How much is an old Honda CR500 work? In the case of this still-in-the-crate model from 2001, we are about to find out. It’s currently up for auction on eBay, ending today (April 18, 2025). And at the rate things are going, it just might set a new auction price record for a Japanese dirt bike.

Why buy this old bike?

Yeah, it’s cool that it’s a 25-year-old, new-in-crate bike, but still, the price seems super-high, right? The reason the bidding keeps climbing is that it’s not just any dirt bike; it’s the last great open-class two-stroke.

The CR-series two-strokes were Honda’s top MX machines, and the CR500 first hit the lineup in 1984. That air-cooled model was bumped for the CR500R in 1985, and at that time it was the most powerful Honda motocrosser ever, with just under 53 horsepower. They just got badder and badder from there, with subsequent models in the lineup past the 60 horsepower mark. Alas, all good things come to an end eventually, and the CR500’s end came in 2001, when Honda decided to focus on its four-stroke CRF450 model.

At that point, the regulators and other wonks had had their way and the CR was making in the mid-50s for horsepower, not that huge of an advantage over the four-stroke Unicam engine, and the MX scene was generally moving towards four-strokes anyway. While a lot of diehard 2T fans find it hard to believe, a lot of other people preferred the more predictable power delivery of a 4T machine. The days of the two-stroke dinosaurs were basically over by the end of that decade, with the open-class pro bikes all four-strokes. Only madmen like Ronnie Mac were doing much with these bikes.

And that’s where the CR500 ended up: As the last machine in a legendary line, from an era of motocross that many fans view with max nostalgia, the last of the good old days. Me, I wasn’t into motocross then (and not now either), so I only have passing knowledge of these bikes. But even for someone like me, who doesn’t pay much attention to MX, I always knew this was the king of the two-stroke world.

Here’s Barry Morris’ take on the bike, on a version that was converted into a sort of enduro machine:

That’s one of the more level-headed reviews out there. Search YouTube, and you’ll see a lot more with titles that scream about the CR500’s arm-wrenching power, etc., etc. The guys who love these bikes really love them. And that’s why this old motocrosser is probably going to be worth a lot more than any other Japanese dirt bike, at least from the modern age.

This bike here

The bike at auction is being sold by Kaplan Cycles, the same people behind the New England Motorcycle Museum. You can see their description below, which explains how they found a zero-hours CR still in the crate.

Owned and Curated for the last 24 Years
by Authorized Honda Dealer North’s Services of Lenox MA
From their 2001 Allocation – Never Sold or Warranty Registered
Clear + Open Factory Certificate of Origin and Warranty Documents In-Hand

On Display in Climate Controlled Showroom for Last 24 Years
Now on Display in the New England Motorcycle Museum

2001 was the Final Year and the Lowest Production
It is the peak of CR500 development
The most modern and refined example

Pure Unobtanium – There are 0 comparable sales for CR500’s in the crate.
Crated examples have proven to be the pinnacle of investment motorcycles –
A crated 1986 ATC250R recently sold for $200,000

While the seller obviously is aiming for top dollar, they do have a point: Japanese bikes are getting more and more expensive. In fact, the most expensive Japanese motorcycle ever sold was this past winter, when a 1997 Honda NSR500V went for $267,607. When I was at the Mecum auction in Las Vegas in late January, the Brit bike sellers told me that Japanese machines were gaining a lot of traction at sales now, whereas in the past the vintage collectors prioritized European or American machines. From the prices I saw, that was indeed the case.

I’m not saying you’d make money on this as an investment, mind you; but I suspect you could do a lot worse, on Wall Street.

See the eBay listing here, and if you want this bike, get bidding fast; the sale ends tonight.

All photos: eBay/Kaplan Cycle