Toyota Rav4 vs. Honda CR-V – Features, Performance and Cost of Ownership Compared

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April 11, 2023

In this head-to-head comparison, we take a closer look at two popular compact SUVs: the 2023 Honda CR-V and the 2023 Toyota RAV4. Discover their key differences, features, and performance, as well as their total cost of ownership.

The Need to Know

  • The Honda CR-V offers a more spacious interior and cargo area.
  • The Toyota RAV4 and CR-V offer a variety of powertrain options, but only the RAV4 offers a plug-in hybrid option.
  • Both vehicles have excellent fuel economy figures.
  • The RAV4 offers slightly more horsepower and torque in its base engine.
  • The CR-V has a more comfortable ride, while the RAV4 has a sportier feel.
  • For both, the value for the price is nearly unmatched in today’s market.
  • For most drivers, the Honda CR-V is a better buy in 2023.

2023 Honda CR-V – The Sixth Generation Is the Best Yet

Price: $28,410 – $34,260+ 

See listings near you with local market price data.

The 2023 Honda CR-V boasts an impressive combination of comfort, performance, and practicality. With a spacious interior, smooth ride, and advanced safety features, this compact SUV is an excellent choice for families and commuters alike.

Why It’s Great

  • Spacious interior and cargo area
  • Comfortable ride quality
  • Advanced safety features standard
  • Good fuel economy
  • Reliability and low cost of ownership
2023 Honda CR-V interior

Performance

Fuel economy: 28 mpg city / 34 mpg highway

Horsepower: 190 hp

Torque: 179 lb-ft

Engine size: 1.5-liter turbocharged 4-cylinder

Warranty

Basic: 3 years/36,000 miles

Powertrain: 5 years/60,000 miles

See extended warranty options for better coverage.

Total Cost of Ownership

According to our CarEdge cost of ownership data, the average cost of owning a Honda CR-V for 5 years is $26,277. This total will vary per vehicle, driver and location. These ownership expenses include:

  • Depreciation
  • Insurance Premiums
  • Maintenance and Repairs
  • Loan Interest
  • Fuel Costs

Depreciation

The Honda CR-V is forecast to depreciate 18% after 5 years and have a 5-year resale value of $32,907. This is for a top-of-the-line, fully equipped model. If you purchase a used Honda CR-V that is 2 years old, then you could save $5,195 compared to buying new, and still have a relatively new model with plenty of useful life remaining. If you plan to keep this vehicle for 3 years then your total cost of depreciation would be $1,858. 

Insurance

Auto insurance for a Honda CR-V will cost about $1,409 per year.

This beats the national average for popular SUV models by $816. Our car insurance comparison study assumes a 40 year old good driver with full coverage and good credit that drives around 13,000 miles per year. 

Unlike depreciation, this expense can often be lowered by shopping around for lower insurance premiums. Here’s how to compare rates instantly.

Fuel

A Honda CR-V gets an average of 32 MPG, which will cost a total of $5,575 for fuel after 5 years, or about $1,115 annually. These estimates are based on $3.00/gallon, assuming 12,000 miles driven per year – 55% city and 45% highway. Fuel costs will be considerably higher with higher fuel prices.

See the latest average gas prices in every state.

Maintenance

A Honda CR-V will cost about $7,155 for maintenance and repairs during its first 10 years of service.

This beats the industry average for popular SUV models by $1,978. There is also a 21.05% chance that a CR-V will require a major repair during that time. This is 0.45% better than similar vehicles in this segment.

Interest

At 4.75% APR for a 72 month loan, a Honda CR-V with an out-the-door price of $40,000 would cost $4,834 in total interest over the loan payoff period. See what financing rates you qualify for.

Here’s the full breakdown of Honda CR-V total cost of ownership, including charts and graphs.

2023 Toyota RAV4 – The Best-Selling Crossover In America

2023 Toyota RAV4 vs Honda CR-V

Price: $26,500 – $38,000+

See listings near you with local market price data.

The 2023 Toyota RAV4 is popular for many reasons – with flexibility being one of them. The RAV4 offers an extensive range of powertrain options, including hybrid and plug-in hybrid models. Its affordability and refreshed design makes it a popular choice among compact SUV buyers.

Why It’s Great

  • Multiple powertrain options, including hybrid and plug-in hybrid models
  • Sporty driving experience
  • Attractive, rugged design
  • Advanced infotainment and safety features
  • Good fuel economy
  • Accessible pricing
2023 RAV4 interior vs Honda CR-V

Performance

Fuel economy: 27 mpg city / 35 mpg highway (estimated)

Horsepower: 203 hp

Torque: 184 lb-ft

Engine size: 2.5-liter 4-cylinder

Hybrid and plug-in hybrid models available

Warranty

Basic: 3 years/36,000 miles

Powertrain: 5 years/60,000 miles

See extended warranty options for better coverage.

Total Cost of Ownership

According to our CarEdge cost of ownership data, the average cost of owning a Toyota RAV4 for 5 years is $26,095. This total will vary per vehicle, driver, and location. These ownership expenses include:

  • Depreciation
  • Insurance Premiums
  • Maintenance and Repairs
  • Loan Interest
  • Fuel Costs

Depreciation

The Toyota RAV4 is forecast to depreciate 21% after 5 years and have a 5-year resale value of $27,757. This is for a top-of-the-line, fully equipped model. If you purchase a used Toyota RAV4 that is 2 years old, then you could save $5,270 compared to buying new, and still have a relatively new model with plenty of useful life remaining. If you plan to keep this vehicle for 3 years, your total cost of depreciation would be $2,108.

Insurance

Auto insurance for a Toyota RAV4 will cost about $1,438 per year. This beats the national average for popular SUV models by $787. Our car insurance comparison study assumes a 40-year-old good driver with full coverage and good credit that drives around 13,000 miles per year.

Unlike depreciation, this expense can often be lowered by shopping around for lower insurance premiums.

Fuel

A Toyota RAV4 gets an average of 31 MPG, which will cost a total of $5,910 for fuel after 5 years, or about $1,200 annually. These estimates are based on $3.00/gallon, assuming 12,000 miles driven per year – 55% city and 45% highway. Fuel costs will be considerably higher with higher fuel prices.

Maintenance

A Toyota RAV4 will cost about $5,531 for maintenance and repairs during its first 10 years of service. This beats the industry average for popular SUV models by $3,602. There is also a 16% chance that a RAV4 will require a major repair during that time. This is 5% better than similar vehicles in this segment.

Interest

At 4.75% APR for a 72-month loan, a Toyota RAV4 with an out-the-door price of $35,000 would cost $4,249 in total interest over the loan payoff period. See what financing rates you qualify for.

See the full breakdown of Honda CR-V total cost of ownership, including charts and graphs.

Which Is Better?

The 2023 Honda CR-V is better than the Toyota RAV4 for many drivers.

After a thorough analysis of both the 2023 Honda CR-V and the 2023 Toyota RAV4, it is evident that the Honda CR-V is the better choice for most buyers. The CR-V offers a more spacious interior and cargo area, making it an excellent option for families and those who require extra storage space. Additionally, it provides a comfortable ride quality, advanced safety features, and good fuel economy, all while maintaining reliability and a lower total cost of ownership. 

The CR-V also outperforms the RAV4 in terms of maintenance and repair costs, as well as insurance premiums, further solidifying its position as the more cost-effective choice over the long term. While the RAV4 does offer a sportier driving experience and a wider variety of powertrain options, including hybrid and plug-in hybrid models, the overall value and practicality of the Honda CR-V make it the top pick in this comparison.

Remember, the CarEdge team is ready to assist you with saving thousands of dollars on your next car purchase! Learn more about how we can help you get started today.

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