Toyota Highlander Resale Value: Do They Hold Their Value? What To Know
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The Toyota Highlander has earned its popularity among consumers thanks to its reliability, comfort, and practicality. Initially introduced to bridge the gap between a sedan’s ease and an SUV’s robustness, it quickly became a household favorite. Its appeal lies in its spacious interior, user-friendly technology, and strong safety features. However, what truly sets the Highlander apart is its renowned dependability, but does it translate well for its resale value?
It may not be as eye-catching as Kia or Hyundai’s offerings, but the Highland is a solid SUV in its own right – especially when discussing resale value and retention.
For today’s post, we evaluate the Toyota Highlander resale value and everything else you need to know. Does it hold its value over time? How does it compare to its segment rivals? Let’s take a look.
Toyota Highlander Resale Value
iSeeCars has ranked all Toyota models in terms of resale value. With that said, the website says that the 2023 Highlander has a 5-year resale value of 61.9184%. This means that, on average, a Toyota Highlander retains about 61.9% of its original value after five years. Moreover, the average price for a 5-year-old Toyota Highlander is approximately $30,110.59.
On the other hand, CarEdge also offers a thorough analysis of the Toyota Highlander resale value over time, and the findings are quite noteworthy. The Highlander shows excellent value retention, depreciating just 21% after five years, which is quite impressive. This means you could potentially resell it for around $36,496 after five years. Moreover, this strong performance ranks the Highlander among the top 20 cars for maintaining their value over 3, 5, and 7 years. So, if you’re considering the Highlander, know it can be a practical choice due to its long-term value.
If you want to save money upfront, purchasing a used Highlander, particularly one approximately two years old, can be wise. This way, you can steer clear of the initial depreciation hit that new car buyers experience. Since the Highlander has an excellent resale value, a pre-owned model will still have plenty of life left in it and should maintain its value well.
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Used Toyota Highlander Buyer’s Guide (Powered by CoPilot Price Pulse Tool)
This section provides an overview of the Toyota Highlander’s performance in the used car market, which should give you a good idea of the SUV’s value retention over time. For this purpose, we used our handy Price Pulse Tool to gain several vital insights.
For this example, we evaluated the 2018 Toyota Highlander using the Price Pulse tool and found some compelling information:
- Strong Value Retention: The 2018 version of the Toyota Highlander isn’t just holding its worth; it’s becoming more valuable. Prices are up by 8%, meaning it’s selling for $2,187 more than people first thought it would be worth. This price jump means many people want it, and it’s proving to be a better keeper of value than people expected.
- Depreciation Trends: The Highlander’s depreciation is slower than average, indicating its lasting value in the long run. The market adjustment showing a decline from peak prices may signal a more stabilized and reasonable buyer pricing.
- Year-Over-Year Consistency: The Toyota Highlander has shown its staying power when it comes to price. From 2016 to 2020, it’s been selling for more than the usual rate for five years straight. This steady above-average price shows that it’s not just a one-hit wonder; people want this car, and they trust it enough to pay a little extra for it year after year.
- Investment Potential: The Toyota Highlander makes sense if you’re looking for a car that won’t lose its value quickly. It’s doing well in the second-hand market, meaning if you decide to sell it later, you might get more money back than you would with other cars. It’s like getting a vehicle that helps you save money in the long run.
- Market Stability: According to the Price Pulse tool, the pricing of the Highlander indicates a shift towards a “new normal,” which suggests that the current prices are expected to remain stable for the foreseeable future. This stability makes the Highlander an appealing choice for individuals who want to buy a used vehicle without the risk of immediate and significant depreciation.
Overall, the Toyota Highlander offers a fairly robust market performance, which means it’s a high-demand vehicle in the used car market. Obviously, this can be attributed to the Highlander’s reputation for reliability and longevity.
HOW LONG DO TOYOTA HIGHLANDERS LAST?
If you’re interested in this car, it’s critical to think about its lifespan. You might wonder - how long do Toyota Highlanders last?
Toyota Highlander Resale Value VS Competitors
The midsize SUV segment is one of the most competitive markets out there. So, regarding resale value, how does the Highlander compare to its closest rivals?
- Ford Explorer: The Toyota Highlander has a more favorable depreciation rate of 21% over five years, whereas the Ford Explorer’s depreciation rate is significantly higher at 37%. This significant difference underscores the Highlander’s superior value retention and lower overall cost of ownership compared to the Explorer.
- Jeep Grand Cherokee: The Jeep Grand Cherokee is predicted to maintain 54% of its resale value for five years. This SUV offers the perfect combination of off-road capability and on-road comfort and boasts an attractive exterior. Additionally, the recent introduction of a plug-in hybrid model further enhances its appeal and reinforces its status as an iconic choice for families.
- Subaru Ascent: According to CarEdge, the Subaru Ascent boasts the same 5-year depreciation rate as the Highlander at 21%. The Ascent boasts a comfortable ride and seats, a spacious third row bigger than the Highlander, and excellent outward visibility. Additionally, it comes standard with all-wheel-drive and EyeSight safety technology.
- Toyota 4Runner: The Toyota 4Runner has an impressive resale value as it retains 64.4% of its original value after five years. This retention rate is much better than the Highlander’s, making the 4Runner a more robust option for buyers who prioritize resale value.
Overall, the Toyota Highlander proves to be a competitive choice in the midsize SUV segment, offering better value retention and lower overall ownership costs compared to some of its main competitors, like the Subaru Ascent and Ford Explorer.
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