The Honda Accord is another heavy-hitter in its class. It is very affordable, has a comfortable ride, offers tons of options, and has excellent fuel economy. The Honda Accord is a great car for people to own when they are looking for something reliable that will get them from A to B extremely easily.
You can expect your Honda accord to depreciate in value by 42% over the next five years and to have a 5 year resale value of just over $19,000. This is as if buying the whole new model would cost you about $32,000.
The Honda Accord has been a reliable model for a long time, and its value has always been high. Prices of new Accords have increased dramatically over the years, and they are depreciating much faster than they were depreciating previously. When you are looking for a used car that will provide you with a safe ride on the road, the Accord is a great choice.
Should You Buy a Honda Accord New or Used?
If you buy a used Honda Accord that is only two years old, you will save more than $7,000 than you would by buying it new. Moreover, you will also still have a nearly brand-new model with plenty of use left. Suppose that you plan to keep this vehicle for three years, This will amount to a depreciation of about $16,000. Avoid buying vehicles that are less than two years old, because brand new vehicles quickly depreciate. In contrast, try not to buy ones that are over five-or-so years old either.
Which Model Years of the Honda Accord Should You Buy?
When it comes to the 2020 Honda Accord, we are determining it as the best model year value. On average, when buying the model year of 2020, you will pay only a little below 80% of the price than if the vehicle was new. Better yet, at that point there is still over 90% of the life left from that vehicle. It is also possible to buy the Accord from the model years 2019 and 2017, and still get the bang for your buck.
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How to Maintain the Value of a Honda Accord
The value of a vehicle does not just come down to how well you pay attention to the depreciation rates and predictions. Instead, it also comes down to how well you take care of the vehicle as a whole.
If you want to keep the value of your Honda Accord, then you should pay attention to how often you are going to be making repairs and maintenance. This is important because the longer a vehicle stays in one piece, the more valuable it becomes.
You should also check whether there are any recalls on your car and see if they have been completed. If there are any outstanding recalls, then make sure that they are done. This way, you will not have to worry about the value of your car dropping and the chances of you having to make a large repair or purchase a new one.