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What is the Honda depreciation rate?
I just inherited an old Honda that I’m thinking of trading in for a new car, but I’m not sure what the trade-in value might be. What is the average Honda depreciation rate?
Meaghan Branham · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Trading in—or selling—that old Honda for a new car is a great idea, and there’s great news when it comes to the Honda depreciation rate, too.
While it depends on the exact age of your car, newer Honda models retain about 50 percent of their value over the course of five years of ownership. That’s especially impressive when you consider that most new vehicles only hold about 35 percent of their value in the same amount of time.
In fact, CarEdge.com recognized Hondas as one of the
cars that hold their value best
at three years, five years, and seven years.If your Honda is much older, there is still good news. Because new cars tend to depreciate much faster than older ones, you may find that there is a smaller difference in resale values from models that are more than seven years old.
Of course, well-maintained cars will have a higher resale value than those that have not been. The best way to do that is by keeping up with regular services and keeping an insurance policy that can help you take care of any issues as soon as they arise.
Jerry
, the car insurance super app, can help you find a low Honda insurance cost
—or whatever car you decide to trade it in for!Simply download the app, fill out your profile, and in less than a minute, Jerry can help you find a policy that’s right for you, at the right price. On average, Jerry users save more than $800 a year on their insurance!
MORE: Are Hondas expensive to maintain?
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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