best Midsize SUV Resale Value For 2024 Is The Honda Passport
February 14 2024, Centennial Honda
J.D. Power's 2024 Canada ALG Residual Value Awards were announced February 2. Highlighting vehicles that are "projected to hold the highest percentage of the manufacturer's suggested retail price after a four-year period," the J.D. Power ALG awards are the standard for determining which vehicles retail value.
For 2024, the winner of the midsize SUV category is the Honda Passport. No midsize SUV is projected to provide as much resale value as Honda's five-seat, V6-powered utility vehicle.
The Passport's claims to fame are numerous. For starters, the Passport that was launched for the 2019 model year offers renowned Honda durability – that's a given. The Passport can also tow up to 5,000 pounds, offers over 1,200 litres of cargo capacity (or over 2,200 litres with the rear seats folded), and comes standard with torque-vectoring all-wheel drive and a 280-horsepower powerplant. Honda Canada's 2024 Passport lineup includes the well-equipped Sport, the off-road-oriented TrailSport, and the top-of-the-line Black Edition.
Residual values are a vital component of determining how much a vehicle will truly cost over a lifetime of ownership. Just think of the long-term price gap between a $40,000 vehicle that holds 50% of its value over the course of four years and another $40,000 alternative that holds 60% of its value over the course of four years.
Four years later, the first vehicle is now worth $20,000, costing $20,000 in depreciation. The second vehicle will be worth $24,000, costing only $16,000 in depreciation.
The Passport is one of four utility vehicles in Honda's lineup, bookended by the HR-V and Pilot with the CR-V and Passport in the middle of the range.
