Alright, the prices of cars going to auction are getting way too out of hand. Sure, everyone knows about the $5 million LaFerrari Aperta by now. However, that’s not really the scale of crazy auction prices this is about. Instead, this is about everyday mundane cars fetching huge amounts for no reason—for example, this mundane 1992 Honda Accord from the CB7 generation.
What’s so special about this Accord?
Nothing! That’s the problem! Yet, this mundane 1992 Accord just sold on Cars and Bids for $8,500.
Sure, $8,500 isn’t quite as insane as the Integra Type R that sold for over $100,000. However, in the case of the Type R, there’s at least a shred of reasoning in that it’s a rare car in a rare color with low mileage.
This isn’t! It’s just a 1992 Honda Accord. You wouldn’t be alone if you’re thinking something along the lines of “surely there must be something special about this $500 accord that somebody accidentally paid an extra $8,000 for.” Unfortunately, though, you’re wrong.
This 1992 Honda Accord is finished in an incredibly boring coat of white paint with a somewhat more exciting blue interior. Overall, the car is in good shape. However, it’s not really in remarkably perfect condition, either. The carpets show some signs of accumulated dirt, the gear shifter is covered in dirt, and the dashboard and steering column are remarkably dusty in photos.
Redeeming qualities of this car include the fact that it’s got a manual transmission and, well, that’s about it. The seller states that it has new tires and a fresh battery from Costco, so that’s nice, too. Otherwise, it has a hair under 99,000 original miles showing on the odometer. While that’s pretty low for a CB7 Honda Accord, it’s not within the realm of collector’s edition low mileage. So, what gives?
Why are old cars so overvalued right now?
If you dig through the past auction results of Cars and Bids or Bring A Trailer, you’ll see all kinds of stuff like this. Cars from the late 1980s to the early 2000s that aren’t explicitly special but are in pretty nice condition. They’re pulling some ridiculous price figures, and there’s not really anything to explain why.
Another great example with the same generation Honda Accord came to a close on Bring A Trailer in October 2021 before any of the downright absurd inflation hit the used car market. Even then, a 1992 Honda Accord with just 40,000 original miles on it pulled in $21,000.
For reference, Kelley Blue Book values this car in “excellent” condition at a maximum of $3,186. Additionally, KBB lists a median price of $2,469. While even that seems a hair high, it makes sense considering its excessively low mileage. Sure, one can argue that KBB prices are a bit off when it comes to collector’s items. A CB7 Accord, however, is not a collector’s item.
Look, if you’ve got the funds to throw $21,000 at an old Honda Accord (or even $8,500 for that matter), more power to you. However, it just seems a bit insane to spend that much money on a car so mundane. There is a multitude of way cooler cars you can find for those price points.
The worst that’s coming of this, though, is all the Craigslist and Facebook Marketplace listings referencing these massive sales prices as a reason their 200,000-mile Hondas with five different color body panels have a $10,000 asking price. Unfortunately, this is the reality we live in now.