Purchasing a pre-owned Honda is a great way to enjoy an award-winning ride while saving money at the same time. That’s because used Honda cars can provide many of the same features and benefits as newer editions, but with post-depreciation prices. Here’s the deal: In the first year on the road, the typical new car or truck loses 20% to 30% of its value to depreciation. After five years, the same vehicle is only worth about 40% of its original purchase value.
It’s actually great news for used-car buyers, though, since they can save that amount when it’s their turn to make a purchase. Then, since most insurance companies base rates on a vehicle’s value, the cost of coverage for pre-owned vehicles is usually lower than for newer models.
A final thing in your favor is a used-car vehicle history report. It can give you vital information about past owners, service records, accidents, and more, allowing you to buy with informed confidence.