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I must admit that I am biased towards Honda. -Honda Anything. Honda's and Toyota's have a great reputation for longevitiy. This you can count on. I would put the two makes at a tie for reliablity. The 2007 Honda CRV is a new body style. It shares many parts with the new Acura RDX-which is really cool by the way. So what you know as the current CRV is no longer what the new one will look like.
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We looked at several Hondas and Toyotas and we ended up choosing a Honda for our newest car. Both have good reputations for quality, although Toyota recently has had a bad spell with recalls. Both hold up well but it is true that Honda will have slightly better resale value.Honda SUV's also tend to sit more like SUV's whereas Toyotas sit much lower. I'm not referring to the stance of the vehicle but seat placement. Toyota's seem to place their seats lower to the floorboards, so when you drive it feels more like you're sitting in a car. While some people may like this, it annoyed me considerably. Test both and go with the one you like better, but my vote is for the Honda (and, let's not forget that the 2007 has just been redesigned, so you'll have a more unique vehicle on the road for now).
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Obviously you know that these are both similar, car based SUVs. They are not going to be wheeling in moab any time soon, so I wouldn't make a choice based on offroad capability. They are great for what they are designed for, so if your in that market evaluate the strengths and weaknesses of their intended use. The two are similar, but have important differences. First the Toyota has more options. It has the 270hp v6 option which is significantly more than the 4cyl of the crv if that's important to you. Also the Rav is slightly larger and the rear seats are bigger. The Rav is part time 4wd while the Honda is full time, which means the Rav does get better mileage. Having driven both I would take a Rav. They are just a little more refined. One thing I really didn't like about the CRV was the road noise/wind noise at highway speeds. I would definately get on an interstate for a while to see if it bothers you. Also you should be thinking about resale. The rav is a new design so in 3-4 years it will still look just like the "new" ones. The CRV is an old bodystyle which will be replaced in 08 I believe, maybe mid year 07, so when you go to sell it it will be the "old" body style. EDIT If you get the new body style, then scratch this section. Finally I would recomend driving both a little. You will get a feel for whether you like their characteristics of one or the other. I own a honda accord, Acura TL, and a Toyota Lancruiser. They have all been very reliable. The Toyotas, just seem to be built for bigger (taller) people. My honda and acura are somewhat uncomfortable to drive for a 6'2" person. Just my .02Good luck
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