The 2016 Honda Accord Residual Value Trumps Competition
The 2016 Honda Accord residual value makes it one of the smartest options for Mid-Michigan drivers in the market for a new sedan, offering the peace of mind drivers want when investing in a new car. To give you an idea of how the Accord’s value stacks up to competitors, we examined the residual values of eight different competing vehicles.
2016 Accord vs. Everyone Else
If you aren’t quite familiar with the idea of residual value, we’ll get to that in just a minute; for now, just know that a higher residual value is better than a lower one. The 2016 Honda Accord residual value numbers are some of the best we’ve seen in a long while:
2016 Accord LX Sedans with CVT have ALG residual values of 53% at 36 months and 41% at 60 months.
Although Honda has quite a few competitors for the Accord, all of these models fall short of the residual value numbers we just listed:
- A 2016 Hyundai Sonata has residual value estimates of 48% at 36 months, which sounds good until you see it drop sharply to 32% at 60 months.
- The 2016 Toyota Camry has an ALG residual value of 44% at 36 months and 33% at 60 months (it also costs more than the Accord, which we looked at in our 2016 Toyota Camry price comparison).
- 2016 Nissan Altima models have a 43% residual value at 36 months, dropping to 32% at 60 months.
- The 2016 Malibu Limited has residual value estimates of 38% at 36 months of ownership, dropping far, far down to 26% at 60 months.
- Although the 2016 Chrysler 200 was recently revised to include a new base trim, it has a 36-month residual value of just 40%, and it falls to 28% after 60 months.
- A 2016 Ford Fusion has ALG residual value numbers starting at 44% after 36 months and dropping to 33% at 60 months.
- 2016 Kia Optimas have ALG residual values of 52% at 36 months and 31% at 60 months; get a closer look at the Optima and Accord in our 2016 Kia Optima review.
- The 2016 Impreza from Subaru has a 50% residual value at 36 months, dropping down to 36% after 60 months.
So, Just What Is Residual Value?
We told you that a higher residual value is better, but we think some of you might want to know a bit more. Residual value is the current worth of a vehicle expressed as a percentage of its initial price. So if a car really lost half its value when you drove it home, it would have a 50% residual value. This stat is a nice tool for comparing the investment potential of cars that doesn’t bring actual price differences into the picture.
We’re only halfway done, though, because we can’t know what the value of a Subaru Impreza will be tomorrow, let alone in five years. Statisticians at ALG, however, have an algorithm that they use to estimate residual values for all new models to give drivers an idea of how the vehicles should depreciate. Though they are just estimates, they are made uniformly across the auto market and thus are incredibly relevant when compared to each other.
Test Drive an Accord
We hope we’ve made the case for investing in a new Accord, but the 2016 Honda Accord residual value numbers are just there to get you in the door. Get the full picture of what the Accord is worth to you by taking a test drive at a Mid-Michigan Honda Dealer near you.
Mid-Michigan Honda Dealers includes Art Moehn Honda, Capital Honda, Honda of Grand Blanc, Thelen Honda, and Williams Honda.