Residual value is one of the most important factors when the time comes to determine the overall value of a vehicle and more importantly, how much a vehicle costs overall to own. Indeed, residual value, or resale value if you wish, determines how much you can get for your vehicle in four, five or six years, and is very important when you are comparing the cost of various models.
Honda has always been known for the resale value of its vehicles, regardless of the model. That’s because Honda vehicles are also known for their reliability, and buyers know they can get a used Honda that will stand the test of time and not break down every week. That is why it is easy to sell a used Honda, and why they are worth more than other models after a few years.
Honda has always been known for the resale value of their vehicles, regardless of the model. Prized for their reliability, a used Honda is a vehicle that one can buy with confidence and that the owner will know that the model will be able to survive the test of time. This is why it is easier to sell a used Honda, and why in the end, their resale value is higher.
At the last Canadian International Auto Show in Toronto, Honda was awarded four important prizes that relate to resale value. Indeed, the Honda Fit, Honda Odyssey and Honda CR-V were prized for their residual value by two influential publications, Canadian Black Book and ALG.
The ALG award for best residual value was awarded to the Honda CR-V in the compact SUV category, while the Honda Odyssey won the title in the minivan segment. According to ALG, these models retain a higher resale value over a period of four years.
For its part, Canadian Black Book awarded the Honda Fit as the vehicle offering the best resale value in the subcompact segment while the Honda Odyssey was again named the compact SUV that retained the best value in its segment.
So whether you're in the market for a minivan, a sub-compact car or a compact sport utility, it is important to consider the potential resale value, especially if you are financing or buying your vehicle. When comparing the cost of different options, it is wise to take the full amount that you pay tax included and then deduct the amount of the theoretical residual value to obtain a more accurate picture of the price of the car.
The residual value of Honda models is just another reason to consider Honda’s 2015 model range. If you want a reliable, safe, comfortable vehicle, and one that will retain its value, you will be more than satisfied. Contact us today at Lallier Honda Montreal to learn more!