TRUE COST OF OWNERSHIP: 2020 HONDA CR-V VS. TOYOTA RAV4
TRUE COST OF OWNERSHIP: 2020 HONDA CR-V VS. TOYOTA RAV4
Posted on May 2, 2023
Most vehicle owners know that the price tag of a vehicle is not the only money you’ll pay in the vehicle’s lifetime. Fuel, repairs, replacement parts, maintenance, etc... they all contribute to the ultimate price tag that you’ll pay while owning a vehicle. So, how do you know what is the better buy when comparing two similar vehicles? Let’s look at the 2020 Honda CR-V and the 2020 Toyota RAV4.
Pricing:
According to Edmunds.com, Honda beats the Toyota in price. The starting MSRP, and average price paid for the CR-V is several hundred dollars less than the RAV4. The price will fluctuate based on which model you buy but for this comparison, we’re using the base models for both.
Ratings:
According to Edmunds, they have rated the Honda higher than the Toyota; 8.1/10 and 7.7/10 respectively. “Quick acceleration plus thrifty fuel economy. Roomy interior with cavernous cargo capacity. Rides comfortable yet handles corners athletically. Plentiful and thoughtful storage areas.” They said about the CR-V. The RAV4, “Quiet interior and comfortable ride quality. Abundant cargo and passenger space. Controls easy to use.” The consumers have rated the CR-V 4.5/5 and the RAV4 3.5/5 and both have equal number of reviews.
Features:
When it comes to features on the basic model of a CR-V and RAV4, both have similar number of features to offer. However, Honda has added the safety suit as standard to their fleet. This includes Collision Warning Systems, Lane Keeping Assist, Road Departure Mitigation, Active Cruise Control, and more.
Fuel Economy:
Though the RAV4 offers more horsepower, the CR-V offers better fuel economy. The CR-V has 8.7/7.4/8.1 L/ 100 KM (City/Hwy/Combined) while the RAV4 offers 9.2/7.1/8.2 L/100 KM (City/Hwy/Combined).
5 Year Ownership Costs:
Edmunds.com offers a breakdown on ownership costs; true cost to own, deprecation, financing, fuel, insurance, maintenance, and repairs. The end of the day report shows that the 2020 Honda CR-V is a cheaper vehicle to own. That’s not to say that RAV4 can’t be cheaper, but overall and on average, the CR-V wins.
So, what is the true cost of a vehicle? Well, that could mean quite a few things, some of them are what we covered but some of them, like safety, are priceless. A vehicle will take you many places during its lifetime, but the most important place it takes you, is home.