As it’s a fate for every mobile machine to lose value over time and usage, so are the Honda accords. Some Honda Accords will depreciate faster than others, mainly depending on the vehicle’s maintenance, usage frequency, and make.
So, do Honda Accords depreciate, and if yes, by what rate? Yes. Honda Accords depreciate at an average rate of 21% every five years, achieving a resale price of approximately $29,000. However, the rate may differ from one Honda Accord to another based on several factors, as shall be enlisted below.
This article covers the depreciation rate of Honda Accords using graphs and tables. In addition, we provide a formula to help compute the depreciation rate of your car or one you intend to buy. Keep reading for information!
Do Honda Accords Depreciate? Rate, Curve, And Table
Yes. To expound on the 21% depreciation rate within 5 years, Honda Accords have one of the best resale values due to its good quality, make and model. You can surely find a used Honda Accord in good condition worth a few bucks.
Attached below is an image of how to fill in the information on the AutoPadre calculator. This calculator will find out the depreciation value of the selected vehicle. Only have numbers filled in those boxes with no letters or symbols. Finally, click on the calculate depreciation tab to have the results tabulated.
Figure 1: Example On How To Fill Data In The AutoPadre Calculator.
Figure 2: Tabulated Data For The First Eight Years Of The Honda Accord
Figure 3: 2022 Honda Accord Depreciation Graph.
To calculate these rates, visit their AutoPadre website to access the online AutoPadre calculator. In the above computation, the 2022 Honda Accord is estimated at $39.950 and expected to cover 12,000 miles per year, depreciating to $21,457 within 12 years.
According to research, twelve years is taken as the average number of years a vehicle is in a state of test. Beyond twelve years, the maintenance costs and owner’s care tend to change and the data from there is dispersed.
So, to have accurate estimates, use the five, ten- and twelve-years mark to calculate the depreciation rate of your car.
Honda Accord Depreciation Rate Based On The Model Year
Each model year has its own unique depreciation rate. The rate of depreciation is dependent on the make of the vehicle and hence the variance.
Below are depreciation rates for the 2011-2020 year Honda Accord models with their estimated resale values.
Figure 4: Depreciation Rates For the 2011-2020 Year Honda Accord Models With Their Estimated Resale Values.
Honda Accord 2020 models have the lowest depreciation rate compared to other years. However, these values offer a guide on the estimated depreciation rate. Depending on the usage, maintenance, and model, each car will have a unique depreciation rate.
Factors That Impact A Honda Accords Depreciation Rate
Here are some criteria discussed used to determine the depreciation rate of Honda Accords. Using the AutoPadre Car Depreciation calculator, you need to feed these figures to help the calculator estimate the depreciation rate.
Make Of The Car
The make of the car is given by the manufacturer who designed and assembled the vehicle. For example, in our case, the make of the car is Honda. Other brands include BMW, Mercedes-Benz, and Ferrari.
This make is vital as it provides essential information about the vehicle without unraveling every piece. Certain makers have a unique way of designing their vehicles, depicting how fast the depreciation rate is for their products.
Model Or Body Type
This is the physical make of the car. In our case, input the model as Accords. Different models or body types have different depreciation rates.
Honda has various models based on the features impeded on them. Choose the model you wish to determine the depreciation rate.
Year Of Model
Every vehicle has its year of model. That is the year a certain model was designed and released to the market. Choose the appropriate year to get a more exact answer.
You may select the Honda Accords model year 2021. These factors will help the calculator narrow down to a specific type of Honda.
Estimated Current Value
The estimated current value is the market value of the car when new. The cost of the new model based on these other factors gives the estimated product price after a certain period of usage.
Expected Driven Mileage Per Year
You need to give an estimated mileage cover you can cover in a year for every year you wish to test. Please use your history with vehicles to strike the best estimate for the expected driven mileage per year.
Below are frequently asked questions by interested buyers and sellers of the Honda Accord.
Q: How Much Does Depreciation Affect Your Car’s Cost Of Ownership?
Depreciation usually accounts for between 47-50% of the car’s total cost of ownership. The rate of depreciation kicks in the minute you start the engine and drive off. However, most buyers don’t get the cost of ownership to affect their interest in a vehicle if it is still in good condition.
Q: How Much Is The 2020 Honda Accord’s 5-Year Depreciation Rate?
The Honda Accord 2020 model stood the test of time and proved to have one of the best resale values in the market. However, with recent high prices, it has seen its depreciation rise.
A 2020 Honda Accord will depreciate at a 45% rate within five years. The purchase price of approximately $30,000 drops to $16,000 within five years.
Honda Accord has been at the forefront as one of the best models with the best resale value, especially if given the correct maintenance by the owner. You can purchase a used Honda Accord with an average 21% depreciation rate for most models.
To calculate your specific Honda model and make, visit the various car dealers’ online websites to access the depression calculator and fill in the required information. These calculators give the best-estimated depreciation rates based on the data you feed them.
However, the depreciation rates computed are not justifiable as a vehicle depreciation rate is affected by several factors, some of which cannot be calculated.