With the new-generation RAV4 now hybrid-only, values for the previous generation are likely to decline. This has traditionally been a highly sought-after option in the used market, resulting in it maintaining impressive value retention rates. However, now that it is visually older, it won’t be as expensive as previous performance trends suggest.
- Base Trim Engine
-
2.5L Inline-4 Hybrid
- Base Trim Transmission
-
Continuously Variable Automatic (CVT)
- Base Trim Drivetrain
-
All-Wheel Drive
- Base Trim Horsepower
-
219 hp
- Base Trim Torque
-
163 lb-ft @ 3600 rpm
- Fuel Economy
-
41/38/39 mpg
- Make
-
Toyota
- Model
-
RAV4 Hybrid
- Segment
-
Compact SUV
With that being said, a two-year-old Toyota RAV4 is still likely to hold impressive value. The fact that Toyota has also managed to maintain a competitive pricing strategy for the new-generation model affects the previous generation, but this is a trend that will likely be short-lived by the next pricing update for the year.
Toyota’s Impactful 2024 RAV4 Hybrid
The 2024 Toyota RAV4 Hybrid was the undisputed backbone of the Japanese brand’s SUV lineup. The brand positioned it between the smaller Corolla Cross and the three-row Highlander. During this year, the brand enjoyed a historic sales milestone by becoming the world’s best-selling vehicle, moving approximately 1,187,000 units globally, even dethroning the Tesla Model Y. In the U.S. market alone, Toyota sold over 475,193 RAV4s, with the Hybrid accounting for more than 208,356 of those deliveries.
This performance reflects a nearly 28.5 percent increase over the previous year. What made it such a hit was the brand’s ability to seamlessly integrate a modern gasoline-electric hybrid drivetrain into the conventional SUV body without compromising on performance or capability. Consumers appreciated its attractive pricing, impressive power output, and near-class-leading fuel efficiency.
Building On A Strong Legacy
Toyota first introduced the RAV4 range in the U.S. in 1996 in the guise of a very modest two-door and four-door compact crossover aimed at daily usability with a touch of adventure. Since then, the Toyota RAV4 has evolved from a niche subcompact experiment into the definitive benchmark for the modern crossover. Over five generations, Toyota pioneered the car-based SUV formula, growing it from a quirky crossover into a sophisticated and rugged option, taking full advantage of the Toyota New Global Architecture platform.
The 2024 RAV4 Hybrid represents the pinnacle of this nearly 30-year evolution by integrating the aforementioned HEV system, transitioning the nameplate from an ICE-only commuter to an efficiency-friendly family SUV that excels in various driving environments. This variation is so successful that it prompted the brand to transition the current-generation RAV4 into a hybrid-only option.
What A 3-Year-Old RAV4 Hybrid Is Actually Worth Right Now
The 2023 Toyota RAV4 Hybrid remains an appealing deal, despite it not losing a whole lot of value in three years.
Exceptional Value Retention Rates
According to prices currently attached to 2024 RAV4 Hybrid models sitting on used listings, they are selling for an average of $33,240, ranging between $26,700 and $41,200. According to Kelley Blue Book, these same models have a resale value of approximately $29,400, with trade-in at $28,100, reflecting 15 percent depreciation over two years. When new, you would have spent $31,725 on the base LE and $40,030 on the flagship Limited derivative, before any optional extras or destination.
|
Trim |
Price When New |
Average Used Price Now |
|
2024 Toyota RAV4 Hybrid LE |
$31,725 |
$28,200 |
|
2024 Toyota RAV4 Hybrid SE |
$34,420 |
$30,100 |
|
2024 Toyota RAV4 Hybrid Woodland Edition |
$34,945 |
$31,200 |
|
2024 Toyota RAV4 Hybrid XLE |
$33,235 |
$31,900 |
|
2024 Toyota RAV4 Hybrid XLE Premium |
$36,125 |
$33,400 |
|
2024 Toyota RAV4 Hybrid XSE |
$37,385 |
$35,800 |
|
2024 Toyota RAV4 Hybrid Limited |
$40,030 |
$38,500 |
Despite being two years old, these vehicles typically retain approximately 85 percent to 90 percent of their original MSRP, depending on mileage and regional demand. iSeeCars suggests that this model will go on to lose $8,272 or 25.2 percent of these values over the next five years.
How Much You’ll Spend After Your Purchase
According to Edmunds, you can expect to spend $43,408 over the course of five years and 60,000 miles on the base 2024 Toyota RAV4 Hybrid LE. $7,024 accounts for maintenance, $887 for repairs, $11,104 for depreciation, and $9,423 for fuel. According to RepairPal, the Toyota RAV4 has an average annual repair cost of $429. J.D. Power‘s valuation of the 2025 RAV4 consists of an 80/100 quality and reliability rating, contributing to a 79/100 overall score.
iSeeCars backs this with an 8.7/10 reliability score, citing that it will benefit from a 14.3-year lifespan and cover 172,778 miles without any reliability issues, together with a 31 percent probability of reaching 200,000 miles.
Existing owners of the 2024 model year hold it in high regard, with it currently boasting a 4.3/5 overall consumer review score on Edmunds. Key strengths include its fuel efficiency, impressive ride quality, and long-lasting reliability. Some owners do criticize it for having uncomfortable seats, loud road noise, and having a vague steering feel.
Hot Take: Last Year, The Toyota RAV4 Did The Unthinkable, And It’s Easy To See Why
It may not be the best at everything, but this SUV is much more than the sum of its parts.
Comprehensive Specifications Across The Range
The 2024 Toyota RAV4 Hybrid is available in six well-defined trims, all of which cater to varying consumers. The base LE is a fairly basic proposition, including dual-zone climate control, a 7.0-inch touchscreen with Android Auto and Apple CarPlay, and 17-inch alloy wheels.
The XLE adds LED front lighting, a rear cargo cover, the hands-free smart-key system, and fabric-trimmed seats with embossed polygon-design seat inserts. The XLE Premium introduces front center-vent flow controls, SofTex upholstery, a leather-trimmed steering wheel, and 18-inch alloy wheels.
SE models feature some blacked-out exterior trimmings, sporty blue accents and stitching for the fabric seats, black 18-inch wheels, a sunroof, and a black headliner. The XSE steps things up with a two-tone exterior color scheme, heated front seats, blue ambient lighting, and a digital instrument cluster. You also get a 9.0-inch touchscreen infotainment system.
The flagship Limited consists of chrome exterior details, dark-brown interior accents, and a digital rearview mirror. You also get an 11-speaker JBL audio system.
Balancing Performance With Efficiency
The Toyota RAV4 Hybrid features the brand’s naturally aspirated 2.5-liter four-cylinder Atkinson-cycle engine. This generates 176 horsepower and 163 pound-feet without any electrical assistance with a dual-motor setup for the all-wheel drive system.
Toyota doesn’t disclose combined torque figures for most of its hybridized products, but confirms that the system generates a combined 219 horsepower output. The ICE produces 176 horsepower, while the front electric motor generates 118 horsepower and 149 pound-feet. The rear motor produces 54 horsepower and 89 pound-feet. The result is a fairly respectable 7.3-second 0-60 MPH time and 117 MPH top speed.
The RAV4 Hybrid’s class-leading fuel consumption is another reason why consumers value it so highly, resulting in its impressive long-term value retention. According to the EPA, the 2024 Toyota RAV4 Hybrid will cost you $42 to refuel the 14.5-gallon tank. It also estimates that you’ll spend up to $1,100 on fuel every year and that you’ll get to save up to $2,250 on gasoline every five years compared to the average new vehicle sold in the U.S. It will cost approximately $1.87 to drive over 25 miles. Opting for the Woodland Edition increases your annual fuel cost by $100 and decreases your five-year savings by $500. On average, this model will cost you $1.97 to drive 25 miles.
Where efficiency is concerned, the EPA estimates that the standard hybrid will return a 41/38/39 MPG fuel consumption on the city/highway/combined cycle and return a 566-mile range on a full tank of gasoline. The Woodland returns a 38/35/37 MPG result with a slightly less preferable 536-mile range due to its larger wheels and multi-terrain tires.
Repairs And Service Requirements
Maintaining the 2024 Toyota RAV4 Hybrid involves a tiered service schedule that begins with ToyotaCare, a complimentary plan covering all factory-scheduled maintenance for the first two years or 25,000 miles. Standard service intervals occur every 5,000 miles for tire rotations and multipoint inspections, while synthetic oil changes are required every 10,000 miles. This is likely to cost you an estimated $70 to $120 per visit.
30,000- and 60,000-mile intervals require inspections of the hybrid cooling system and replacement of cabin and engine air filters, with annual maintenance costs averaging between $350 and $600. For long-term protection, the vehicle is backed by a three-year or 36,000-mile basic warranty and a five-year or 60,000-mile powertrain warranty.
Toyota covers all hybrid system components for eight years or 100,000 miles, while the battery itself benefits from a 10-year or 150,000-mile warranty. You can opt for Toyota Vehicle Service Agreements to extend bumper-to-bumper coverage, with prices typically ranging from $1,500 to $3,000 depending on the term and deductible.
Issues And Recalls You Need To Know About
The NHTSA has issued notable recalls for the 2024 model year, including a notice for loose brake caliper and wheel hub bolts that could lead to wheel detachment. There are active recalls for a software error that could cause the rearview camera to freeze and an instrument panel failure where critical information like vehicle speed might not display. Most significantly, a February 2026 recall involves an improperly torqued bolt within the hybrid inverter, which can cause a loss of motive power or, in rare cases, a short circuit and fire.
Sources: The EPA, iSeeCars, Edmunds, CarEdge, and J.D. Power.