Understanding Resale Value: Do Hondas Hold Value Over Time?

Used cars can be gems in a market where buying new is not always the default financial decision. When considering the resale value of a vehicle, used Hondas are often highlighted for their ability to maintain worth over years of ownership. But do Hondas hold their value as well as their reputation suggests?

Let's look at compelling reasons why Honda vehicles are renowned for their strong resale value, including reliability, quality, and industry recognition—factors that contribute to making Hondas a wise financial choice for prospective buyers.

Key Honda Value Retention Metrics

• In the midsize car category, the Accord's total cost to own is $48,375 vs the winning Camry's $48,066.

• The CR-V cost of ownership is $47, 255 to own in the first 5 years, almost $2000 less than the next most economical vehicle.

• In 2023, the Honda Civic, CR-V, Passport and Accord won ALG awards for best retained value

• In 2023, Honda secured a share of over 10% of the new vehicles market, demonstrating recent trust in our make.

• Honda Pilot models only take $542 on average to repair year over year, further contributing to retained value for lower maintenance.

• A new Honda can depreciate in as little as 21% in its first year

Exploring Honda's Reputation for Retained Value

The Honda brand is often at the forefront of discussions about resale value for several reasons. A certain combination of high reliability, unparalleled quality, and cost-effectiveness resonates with both first-time buyers and financially conservative investors.

Prestigious recognitions like the Kelley Blue Book and industry-leading ALG awards have awarded various Honda models, including the Civic Sedan and the Passport SUV for their high resale value. And our sales advisors are always impressed when used Hondas come back to us in amazing shape!

Moreover, Honda’s strong brand reputation, bolstered by lower ownership costs attributed to its vehicles’ reliability, results in Honda models that consistently deliver good resale value. The results are in; Hondas hold their value.

The Role of Reliability and Quality in the Newer Used Part of a Honda's Life

Based on our experience buying and selling used vehicles, overall reliability and build quality are key factors in long-term resale value while it's still newer used. Honda’s engineering ensures that every vehicle passes through rigorous quality control, paving the way for performance that lasts.

It’s clear that Honda cars, the Accord, for example, hold their value so well you can almost look at them as investments! A reliable, low maintenance Honda means fewer trips to the mechanic and more money in your pocket, contributing to resale value in case you want to get into a new Honda down the road.

Comparing Cost of Car Ownership Across the Car Market

Honda’s expertise in value retention extends beyond its own brand, it’s a performance that stands out even more when parked next to competitors. Take the Honda Accord, for instance, a sedan that not only holds its value but surpasses many of its rivals in this respect.

Did you know the Honda Accord's total cost to own for the first 5 years is almost tied with the winner? In the midsize car category, the Accord's total cost to own is $48,375 vs the winning Camry's $48,066.

Cost to Own Honda SUVs and Trucks

And it’s not just the sedans; Honda SUVs like the CR-V and the mid-size SUV Pilot are also frontrunners in maintaining a substantial resale value. In the Compact SUV/Crossover category the CR-V is the clear winner, costing roughly $47, 255 to own in the first 5 years vs the next-best vehicle.

Did you know it only takes about $542 per year to maintain a Honda Pilot? Keeping costs like these low helps your resale value immensely. Even in the tough sales arena of trucks, the Honda Ridgeline holds its own with a resale value that’s better than average, showcasing the brand’s versatility across various vehicle types.

Honda’s ability to compete and consistently outshine brands like Toyota and Subaru in the used car market make our vehicles worth your money. Value retention isn't just for feeling good about your car purchase. As you probably know from experience, getting more cash for your used car is paramount.

Honda Models with Exceptional Resale Value

In the vast car market, specific Honda models stand out due to their exceptional resale value. These are the vehicles that not only defy the typical depreciation curve but redefine it.

The Honda Accord, Civic, and CR-V are highly praised for their value retention, and thus, their resale value. They consistently outperform competitors in their respective categories, solidifying their status as used auto stars.

The commendations don’t end here. The Honda Pilot, Ridgeline, and Fit are beloved headliners, with resale values that soar high, highlighting Honda’s ability to offer strong value retention across a diverse lineup. Depreciation is a given in all car ownership, but these models seem to defy devaluation constantly.

Honda Civic: A Compact Car Champion

The Civic surpasses being a simple compact car to become the reigning champion of its category. With a 5-year value retention rate reaching 53.8%, it leaves its competitors in the dust. It’s a car that not only maintains its composure on the road but also its value in the market.

Whether you choose the LX, EX, or Touring trim level, you’re investing in a car that’s designed to retain its worth, ensuring that the Honda Civic's allure doesn’t fade with time.

Honda CR-V: The SUV With Consistent Value Retention

The CR-V dominates the SUV segment due to its unwavering value retention. Holding approximately 52.8% of its original value after half a decade, the CR-V stands firm, making itself a valuable asset over time. It’s the kind of SUV that offers more than just space and versatility; it offers assurance that your investment is sound.

The Honda CR-V's draw is not just its roomy interior or its dependable performance, but its ability to approach the status of a financial asset with superior depreciation rates—paying dividends in resale value long after its purchase.

How to Maximize Your Honda's Resale Value

As a proud Honda owner, our past customers like to maintain their vehicle’s firm resale value. Using genuine Honda parts for repairs not only keeps your car running smoothly but also demonstrates authenticity to potential buyers. It’s all about keeping your vehicle in its factory form.

However, the path to maximizing resale value extends further. Adherence to the recommended Honda maintenance schedule can be a significant factor enhancing the retained value of your Honda. Showing your car the love and attention it deserves ensures that when it’s time to part ways, your Honda is "fit". See what we did there?

Regular Maintenance and Proactive Ownership is Key to Preserving Value

Regular maintenance serves as a preservative for your Honda’s value. It's not just a well-maintained vehicle that does well, but one that's up on Honda recall information too—ensuring that every component works as intended. And when you’re ready to sell, reliable service records really help.

Recalls are not common. But a well-maintained and updated Honda can command a higher price, signaling to buyers that it’s a vehicle that has been cared and compensated for.

Upkeep and Presentation: Selling for the Right Price

When it comes to resale, your Honda’s visual appeal holds equal importance to its mechanical integrity. Showing a used vehicle requires a little presentation. Regular care can really help, with our sales or service advisors harping on consistent practices such as:

• keeping the exterior clean and waxed

• ensuring the tires are in good condition

• replacing any damaged or worn-out glass

• cleaning and detailing the interior

• removing any odors

When selling your Honda, high-quality photos against an attractive backdrop can turn heads and open wallets, highlighting your vehicle’s best angles and helping you sell for the right price. But we know not everyone takes a lot of pictures with your car. When you sell to us, we lean on the quality of the vehicle itself and a business relationship, not your marketing of the vehicle.

Timing the Market: When to Sell Your Honda

Deciding the right time to sell is as critical as knowing the selling process. Market timing, based on model year and value retention trends, can make all the difference in maximizing your Honda’s resale value.

For instance, choosing a model year like the 2021 Honda CR-V, which balances the best resale value so far, with a lower price point than more recent models, can lead to a greater financial return. It’s all about understanding the ebb and flow of demand and positioning your Honda for the right moment.

Honda's Position in the Used Car Market

Honda recently posted impressive new car sales figures; in 2023 our very own OEM secured over 10% market share in 2024's first quarter, while Tesla's share of the pie fell from the previous year. People in our state trust Honda, and that trust extends to used vehicles as well.

Places like our dealership here in El Centro, and some places in San Diego are hotspots for pre-owned Hondas, with high demand and prices that reflect the brand’s desirability. With an average selling price that you can feel good about, Honda’s presence in the second-hand market is popular and profitable.

Consumer Demand: Hondas as a Popular Choice

In the used car market, Honda remains a perennial favorite, never losing its appeal. Models with sought-after features maintain their value exceptionally well, making Hondas a popular choice among used car buyers.

The brand’s positive image, cultivated through marketing its vehicles as reliable and high-quality, resonates with consumers, creating a strong demand for used Hondas.

Interestingly, this popularity is a double-edged sword; the enduring resale value of models like the Civic and Accord also makes them targets for theft, emphasizing their worth in the market compared to other brands. Ask our sales advisors about trims with good security built in!

Honda's Adaptation to Industry Trends

Honda’s swift adaptability to market trends parallels the agile handling of its vehicles. Embracing digital marketing and social media, the brand engages with its audience in a way that keeps it current and responsive to the fast-paced changes in the automotive industry.

The Honda Prologue is still a new addition to the Honda lineup, and a strong statement about our OEM's electric future. It might be a while until we have one for used car customers, but the electric market is an exciting place for our sales advisors to be. We look forward to showing you our used EV inventory!

Moreover, Honda’s commitment to environmental sustainability, with a range of hybrid powertrains appeals to the eco-conscious consumer. This forward-thinking approach not only benefits the planet but also supports the brand’s resale values by aligning with the values your future used auto buyer.

Making the Next Vehicle Purchase: Why Choose a Honda?

If you’re considering a new vehicle and wondering why Honda should be your top choice, you're not alone. Beyond the sleek designs and technological benefits of the new Honda lineup, owning a Honda comes with financial perks that go beyond the sticker price.

Long-Term Savings: The Financial Benefits of Owning Older Used Hondas

Owning a Honda equates to a mobile savings account. The brand is renowned for vehicles that depreciate at a snail’s pace, with newer models retaining a significant portion of their value well into the first year and beyond.

Across vehicle categories, used Hondas are retaining value at 22% or more than their predicted value. At the time of writing that's even more than industry rival Toyota, which scores an 18% premium over predicted value.

Peace of Mind: Investing in a Trusted Brand

Investing in a Honda vehicles means peace of mind. The brand’s reputation for excellence stretches back decades, and its continuous innovation in the automotive industry means that when you choose a Honda, you’re choosing a legacy of reliability; reliability means you can always unload it for cash!

Some owners are nervous about the economics of buying a car, and that's completely understandable. We talk to a lot of customers, and cars are often the most they've ever thought about anything in their lives. If you ever worry about overpaying for a Honda, just sell it! It holds value as long as it's spotless.

Moreover, the brand’s unwavering dedication to customer satisfaction extends beyond the showroom floor. With dedicated support and services, Honda dealerships like Imperial Valley Honda ensure that owners have a reliable ownership experience that’s as smooth as the ride in their cars.

Visit Imperial Valley Honda for Your Next Low-Depreciation Vehicle

From the compact car dominance of the Civic to the steady assurance of the CR-V and the trailblazing Ridgeline, Honda models have proven time and again that they’re built to retain value.

We’ve seen how the brand’s commitment to reliability, quality, and innovation has cemented its position in the used car market, making a Honda not just a vehicle, but a wise investment.

Whether you’re nurturing your Honda for the resale market or contemplating your next vehicle purchase, our brand offers long-term savings and peace of mind that few others can match. Ready to upgrade? Sell or trade us your used Honda today for top dollar and make your next purchase move with confidence—and money well spent!

Frequently Asked Questions

Why do Hondas have such a good resale value compared to other brands?

Hondas have a good resale value because of their high reliability, quality, lower ownership costs, and recognition from sources like Kelley Blue Book and ALG. The brand power our OEM has developed over the years makes your Honda valuable in Imperial Valley and all over the state of California.

Which Honda models have the best resale value?

The Honda Civic, CR-V, Accord, Passport and Ridgeline are known for their award-winning and exceptional resale value, often outperforming competitors in their segments, even Toyota. Toyota sells above predicted retained value at the 5 year mark but 5% less than Honda vehicles on average.

What can I do to maximize my Honda's resale value?

To maximize your Honda's resale value, use genuine Honda parts for repairs, stick to the recommended maintenance schedule, keep the vehicle clean and well-maintained, and choose the right time to sell it. You can also trade it in with us when you want to "invest" in a new Honda! Because your Honda retains value, there's more taken off a new model.