Find the depreciation rate of your Honda Odyssey in the graph below.
Every vehicle starts to depreciate or lose its value at the moment of purchase. The Honda Odyssey experiences this same depreciation. The most depreciation occurs in the first year after purchase. After this steep drop in value, the Odyssey will depreciate at a slower rate until it reaches the seven-year mark. All makes and models depreciate at different rates. That’s why it’s essential to learn the depreciation rate of your specific vehicle so you can understand its overall value and cost of ownership.
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 Odyssey to see our reliability ratings for all years of the Odyssey between 2001-2022. We also cover MPG, safety ratings, and a number of other factors. We pulled data from Odysseys registered in our app and surveyed owners to get you data-backed answers on just how good or bad each year of the Odyssey is.
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Honda Odyssey Depreciation
|Model Years||Mileage||Amount Depreciated||Residual Value Percentage||Resale Value|
This chart shows the approximate depreciation for a Honda Odyssey. It is based on Kelley Blue Book data since 2001. It assumes an Odyssey in standard trim, a generic color such as black or white, and a mileage of 12,000 per year.
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 2004, may have even appreciated due to the heightened levels of inflation created.
Factors That Impact the Honda Odyssey Depreciation Rate
People tend to associate the Honda brand with reliability, and for the most part, the research supports this connection. The Japanese automaker builds vehicles that typically last for many years, largely due to the company’s engineering standards and high-stress testing conditions. Honda vehicles routinely receive top marks for their safety, quality, and reliability. This reputation often contributes to a high resale value for Honda vehicles. In addition to Honda’s reputation, here are other factors that can affect the depreciation rate of your Odyssey.
Often, age is one of the biggest factors affecting the Honda Odyssey’s depreciation rate. Typically, the most depreciation happens in the first few years of a vehicle’s life. Over time, depreciation slows, and the difference in value becomes smaller each year.
A vehicle’s model year refers to its generation and pricing, not necessarily the year it was made. That’s why car companies sometimes release new-model years before the calendar year begins. Once a new generation of a vehicle hits the market, the outgoing version usually depreciates quickly. In addition, changes between different model years, especially related to safety and reliability, can make some years better than others. That’s why the model year of your Odyssey can affect its depreciation and resale value.
Body type, or style, is another factor affecting a vehicle’s depreciation rate. The body type refers to the vehicle’s size and classification. Common body types include hatchbacks, sedans, coupes, convertibles, sports cars, SUVs, station wagons, minivans, and pickup trucks. Generally, pickup trucks and SUVs have the slowest depreciation rates. That’s because they’re in high demand in the North American market. Luxury cars have the highest rates of depreciation, on average.
The Honda Odyssey is a minivan marketed as a family-friendly vehicle. Minivans may depreciate more quickly than SUVs and pickup trucks. However, market trends largely influence the depreciation of different body types. For this reason, the Odyssey may experience slower depreciation if the demand grows for minivans in the future.
The mileage on your Odyssey can affect how much you get for it when you’re ready to sell. Usually, high-mileage vehicles have greater wear and tear. They may also require more maintenance or need expensive repairs. That’s why they tend to be worth less than vehicles with lower mileage.
The Federal Highway Administration estimates that the average driver travels a little over 1,000 miles each month. For this reason, we base our model on 12,000 miles of driving per year. If you drive more than this, it may cause your vehicle to depreciate more quickly. On the other hand, driving fewer miles than average may slow its depreciation rate.
A vehicle’s overall condition includes its mechanics and physical appearance. By performing routine maintenance on your Odyssey, you can keep it in good condition for a longer period, often improving its resale value. However, if your Odyssey doesn’t receive regular maintenance, there’s a higher chance it will experience more wear and tear or have issues that affect its value.
It’s important to note that it’s not always worth maintaining or repairing a vehicle if those costs exceed its total value. For example, if your car is worth $8,000, any repairs over that amount will not be worth it. At this point, it may be better to sell the car and get a new one rather than put more money into it.
The color of your Odyssey can be another factor affecting its depreciation. A recent study from iSeeCars found that certain colors depreciate more slowly than others. Specifically, bold colors such as yellow, orange, and green hold their value better than other colors. That’s likely because fewer cars are available in these colors, contributing to a higher demand for them.
The colors with the fastest depreciation rates, according to the study, include gold, black, brown, and silver. These colors are common in today’s market. To get the most value for an Odyssey, consider purchasing one in a color that depreciates more slowly.
Other Costs of Honda Odyssey Ownership
Depreciation is one factor to consider when determining the total cost of ownership for a Honda Odyssey. Here are some other ownership costs.
Some vehicles have higher insurance costs than others. Insurance companies often base their rates on the risk they consider a car to have. Vehicles with more safety features and higher reliability ratings are usually considered a lower risk, so they may be less expensive to insure.
The Honda Odyssey is less costly to insure than other vehicles. On average, it costs $129 per month to insure an Odyssey. In comparison, the national monthly average insurance cost for all vehicles is $147. The Odyssey may have even lower insurance rates, depending on where you live. For example, it’s one of the cheapest vehicles to insure in Missouri.
Just like insurance, maintenance is another significant cost to consider when purchasing an Odyssey. Regular upkeep can help a vehicle run smoothly and improve its overall value. The average cost to maintain a Honda Odyssey is $606 per year. That’s cheaper than the average maintenance cost for all vehicles, which is $694 per year.
While the Odyssey can be less expensive to preserve than other cars, some model years may have higher maintenance costs. You can use our chart to find the maintenance costs for your specific Odyssey. In particular, these model years have issues related to reliability and repairs, which may cause them to depreciate faster:
The Best Model Year To Buy a Honda Odyssey
Based on factors including price and reliability (but not depreciation), our choice for the best Honda Odyssey model years to buy are the 2004, 2009-2010, 2012-2013, and 2015-2018, but check out our article on the best and worst years of the Odyssey to get the whole story.
When you take depreciation into account as well, we recommend purchasing a 2004, 2009, or 2010 Odyssey. These model years are within the depreciation sweet spot, plus they have good reliability and a higher likelihood of lasting over 200,000 miles.
Buying a Honda Odyssey New vs. Used
|Years Since Purchased||Depreciated Value||With Inflation|
As you research the Odyssey, you may wonder if it’s better to buy a new or used model. Consider depreciation as you make this decision. A two-year used Odyssey will have accumulated about $11,424.56 in depreciation by the time you purchase it. In comparison, a brand-new Odyssey will depreciate about $11,547 from its original MSRP over the same period. By purchasing the two-year used model, you save yourself from losing that value in the first years of the vehicle’s life. Instead, the original owner takes that hit, helping you save money on the total cost of ownership.
When purchasing a used Odyssey, make sure to do your research. Use Kelley Blue Book or similar resources to research the value of the car you’re going to buy. Additionally, look into the average maintenance costs and insurance premiums of the vehicle so you have a good understanding of how much it will cost you to own the car.
The data in this article applies to the base trim for the Honda Odyssey with standard options and equipment. If you purchase an Odyssey in a higher trim or one with more advanced options, it may have a higher value than that listed here. Other factors can also affect the depreciation of your specific Odyssey. For example, the COVID-era chip shortage can affect resale values. The condition of the vehicle and whether you sell it privately or trade it in at a dealer can also determine how much you get for it.
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
In general, Honda Odysseys hold their value well, though they might depreciate more quickly than SUVs and pickup trucks. However, various factors can contribute to your Odyssey’s resale value, including its age, mileage, condition, and other factors discussed here. In addition, how and where you choose to sell your Odyssey can often impact how much you get for it.
For example, a black 2021 Honda Odyssey EX in good condition will be worth about $30,532 if you trade it in at a dealership, according to Kelley Blue Book. The same car would be worth $33,591 if you sell it privately.
When buying a used Odyssey, it’s important to research different model years to determine the best one to buy. The following are our recommendations for the best Odyssey model years based on factors such as reliability, fuel economy, and longevity:
When factoring depreciation into the equation, we recommend purchasing a 2004, 2009, or 2010 Odyssey. These model years have great reliability ratings, and they’re within the sweet spot for depreciation.
There are also some model years to avoid when purchasing an Odyssey. The following model years have had various issues that can affect their resale value, including poorer reliability scores, mechanical problems, and larger repair bills:
Reviewing owner-reported Honda Odyssey mileage reveals 200,000 miles as a relatively high odometer reading. Only the 2002 and 2004 model years hit this mark. However, another four model years from 2009 and earlier are around 180,000 miles, and on average, 20% of Odyssey owners expect the minivan to go past 200,000 miles.
With that in mind, we could reasonably say 225,000 miles would be high for a Honda Odyssey. However, of these high-mileage Odysseys, an average of 25% are used for “Lots of Driving,” per their owners. This suggests accumulated highway miles, which tend to add longevity versus short trips. So, if you’re in the market for a well-used Odyssey, it’s worth learning about how the previous owner or owners used the van in this regard.
When you want to avoid the most depreciation, purchase a Honda Odyssey between the model years 2002 and 2011. For the best overall value, we recommend a 2004, 2009, or 2010 Odyssey.
(2023). At Honda, Reliability Is Part of the Company Culture. MotorBiscuit. Retrieved Sept. 21, 2023, from https://www.motorbiscuit.com/honda-reliability-part-company-culture/
Honda Prices, Reviews, and Ratings. J.D. Power. Retrieved Sept. 21, 2023, from https://www.jdpower.com/cars/honda
Car Reviews: We Drive It Like It Is. Edmunds. Retrieved Sept. 21, 2023, from https://www.edmunds.com/car-reviews/
(2023). Honda Odyssey. American Honda Motor Co. Retrieved Sept. 21, 2023, from https://automobiles.honda.com/odyssey
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