Affordability Is No Longer One of the Honda Accord’s Strengths
Honda makes many reliable vehicles, from small sedans to compact pickup trucks. The midsize Accord has one of the longest lifespans, with some drivers claiming that it will last 1 million miles. It also doesn’t require a large maintenance/repair budget, only costing around $400 to service each year (on average).
For a long time, the Accord was also one of the automaker’s most affordable models. However, recent studies indicate that this is no longer true. How much can you expect to pay for a new or used Honda Accord heading into 2023?
The Honda Accord got more expensive
Depending on where you live, it may be cheaper to buy a new Accord instead of an older model. The 2022 Honda Accord currently retails for $26,520. That’s only a $1,550 increase compared to the retail price of the 2021 model.
According to iSeeCars, Indiana drivers might end up paying an average of $29,637 for a Honda Accord from the latest three model years. That’s a premium of $11,806 compared to its used price in 2019. Additionally, its asking price in 2022 is nearly 29% higher than other used cars in the state.
Why you could pay more for a used Honda Accord right now
HotCars thinks that the Honda Accord’s elevated prices are due to high demand combined with supply chain problems. The Accord has received critical praise for several years running, which means more consumers will take those recommendations to heart. However, with so many other good Hondas to choose from, the Accord still gets overlooked.
Case in point, approximately 202,676 units were sold last year. In 2019, Honda was able to sell 267,567 Accords.
Automakers tend to allocate more resources toward models that are moving the most units. As a result, even if the Accord could outsell the Civic or CR-V, there might not be enough cars to go around. Additionally, HotCars reminds us that the prices of used cars have risen everywhere due to inflation.
Is this car worth the extra spend?
The Accord appeals to many consumers because of its excellent gas mileage. The LX and EX-L trims are the most efficient, powered by a 192-hp turbo-four with a CVT. These models get an estimated 30/38 mpg city/highway.
While the base engine is adequately quick, drivers can also get a larger 252-hp turbo-four engine and a 10-speed automatic transmission. This engine’s fuel economy dips down to an estimated 22/32 mpg city/highway with this larger engine. As of 2022, it’s standard on the top-tier Touring trim and optional for the Sport model.
However, you don’t have to splurge on a fully-loaded model to appreciate this car. The base trim already comes with plenty of technology like smartphone integration, automatic climate control, and a good assortment of ADAS features. Starting on the Sport trim, you can add heated seats and a power moonroof.
The Sport trim has bigger wheels with flashier designs, plus leather-trimmed seats in the Special Edition model. The EX-L model gives you access to a wireless charging pad and USB-free smartphone integration.
Heated seats are also standard, though you’ll have to upgrade to the Touring model for ventilated ones. The Touring trim also comes with heated rear seats and an adaptive suspension, plus every safety feature available.
At the Honda Accord’s current used price, it might make more sense to buy a new Honda Accord Sport (retailing at $28,980). Of course, depending on supply and demand in your area, even a new Honda Accord might be pricier than its rivals.