What may have started as a bit of a left-field alternative has become one of the most prolific and popular products in its segment: we’re talking about the Honda HR-V, which came into the world at a time when nearly every automotive manufacturer had a dog in the fight at both the global and local levels. With an entirely new HR-V recently being launched, it’s easy to understand that there may be less focus on the previous generation model - and yet this incredible product still brings significant value to potential owners.
2022 has also seen the launch of the all-new Honda HR-V in and once again it is an impressive package that comes in three powertrains only for the Malaysian market: NA, Turbo and Hybrid. Prices start from RM114,800 upwards. The only drawback here is that depending on colour and variant, you could be looking at a one-year waiting period to receive your new HR-V.
So is the second-gen Honda HR-V then still a compelling option for would be buyers? We explore it in detail below.
Much like most of Honda’s local offerings, the HR-V was offered in a variety of grades when it was first introduced back in 2014. Over time those grades were added to and removed, eventually being streamlined to just three grades by the time 2017 rolled around: S, E, and V - with V being the range-topping variant. It also proved to be one of the more popular variants of the HR-V sold, coming with the most complete set of equipment.
The specific variant of the HR-V that we’re looking at today is the V spec model, which would have been purchased back in 2017 - which was also around the time that Honda introduced a price reduction on their models that brought the V spec variant down to RM 121,000 - just RM 1,200 short of the initial offering price.
Here’s the breakdown:
Vehicle variant: Honda HR-V V i-VTEC 2017
The popularity of the Honda HR-V can be owed first to the strength of the Honda brand in our local market, and second to the incredible practicality of this compact crossover SUV. The HR-V is a showcase of just how good Honda is at developing packaging solutions and providing a well-designed cabin with plenty of storage areas, legroom, and boot space. The range-topping V variant has all of these great inherent characteristics, with the luxury and features you really need.
While you can no longer purchase this generation of HR-V new, it does pay to take a bit of time in choosing which pre-owned unit to buy. We can study the depreciation of the HR-V through our collected data over the last five years. As is the case with all cars, the first year of depreciation is the hardest with a 22% drop in car value.
The graph below reflects this as you can see that there is a relatively large hit in the first year of ownership - roughly RM 26,000 or so - which is in line with the sale of most cars after or during the first year of ownership.
Depreciation seems to stall between the first year and second year of ownership with just a 0.9% difference between a one and two-year-old car. The third year sees a more significant drop, bringing the total amount of depreciation to just over RM 35,000. The fourth year sees a similar drop in value, with a total depreciation of just over 35% compared to the original value.
From there onwards, however, the residual value of the HR-V V i-VTEC remains unnaturally solid at just over RM 77,000. As is the case with many residual car values, 2022 is a bit of an unnatural data point as there are increasingly long waiting lists for new cars due to production and supply issues around the world.
If we use this data to make an informed purchase decision, it would be best to buy the newest HR-V V i-VTEC that you can get for RM 77,000 or so - which also means one that is three to four years old depending on when it was registered. This would give you an incredibly practical compact crossover SUV, at a price that seems to have bottomed out in terms of depreciation for the time being.
Remembering that the HR-V remains a popular vehicle to this day also means that you can be fairly assured that you will be able to find a buyer for your car if you choose to move on to another vehicle. The relative simplicity of the design, layout, and powertrain also helps to keep running costs relatively low: the previous gen HR-V did not come with a turbocharged powertrain locally, which means that even the V-spec variant packs a naturally-aspirated 1.8-litre i-VTEC engine.
Like most other crossover-type SUVs, the HR-V also remains resolutely front-wheel drive, which benefits both fuel efficiency and simplicity in design, in turn reducing the potential costs incurred by owners. The rear is a torsion-beam setup, similar to the Honda Jazz on which it is based, which also leads to lower running costs as there are fewer consumable items.
As a total product, the HR-V is a car that fulfills the needs of a budding or established family with as much room as you would reasonably need, with the ever-appealing SUV ride height and visibility that has made SUVs so popular over the last decade or so.
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