SpeediMango

Weekly Trade-In Value: 2010 Honda Accord

What We Found in August

Back in August, we used the example of a 2011 Toyota Camry to show that the traditional valuation guides can provide drastically different trade-in values for the same car.  This made it hard for a consumer to know exactly what their car might be worth to dealers based on just those values (regardless of whether your car was leased, financed or owned outright).

We then also analysed what dealers had been willing to pay in the dealer-to-dealer (wholesale) market and found that to be close to the upper end of the guidebooks valuation range above.  Bear in mind, that these were likely dealers who bought the car to retail on their dealership lot.

For completeness, we also obtained offers from online car-buying services, where a consumer could enter their car details at a website, get an instant quote and drop off their car in exchange for cash and we found those offers to be at the bottom end of the guidebook valuation range.

Our key takeaway from this exercise was to show that you could indeed get the upper end of the guidebook valuation range for a 2011 Toyota Camry (assuming your car was in the appropriate condition), if you found the right dealer buyer.  At the same time, if you sold it to an Instant Offer type of buyer or the first dealer that made you an offer, you might have been leaving money on the table.

New Weekly Valuation Series

So this week, we begin a new weekly series where be basically repeat the exercise with a different popular car to see what we can get for it so as to help our readers get the best price for their car or lease-return (dealers also want to buy your leased car, which may be worth cash in hand to you).

This Week: 2010 Honda Accord EX

We start with the 2010 Honda Accord-4 Cylinder, Sedan 4D EX with 50,000 miles on the clock. We take two scenarios: one with the car having standard options and being in a condition the guidebooks describe as ‘Average’ or ‘Good’; the second with some upgraded options, and being in ‘Very good’ or ‘Clean’ condition.  Generally the auto industry defines the former condition as that where a vehicle requires some basic mechanical (tires, brakes etc.) and body repair (dings, dents, scratches) or reconditioning (interior cleaning/ detailing).  The auto industry defines the latter condition as that where a car largely needs nothing beyond cleaning/ detailing in order to retail on a dealer lot.

Our Valuation Findings

From the table below, we can see that valuation for an Average/ Good car ranged from $9,600 to $12,300.  Our dealer sources tell us that they would pay anywhere from $10,500 to $11,500 for such a car, depending upon its actual condition and service history and to some degree how much they wanted or needed it.

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For the Very Good/ Clean car, the valuation ranged from $11,500 to $14,300k, with dealers likely paying anywhere from $11,500 to $12,500, again depending upon vehicle condition and history.

As for our real-world Instant-Offer buyers, we used only a clean condition because of technical limitations and found offers ranging from $10,400 to $11,900.

So How DO I Get the Most for My Car?

Firstly, you should do your homework on what the guidebooks actually think your car is worth given its condition and service history.  Secondly, you should get a number of real offers from both brick-and-mortar dealerships along with the Instant Offer car-buying services.

And that’s where SpeediMango comes in.  We get you real dealer offers right from your computer anywhere, so you don’t have to waste your weekend driving around, negotiating with numerous dealerships trying to find that dealership the one that really wants your car.  And our service doesn’t cost you a dime and saves you a ton of hassle.

Finally, did we mention that if your car is leased, you should still use SpeediMango to potentially unlock cash?  Dealers want to buy lease-returns and if your car is worth more than your lease buy-out, the dealer handles all the paperwork and finances and writes you a cheque for the difference.  You might also not have to pay for mileage overages and the wear and tear that you might have paid if you just turned in your lease.

* Valuation numbers presented to the nearest $100.  This valuation is intended for informational purposes only.

Posted by: Farra Majid on Friday, September 26th, 2014 at 3:21 am in CARS