A 2-year-old Lincoln Aviator Black Label now costs the same as a new Toyota Highlander

We've written plenty of articles comparing depreciated luxury or sports cars to brand-new mainstream models, but it's not always as simple as saying "they cost the same, so buy the cooler one." In the Lincoln Aviator's case, data aligns so that a two-year-old example can cost about the same amount as a higher-trim Toyota Highlander.

There's the usual case of Toyota reliability vs Lincoln luxury and comfort that we'll discuss in detail later. However, when deciding between a relatively new luxury car and a new affordable family car, your decision might be between personalities — not specs. Would you rather feel like Mathew McConaughey in a commercial, or tone it down to blend in with the rest of the school pickup line?

The Lincoln Aviator Depreciates Quickly

Even though this article's title focuses on models that are two years old, most sources track vehicles' depreciation in three or five-year increments. That said, CarEdgeis a dependable source that has data showing how the Lincoln Aviator loses about 58% of its value after its first five years on the road. CarEdgealso explains how the total cost to own an Aviator for five years (including factors like depreciation, insurance, loan interest, fuel, and maintenance) comes out to $88,193.

Kelley Blue Book's data varies by trim level; the Black Label trim is estimated to cost owners $89,714 over five years, so the two sources generally agree. CarEdgesays $41,942 of that total cost can be attributed to depreciation, which aligns with KBB's $41,749 estimate.

Now let's move onto what used Aviators are actually going for these days. Two years ago would be the 2024 model year — according to CarBuzz' own price trends data, a 2024 Aviator Black Label currently has an average price of $60,788, while the Premiere base trim has an average value of $45,067. KBB prices them a little lower: the 2024 Aviator Premiere's fair purchase price rests at $38,000, and the Black Label is at $56,600, which places the most luxurious trim at almost exactly the cost of a new Highlander Hybrid Platinum.

Toyotas Are Notorious For Holding Value

Even though we're mainly discussing the new Highlander, it's good to know what you're getting yourself into when buying any new car. Toyota models in general tend to hold value better than any other mainstream brand; CarEdge's data shows Toyota, as a brand, holding 64.9% of its value after five years. The Highlander, in particular, manages to retain 63.7% of its value after five years, according to iSeeCars (meaning it depreciates by 36.3% after five years). CarEdge's data is slightly different, since it says the model could lose an average of 40% in the same timeframe — we would split the difference at roughly 38% depreciation for simplicity.

That said, the new Highlander's pricing isn't too bad for a family SUV. The model can be split into two variants, including those with gas-only engines and those with hybrid systems. The regular Highlander starts at $46,270 for the XLE trim level, then tops out at $53,925 for the Platinum trim before destination and options. The hybrid trims start at $48,020 for the Hybrid XLE, then top out with the Hybrid Platinum at $55,675.

Lincoln's Aviator Reliability Is Just... Average

It's easy enough to let you know that luxury cars tend to depreciate more quickly than mainstream models, but there are a few specific reasons we want to get into. Firstly, the Aviator isn't quite as reliable as the Highlander. This generation of Aviator began in the 2020 model year. That gives us enough data from owner complaints to the NHTSA and Car Complaints, recalls, and the model's maintenance costs to determine just how reliable it really is.

The 2024 model year is proving to be a great option so far, with five customer complaints. However, it already has seven recalls, according to the NHTSA. On that note, the 2020 model year has 28 recalls recorded on the NHTSA's website, followed by 27, 20, and 15 recalls for each subsequent model year. There might not be too many customer complaints, but the Aviator isn't perfect.

iSeeCars gave the Aviator a reliability score of 6.7 out of 10, which ranks it in 11th out of 17 large luxury SUVs. That said, CarEdge says the Aviator will cost owners about $3,966 in maintenance and repairs over its first five years on the road. It's technically not as expensive as other luxury SUVs, since it comes in at $2,494 less than average.

The Highlander Does What Toyotas Do Best

The Highlander is currently in its fourth generation. While some of its earlier model years suffered from more serious problems, the fourth-gen is very reliable. It's fairly common for the first year or two of any new generation or model to work through some kinks in its hardware or software. The 2023 and newer Highlanders have few complaints relative to the number of units sold, and those that do get reported aren't usually too serious.

For more peace of mind, CarEdge explains how Highlander owners can expect to spend about $2,048 on maintenance and repairs over its first five years of service. RepairPal also shows that the Highlander costs about $489 per year to maintain on average, which is better than the $626/year for an Aviator.

Powertrains And Performance Figures Compared

One thing the Aviator has going for it is its powertrain. Under the hood of all trim levels is a 3.0-liter twin-turbocharged V6 that makes 400 horsepower and 415 lb-ft of torque, which is sent to either the rear or all four wheels via a ten-speed automatic transmission. RWD models can sprint to 60 mph in about 5.4 seconds according to independent testing, although all versions are limited to a top speed of 145 mph. It's not the most efficient, though. Examples with RWD drivetrains get an estimated 21 combined mpg, and AWD examples get 20 mpg.

The Highlander makes up for its lower power output with better fuel economy. Your first and cheapest option is to buy one with a 2.4L turbo inline-4 that makes 265 hp and 310 lb-ft of torque. It's available with either FWD or AWD, and can sprint to 60 mph in about 7.2 seconds. Fortunately, this gas-only engine gets an estimated 25 mpg in a FWD configuration.

The 2.5-liter I4 hybrid system is less powerful, but more efficient. It offers a total of 243 horsepower, which gets sent to all four wheels via an eCVT for a 7.3-second 0-60 mph dash. Electric assistance helps it achieve 35 mpg across the board, though.

What's On The Inside Matters Most

Lincoln Aviator Black Label Standard Features

The Aviator was updated with a refreshed interior, among other changes, for the 2025 model year. The 2020–2024 Aviator was still more than luxurious enough, having offered options like 30-way adjustable front seats in the Black Label (that our road tester actually felt were difficult to configure).

An aspect of the Black Label trim that other trims don't have is its unique interior themes. For 2024, Lincoln gave buyers a choice between the Flight, Destination, and Chalet themes that each use the same high quality materials in their own unique colorways and trim pieces. Other standard features in the 2024 Aviator Black Label include:

• 22-inch bright-machined aluminum wheels
• Unique Black Label upper grille
• LED fog lights and adaptive pixel LED headlights
• Heated steering wheel
• Heated VisoBlade wipers
• Active noise control
• Intelligent adaptive cruise control with speed sign recognition

Black Label is More Than A Trim Level

Most top trim levels come with the maximum number of features, the nicest materials, and sometimes more powerful engines. Lincoln does all that, then goes a step further with Black Label. New Black Labels come with more than meets the eye. Of course, buying an Aviator on the used market might not yield its benefits.

The concept of a "Black Label" Lincoln was first introduced in 2014 to set a benchmark "through exquisite design details and personalized service offerings," according to the brand itself. This trim level uses the finest, highest-quality materials, like real wood, aluminum, and leather to create the most relaxing interiors possible — going so far as to call its Navigator Black Label a "spa on wheels."

The trim is available on three of the brand's four models, including the Navigator, Aviator, and Nautilus (excluding just the Corsair, the brand's smallest SUV). Buying a Black Label trim also grants buyers 70,000 Lincoln Access Rewards points, remote new vehicle delivery, a premium maintenance plan for four years or 50,000 miles, complimentary car washes at your local Black Label retailer for the entire duration of the first owner's ownership, and a one-year complimentary membership with the Calm app.

Toyota Highlander Comfort And Luxury Features

Since the Aviator comes closest in price to the Highlander's top trim level, it only makes sense to compare the Hybrid Platinum's standard features. For over $55k, buyers can unlock 20-inch alloy wheels, a panoramic glass roof with a tilting/sliding moonroof, heated power side mirrors, and a panoramic view monitor and backup camera. On the inside, occupants will enjoy leather-trimmed front and second-row seats, heated and ventilated front seats, heated second-row seats, and a 10-inch color head-up display.

A More Difficult Decision Than You Might Imagine

Choosing between two cars that cost about the same is a tougher decision than what meets the eye. For some people, looks alone would sway them to the Aviator. It's a handsome family-hauler with quad-tip exhaust and an engine with enough power to feel comfortable overtaking left-lane campers on the freeway. However, it's bound to cost more in maintenance in the long run. The Highlander is a little more basic in terms of styling and features, but you'd get away with spending less on maintenance.

A used Aviator has already passed its peak depreciation years, but hasn't reached the bottom. That said, even though the Highlander holds value better, buying a new example means taking the full brunt of depreciation on your own. It's not so easy a decision, at the end of the day.

Sources: Toyota, Lincoln, CarEdge, RepairPal, Kelley Blue Book, NHTSA, Car Complaints, iSeeCars