Do Honda Civics Hold Their Value? What To Know About Resale & Depreciation
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The Honda Civic has consistently maintained its position as a popular choice in the automotive market despite the general decline in the popularity of sedans and compact cars. This vehicle is known for its reliability and efficiency, contributing to its long-lasting appeal. Throughout its evolution, the Civic has adapted to new technology and style trends while preserving its attractiveness to many drivers. It is a practical, comfortable, and satisfying car that suits various driving environments.
With that said, how does the Honda Civic fare regarding value retention? Do Honda Civics hold their value? Today, we evaluate the Honda Civic’s resale value and how well it holds its value.
Honda Compact Sedan Resale Value
First, let’s briefly discuss how Honda compact cars perform in the market. Using the CoPilot Price Pulse Tool, here’s how value retention looks in the compact sedan category:
The compact sedan market is a highly competitive one. Among the leading brands, Honda stands out for its impressive 94% value retention over five years, significantly higher than that of its closest competitors. Mazda follows behind with an 89% retention rate, and Toyota maintains 86% of its original MSRP. These figures emphasize Honda’s leading position and highlight the brand’s ability to maintain its value over time.
Although Honda currently has a leading position in terms of resale value, both buyers and sellers need to remember that these percentages represent a particular moment in time and are based on a 5-year ownership period. The actual resale value can vary due to fluctuations in economic conditions, changes in consumer preferences, and other market dynamics.
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Honda Civic Resale Value
Do Honda Civics hold their value? For this section, we turn to some reputable websites to determine the resale value of the Honda Civic.
According to iSeeCars’ analysis of over 3 million vehicles, the Honda Civic knows how to keep its value, even after five years on the road. It’s a standout in compact cars, holding onto nearly 70% of its value. That’s a big deal because it means the Civic is a car that doesn’t drop in price as quickly as others—it’s the runner-up in its class when it comes to value retention. And it’s not just in the compact car category where the Civic shines; it’s also in the top three for small cars that stay valuable over time.
When you look at the car’s scorecard, it’s easy to see why it’s such a smart buy. It gets a near-perfect score of 9 out of 10 overall, with high marks for being reliable and safe. The Civic scores an 8.8 for dependability, so you know it’s built to last. Plus, it’s at the top of its game with a 9.1 score for holding its value.
On the other hand, CarEdge has shared its analysis about the Civic’s depreciation rate. Notably, a new Honda Civic is projected to depreciate by just 16% over five years, maintaining a solid resale value of around $24,353. This impressive figure proves the Civic’s enduring reputation as a reliable and low-maintenance vehicle. Its minimal depreciation is further bolstered by its stellar maintenance record and its status as a largely problem-free car.
Besides its low depreciation, the Honda Civic is also famous for its incredible durability and long lifespan. It’s well-known for reaching over 300,000 miles quickly with just simple maintenance like regular oil changes. As you might expect, this makes the Civic a smart and cost-effective option for everyday drivers.
HONDA CIVIC PROS & CONS
If you’re interested in this vehicle for your life, you might wonder - what are the Honda Civic pros and cons?
Used Honda Civic Buyer’s Guide (Powered by CoPilot Price Pulse Tool)
Do Honda Civics hold their value? We will now assess how the Honda Civic performs in the used car market to determine its long-term value. To analyze the performance of the 2020 Civic Sedan in the pre-owned market, we utilized our Price Pulse Tool. Here are the results of our analysis:
- Above Forecast Value: The 2020 Honda Civic Sedan’s current market price is $3,054 above what was initially forecasted for this period, suggesting it has held onto its value better than expected.
- Appreciation in Value: There’s a 16% increase in the current market value compared to the anticipated depreciation, which is quite unusual for most vehicles that depreciate over time.
- Market Dynamics: The current trends hint that it might be an opportune time to buy the 2020 Honda Civic Sedan. Market prices are down from their peak, yet because the value has appreciated, it indicates a substantial resale value and consumer demand.
- Future Price Potential: Despite the current appreciation, the tool suggests that prices may decline over the medium term. This could indicate that while the market is favorable now, potential buyers might see even better deals in the future, although this is not guaranteed.
- Overall Desirability: The 2020 Honda Civic Sedan’s ability to command a price premium reflects its overall desirability in the used car market, likely due to a combination of its reliability, features, and Honda’s reputation for producing reliable vehicles with strong resale value.
Again, please note that a vehicle’s resale value can be influenced by various factors such as location, demand, overall condition, and market fluctuations. Please remember that the information provided is based on current market data and trends, which are subject to change.
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Final Thoughts
Do Honda Civics hold their value? The Honda Civic is known for its remarkable value retention. Although sedans are no longer as popular as they used to be, the Civic has consistently proven itself a reliable car worth investing in.
With a strong reputation in the compact car market, it’s a favorite choice for those seeking a vehicle that offers style and comfort without compromising reliability. Therefore, if you’re considering buying a Honda Civic, you’re making a wise decision that provides a great driving experience and smart economics.
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