Find the depreciation rate of your Honda Accord in the graph below.
Not all makes and models depreciate at the same rate, and recognizing the depreciation rate of your vehicle helps you understand its long-term value and the cost of owning it.
Depreciation for a new vehicle begins as soon as you drive it off of the lot. The steepest drop in value ordinarily takes place in the first year of ownership, after which the annual rate of depreciation tends to slow. The Honda Accord somewhat bucks the trend in that its depreciation seems slow from the beginning and may even face its most drastic value loss in the second year of ownership. Overall, this particular line of passenger vehicles appears to hold its value quite well.
Keep in mind that just because the vehicle costs the least to own in the sweet spot we have outlined here, you still may not want to own the vehicle during these depreciation sweet spot years. Although vehicles depreciate less as they get older, they have more repairs. Duh right? However, keep in mind that repairs don’t just cost you money, they cost you time. Reliability is the difference between being able to make it to your destination on time or missing an opportunity because the car broke down.
Check out our article on the best and worst years of the Honda Accord to see our reliability ratings for all years of the Accord between 2001-2022. We also cover MPG, safety ratings, and a number of other factors. We pulled data from Accords registered in our app and surveyed owners to get you data-backed answers on just how good or bad each year of the Accord is.
If you want to know the depreciation and maintenance costs for your particular vehicle, use our free “Total Cost of Ownership” tool available in the FIXD App – Android or IOS.
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Honda Accord Depreciation
| Model Years | Mileage | Amount Depreciated | Residual Value Percentage | Resale Value |
| 2001 | 264,000 | $18,658.71 | 3.0% | $577 |
| 2002 | 252,000 | $18,762.19 | 4.8% | $954 |
| 2003 | 240,000 | $18,941.26 | 7.2% | $1,470 |
| 2004 | 228,000 | $19,024.09 | 7.9% | $1,635 |
| 2005 | 216,000 | $20,042.73 | 8.7% | $1,903 |
| 2006 | 204,000 | $21,415.93 | 8.1% | $1,876 |
| 2007 | 192,000 | $23,275.08 | 8.3% | $2,113 |
| 2008 | 180,000 | $24,029.74 | 11.1% | $2,989 |
| 2009 | 168,000 | $23,403.53 | 14.7% | $4,046 |
| 2010 | 156,000 | $22,902.29 | 15.7% | $4,267 |
| 2011 | 144,000 | $21,967.60 | 17.4% | $4,616 |
| 2012 | 132,000 | $20,461.65 | 22.5% | $5,936 |
| 2013 | 120,000 | $17,324.22 | 34.6% | $9,159 |
| 2014 | 108,000 | $16,230.03 | 39.3% | $10,499 |
| 2015 | 96,000 | $15,451.32 | 42.2% | $11,303 |
| 2016 | 84,000 | $14,965.58 | 46.2% | $12,836 |
| 2017 | 72,000 | $12,622.18 | 53.4% | $14,461 |
| 2018 | 60,000 | $11,988.07 | 59.7% | $17,770 |
| 2019 | 48,000 | $10,181.32 | 65.9% | $19,672 |
| 2020 | 36,000 | $8,241.54 | 72.5% | $21,680 |
| 2021 | 24,000 | $6,834.18 | 76.7% | $22,487 |
| 2022 | 12,000 | $2,093.14 | 92.3% | $25,252 |
| 2023 | 0 | N/A | N/A | N/A |
The chart you see above shows the approximate depreciation for a Honda Accord. The figures, which are based on Kelley Blue Book data beginning in 2001, assume an Accord in standard trim, a mileage of 12,000 per year, and a generic color such as black or white.
Keep in mind that the auto market was heavily affected in 2020 and beyond. Automakers selling new cars during the COVID pandemic raised prices which caused a spike in demand in the used car market as people tried to save money. Many automakers, however, did not drop prices after the pandemic, they kept them so they could make a larger profit.
This is why the most recent years of many vehicles have seemingly experienced less depreciation. Some, such as 2012 and 2021, may have even appreciated due to the heightened levels of inflation created.
Factors That Impact the Honda Accord Depreciation Rate
The word from Consumer Reports (CR) is that Honda “consistently ranks among the more reliable automakers.” Honda’s reputation for quality and reliability likely stems from four factors: its rigid production standards, high attention to detail, decades of fine-tuning proprietary technologies, and strenuous road testing before releasing vehicles to the market.
Consumer Reports even identifies the Honda Accord as one of the automaker’s “standout models,” describing it as “sensible and pleasant … roomy, user-friendly, and fuel-efficient.” Based on these assessments by an impartial and dependable third party, we would say that the Accord is a well-regarded and well-loved passenger vehicle from a very reputable auto brand.
Aside from the reputation of Honda as a brand, and of the Accord in particular, several other factors may contribute to the rate at which your Honda Accord depreciates. These are:
Age
A vehicle’s model year is what determines its age. The National Highway Transportation Safety Administration defines a model year as “the year used to designate a discrete vehicle model, irrespective of the calendar year in which the vehicle was actually produced.”
The difference between the model year and the actual year of release can be as large as two calendar years. Automakers often release new model years late in the preceding calendar year, but that’s not always the case. For example, the 2022 Honda Accord was available for purchase by the fall of 2021, but the 2023 model year didn’t come out until January 2023.
Outside of the realm of classic cars and rare vehicles, the current model year of any auto line is the one that holds the most value. The reason is that automakers typically add desirable new touches and features to their models in successive years, with some of those years bringing generational design overhauls that may completely change the look, feel, and operability of the vehicle.
Of course, what constitutes the current model year can change overnight. Say that you purchase a 2023 Accord today, only for Honda to release the new model year tomorrow. Within that small window of time, the value of your vehicle will have dropped significantly.
Body Type
A vehicle’s body type refers to its shape and size. We can classify most consumer vehicles into nine distinctive body types:
- Sedan
- Coupe
- Hatchback
- Convertible
- Sports car
- Station wagon
- Sport-utility vehicle (SUV)
- Minivan
- Pickup truck
The Honda Accord is a sedan, meaning that it’s a four-door passenger vehicle with a body that consists of three distinctive segments — the engine, the cabin, and the trunk. Though the sedan was once the most common body type found on the road, its popularity has given way to larger-frame vehicles. In general, that translates into a faster rate of depreciation for a sedan compared to, say, an SUV or a pickup truck. But the Accord, holding stubbornly on to its value for long stretches of years, seems to defy that pattern.
Mileage
Mileage is the number on a vehicle’s odometer, which indicates how far it has traveled. That number is important because it represents how much use the vehicle has seen and, therefore, how much wear and tear you might expect it to have accumulated. With that in mind, you can think of a well-turned odometer translating into a more worn-out vehicle, but that’s not necessarily the case.
To get a truer sense of a car’s condition, you must weigh its mileage against its age. The average vehicle in North America runs about 12,000 miles per year, so if you have a five-year-old Accord that has just 50,000 miles on it, you can consider that to be low mileage. In turn, it’s likelier to hold its value better than a higher-mileage Accord of the same age.
Overall Condition
Overall condition refers to how a vehicle looks and runs. An Accord with zero accident history, mechanical problems, and cosmetic blemishes can be said to be in good to great condition.
There are measures you can take to optimize the condition of your vehicle. One is to keep up with the maintenance schedule, as regular oil changes, tire rotations, and diagnostics can maintain or even improve operability. Another is to drive carefully and defensively to avoid collisions, dents, and other accidents. The third measure is to protect the vehicle from the elements, which can cause both external and internal cosmetic damage.
Color
According to a study conducted by iSeeCars in 2023, color has a significant impact on a vehicle’s depreciation. Yellow, beige, orange, and green seem to be the most value-retentive colors, possibly because they’re generally desirable in the market but relatively underrepresented on the road. On the other end of the spectrum, gold, brown, and black cars are the least value-retentive, either because they’re overrepresented or less desirable to consumers. Common colors like white, blue, and gray appear to yield depreciation rates that are on par with the average.
Other Costs of Honda Accord Ownership
Depreciation is just one cost of owning a vehicle. Below, we discuss two of the other major costs of ownership:
Insurance
Many factors go into determining the cost of auto insurance, including the make, model, purchase price, repair cost, and safety of the vehicle in question. The Honda Accord seems to fare well in all aspects, as its $1,310 average annual cost for full-coverage auto insurance is significantly lower than the $1,630 national average. Depending on where you live, you may be paying even less. In Michigan, for example, the average cost of insuring an Accord is only $972 per year — or $81 per month.
Maintenance
Keeping up with the routine maintenance of your Honda Accord can go a long way toward a long life of efficient operation. The overall average repair cost for an Accord is $638 per year, which is in line with the sub-$650 average for small sedans in general.
However, some model years of the Honda Accord are associated with higher-than-usual costs. You can refer to our graph to compare the current market value of a particular model year with the cost of repairing and maintaining it. The sum of it, though, is that you may want to avoid the following model years because of potential engine reliability or drivetrain issues:
- 2001-2003
- 2008-2009
- 2012-2013
- 2018
The Best Model Year To Buy a Honda Accord
Based on factors including price and reliability (but not depreciation), our choice for the best Honda Accord model years to buy are the 2007 and 2010-2011, but check out our article on the best and worst years of the Accord to get the whole story.
We recommend the above model years because they happen to fall in the ownership sweet spot and also boast additional upsides. The 2007 model year, for example, has solid reliability scores of 6-7 out of 10, as well as decent fuel economy at 23-24 mpg. Meanwhile, the 2010-2011 model year has similar fuel economy but even better reliability scores of 7-8.
Buying a Honda Accord New vs. Used
| 20-Year Projection | ||
| Years Since Purchased | Depreciated Value | With Inflation |
| 1 | $25,193 | $27,812 |
| 2 | $20,935 | $24,464 |
| 3 | $19,789 | $23,245 |
| 4 | $17,987 | $21,208 |
| 5 | $16,295 | $19,121 |
| 6 | $14,576 | $17,060 |
| 7 | $12,610 | $14,783 |
| 8 | $11,518 | $13,582 |
| 9 | $10,727 | $12,691 |
| 10 | $9,444 | $11,294 |
| 11 | $6,141 | $7,466 |
| 12 | $4,749 | $5,936 |
| 13 | $4,285 | $5,450 |
| 14 | $4,012 | $5,157 |
| 15 | $3,030 | $3,835 |
| 16 | $2,265 | $2,840 |
| 17 | $2,211 | $2,765 |
| 18 | $2,375 | $2,988 |
| 19 | $2,156 | $2,698 |
| 20 | $1,965 | $2,421 |
A new 2023 Honda Accord has a starting MSRP of $27,295. After factoring in its price and an annual mileage of 12,000 a year, the estimated resale value of the Accord after three years is $19,789. That amounts to an accumulated depreciation of just $7,506.13. In comparison, a two-year-old Accord has a 2023 value of $22,487, which amounts to $6,834.18 in accumulated depreciation from an inflation-adjusted original MSRP of $29,321.18.
If you’re shopping for a used vehicle, we recommend performing thorough research on the depreciation rates for the vehicles that interest you. Use the My Car’s Value tool by Kelley Blue Book to get a sense of a vehicle’s resale value, and remember to consider the other costs of ownership (insurance and maintenance) when you make your final decision.
Methodology
The data we’ve presented in this article applies to the Honda Accord LX, which is the lowest-level Accord trim included in every model year since 2002. Higher trim levels tend to come with more premium features and options, leading to higher initial values and potentially slower depreciation in the long term. The vehicle’s condition and your mode of sale (dealer versus private party) will also affect the resale value of your Accord.
Keep in mind, there are large economic factors at play here too and the sale of new cars has caused shifts in the used market too. There is a stark difference in the cost of vehicles due to car manufacturers seeking higher profit margins after COVID as detailed by CNN and posted by CBS channel 58:
“… (T)he auto industry saw sky-high profits even as sales plummeted. Domestic manufacturers of cars and car parts saw a profit of $32 billion through the third quarter of 2022 (the latest data available) — their largest profit since 2016. Car dealerships also reported record-breaking profits through Q3, according to auto-retail advisers Haig Partners.
That’s because pandemic-era pent-up consumer demand remained strong as supply shifted, allowing automakers to increase their prices and their profit margins. Cars and trucks were sold nearly as soon as they hit dealership lots, and the average price paid for a vehicle in December soared to a near-record high of $46,382, according to J.D. Power.
Data from the Labor Department’s November Consumer Price Index shows American consumers are paying about 20% more for cars than they were in 2019.
The trend could continue into next year — research website Edmunds expects new-car sales to hit 14.8 million in 2023, a marginal increase from last year but well below pre-pandemic levels.
The auto industry has entered a new era: Less choice, higher prices and larger profit margins. So far it seems to be working for them.”
This shift by car companies to create higher profit margins by taking advantage of the heavily-reported-on chip shortage panic of COVID has had rebounding effects upon the value of used cars.
Be aware that newer years (the latest 3-4 model years) may be inflated in price because of this and depending on how big this problem is for the model you are considering – it may even be inflating the price of the older model years.
Frequently Asked Questions About Vehicle Depreciation
Do Honda Accords hold their value?
Yes, the Honda Accord seems to hold its value very well. Our data shows that it loses less than 8% of its value within the first year of ownership and retains more than 65% of its value after five years. Overall, its depreciation is much slower than that of most other vehicles, particularly other sedans.
Remember, though, that there are other factors that may inform the specific depreciation rate for your Accord. We’ve covered color, condition, and mileage, but the location and mode of sale are also important to consider. Say that you have a silver 2016 Accord LX in good shape with 84,000 miles and only standard options. If you’re in Omaha, Nebraska, a dealer trade-in will net you $12,029-$13,720, and a private sale might get you $14,049-$16,042. But move the sale to Minneapolis, Minnesota, and the prices drop to $11,925-$13,616 and $13,921-$15,914, respectively.
What are the best years of the Honda Accord to buy, and which ones should you avoid?
After considering the depreciation and costs of ownership, we believe the best years of the Honda Accord are 2007 and 2010-2011, as these fall in the ownership sweet spot and boast good reliability scores. Other recommended model years outside of the sweet spot are 2004-2006, 2014-2017, and 2019-2021.
On the other hand, some reliability and drivetrain issues have negatively affected the following model years:
- 2001-2003
- 2008-2009
- 2012-2013
- 2018
What's high mileage for a Honda Accord?
What qualifies as high mileage depends on both the number on the odometer and the age of the vehicle. Together, those variables give us the miles per year, which is a fairly dependable metric for vehicle quality. That being said, there are other variables to consider that aren’t as easy to determine — for example, whether a particular Accord was used primarily for highway driving versus stop-and-go city driving. A comprehensive mechanical inspection by an expert, then, is the best way to determine whether an Accord has high mileage.
How old of a Honda Accord should you buy to avoid most of the depreciation?
A Honda Accord in the 17-19-year-old range should help you avoid most of the depreciation. It would also allow you to get at least 2 years of use in the sweet spot of ownership. Model years 2006-2008, then, are the ones to look at.
References
(2023). Honda. Consumer Reports. Retrieved August 30, 2023, from https://www.consumerreports.org/cars/honda/
(2023). At Honda, Reliability Is Part of the Company Culture. Motor Biscuit. Retrieved August 30, 2023, from https://www.motorbiscuit.com/honda-reliability-part-company-culture/
(2023). Honda Accord. Consumer Reports. Retrieved August 30, 2023, from https://www.consumerreports.org/cars/honda/accord/
(2002.) Code of Federal Regulations, Part 565 — Vehicle Identification Number Requirements. GovInfo. Retrieved August 4, 2023, from https://www.govinfo.gov/content/pkg/CFR-2002-title49-vol5/xml/CFR-2002-title49-vol5-part565.xml
(2023). Honda Accord. Cars.com. Retrieved August 30, 2023, from https://www.cars.com/research/honda-accord/
(2023). The Best and Worst Car Colors for Resale Value. iSeeCars. Retrieved August 30, 2023, from https://www.iseecars.com/car-color-study
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