Selling your Honda within three to five years of purchasing it is one of the best ways to ensure that you’ll get up to 60% of its original value—however, its condition, mileage, and market demand will also have a significant effect on its resale price.

Unfortunately, your car’s value will depreciate the moment you turn the key in the ignition. However, Hondas can maintain a considerable amount of value within the months and years post-purchase. When you’re ready to sell it or trade it in, it’s important to be informed about its potential worth.

Calculating these numbers can get confusing—but that’s where

car insurance

broker

Jerry

comes in! We’ve put together a handy guide containing all of the details and resources you need to determine your used Honda’s resale value and maximize your profit. (We'll also tell you how to find a lower

Honda car insurance cost

without sacrificing coverage down below.)

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What goes into determining my Honda’s resale value?

We get it—it’s easy to develop an emotional attachment to a trusty set of wheels. Unfortunately, how much you love and cherish your Honda doesn’t have an effect on its resale value. Here are some factors that do:

Depreciation: Depending on the make, model, and trim level, your car could depreciate in value by up to 65% within the first three years of ownership. While your Honda may hold onto its value a little bit more, it’s important to understand that it will depreciate by some level each and every day.

Mileage: Mileage has one of the largest impacts on your used car’s value, so it’s important to keep it as low as possible if you intend to sell. Generally, you want to stick to an average of 12,000 to 15,000 miles per year—but, the lower the better! You’ll likely run into some trouble reselling your car if it has over 100,000 miles on it.

Accident history: From minor fender benders to major collisions, an accident can impact your Honda’s resale value by 15 to 30%. This depreciation occurs even after your car is fully repaired.

Model popularity: The most popular Hondas—like the Civic—will have the highest resale value simply because they have the highest market demand.

Interior and exterior condition: From minor dents, scratches, and tears to more significant cosmetic damage, flaws in your Honda’s physical condition can have a considerable effect on its resale value.

MORE:

How to sell a car for the best price

Resale value vs. trade-in value

When you’re ready to get rid of your vehicle, you typically have two traditional options: sell it or trade it in. Keep in mind that both methods are not created equal—you’ll typically get more money for selling your vehicle outright rather than trading it in to a dealership.

Plus, a trade-in won’t be a cash payment—rather, it will be an amount of money that gets applied towards your new vehicle purchase from the same dealership.

However, trading your car in might be the easier, more convenient route. If you opt for a private sale, you’ll have to

prepare your car for resale

, find a buyer, and negotiate the transaction all on your own.

What is the MSRP of my Honda?

The original Manufacturer’s Suggested Retail Price (MSRP) is the original retail value of your Honda when it was first produced. Keeping this number in mind is essential when calculating the resale value of any vehicle.

MSRPs vary greatly by make, model, trim level, and even year—but you can use

Kelley Blue Book

website to determine the MSRP for any vehicle you own.

Key Takeaway Use Kelley Blue Book to identify your Honda’s original MSRP, and then consider factors like mileage, accident history, model popularity, and overall condition to estimate your car’s resale value.

How does wear and tear affect my Honda’s value?

As we mentioned, your car’s interior and exterior condition has a major effect on its resale value. Of course, everyday wear and tear is unavoidable, but keeping your Honda in pristine condition is largely within your control. In addition to closely following Honda’s regular maintenance schedule (as outlined in your owner’s manual), you can invest time and money in regular cleaning and washes.

Of course, some damage occurs at no fault of your own. Just keep in mind that your car’s value will be reduced by about $2,500 for every $5,000 spent on repairs, regardless of their nature or cause.

How to calculate the resale value of your Honda

If calculating your Honda’s resale value seems confusing at this point, don’t worry—this

handy Consumer Reports tool

is a reliable way to crunch the numbers with ease.

Of course, if you’re shopping for a new car with resale value in mind, you can make an informed and financially sound decision. For example, the 2019 Honda Civic was projected to maintain over 50% of its original MSRP in resale value over the first five-year period of ownership—meaning that it's a great option if you want long-term bang for your buck.

Imagine you purchased a 2019

Honda Civic

for its original MSRP of about $20,350. After driving it for five years (at an average of 12,000 miles per year), you’d be able to resell it for $10,175 or more!

Of course, these estimates imply ideal conditions. Additional factors, as outlined above—as well as a fluctuating market for used vehicles—will always impact your car’s actual resale value at the exact time you’re ready to sell.

MORE: Trade-in vs private sale: what’s the best way to sell your car?

The bottom line: is my Honda worth reselling?

As we mentioned, trading in your Honda is the faster and easier way to get it off your hands—especially if you’re already shopping for a new vehicle. However, reselling it could be worth the extra effort, especially if it has maintained a high value.

If your car is in great cosmetic shape, has accumulated an average of 15,000 miles or less per year of ownership, was manufactured within the last three to five years, and happens to be one of Honda’s more popular models—like the Civic, Insight, and HR-V—then looking into reselling is definitely worth the time and effort.

However, if your Honda doesn’t meet these requirements or has significant issues, its resale value is probably quite low, and you’ll have an easier time simply trading it in.

How to prep your Honda for resale

When you’re finally ready to sell your Honda, you’ll want to do a bit of prep work to ensure that you get the highest price possible.

Follow these easy steps to spruce up your vehicle and get it ready for the used car market:

Invest in a wash and detail. You’ll be surprised what a difference a thorough wash and detailing can make. Unless you have all of the necessary tools and supplies at home (and plenty of time on your hands for a DIY cleaning project), we recommend splurging on a top-notch exterior and interior cleaning to make sure your Honda is as shiny as possible.

Make sure routine maintenance is up-to-date. Before slapping on a “for sale” sign, make sure your Honda’s oil changes are up-to-date, the fluids are topped off, and the tires are newly rotated and balanced.

Collect the original accessories. Your new Honda probably came with a slew of accessories, such as the owner’s manual, a set of keys, carpeted mats, and more. Collect these items so that they can be passed on to the next owner.

Doing this prep work will not only increase the resale price of your Honda—it will also show buyers that you are a reliable and caring car owner, so they’ll be more likely to buy from you.

Finding cheap Honda insurance

Whether you plan to invest in a brand-new Honda or decide to go with a completely different make and model, the

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and licensed broker

Jerry

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FAQs

Which Honda has the highest resale value?

Kelley Blue Book has awarded Honda several “Best Resale Value” awards over the years for various cars, including the Insight, Civic, HR-V, Odyssey, and Ridgeline.

What is my Honda worth?

It’s hard to say exactly what your used Honda is worth without knowing detailed information about its make, model, mileage, and more. You can use this

helpful tool

from Edmunds to input information about your vehicle and generate an accurate estimate.

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