The Honda Accord is known for its reliability, safety, and performance.
However, its high price tag may make some potential buyers hesitant to purchase it.
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Let’s dig into why.
Here is a comparison of the 2023 Honda Accord prices with other similar models in the midsize car class.
How Much Does the Accord Cost Compared to Similar Models?
According to U.S. News, the base MSRP of the 2023 Honda Accord is $27,295, which is at the high end in the midsize car class.
The price rises to $29,610 for the higher EX trim. In comparison, the 2023 Toyota Camry has a base MSRP of $25,970, while the 2023 Nissan Altima starts at $24,350. Edmunds rates the latest Accord as a solid choice for a family sedan, with an overall rating of 7.9 out of 10.
The 2023 Honda Accord MSRP range is $27,295 – $37,890.
|Make and Model||Trim||Base MSRP|
|2023 Honda Accord||Base||$27,295|
|2023 Honda Accord||EX||$29,610|
|2023 Toyota Camry||Base||$25,970|
|2023 Nissan Altima||Base||$24,350|
|2023 Hyundai Sonata||Base||$23,950|
|2023 Kia Optima||Base||$24,455|
|2023 Honda Accord Hybrid||Base||$31,895|
|2023 Honda Accord Hybrid||EX-L||$33,540|
|2023 Honda Accord Hybrid||Touring||$33,875|
|2023 Toyota Camry Hybrid||Base||$28,265|
|2023 Ford Fusion Hybrid||Base||$25,000|
In comparison, the 2023 Hyundai Sonata has a base MSRP of $23,950, and the 2023 Kia Optima starts at $24,455.
The 2023 Honda Accord Hybrid has a base MSRP of $31,895, which is among the highest starting prices in the hybrid car class. The price increases to $33,540 and $33,875 for the midrange EX-L and Touring trims, respectively.
In comparison, the 2023 Toyota Camry Hybrid has a base MSRP of $28,265, while the 2023 Ford Fusion Hybrid starts at $28,000.
Overall, the Honda Accord is more expensive than some of its competitors in the midsize car class. However, it offers a range of features, performance, and safety that may justify its higher price tag for some buyers.
Is the Honda Accord Overpriced?
The Honda Accord is one of the most popular midsize sedans on the market, but its high price tag has raised questions about whether it is overpriced.
With a base MSRP of $27,295, the 2023 Honda Accord is one of the most expensive starting prices in its class.
The price rises to $29,610 for the higher EX trim.
However, the Honda Accord’s high price can be justified by its many features and high-quality build.
The Accord comes standard with a suite of advanced safety features, including:
- adaptive cruise control,
- lane departure warning,
- and forward collision warning with automatic emergency braking.
But, to me, that’s pretty standard today in this class.
It also has a spacious and comfortable interior, with plenty of room for both passengers and cargo.
Moreover, the Honda Accord has a reputation for reliability and longevity, which can save buyers money in the long run. The Accord’s resale value is also higher than many of its competitors, which can help offset its initial cost.
While the Honda Accord may be more expensive than some other midsize sedans, its high price can be justified by its reputation for reliability.
How Much Has the Price Increased Year for Year?
Over the years, the Honda Accord has become increasingly expensive.
|Year||Honda Accord Base MSRP||Percentage Increase from Previous Year|
In 2023, the base MSRP of the Honda Accord is $27,295, which is the highest starting price in the midsize car class. This is a significant increase from the 2022 base MSRP of $24,770.
Looking back, the price of the Honda Accord has steadily increased year over year. In 2019, the base MSRP of the Honda Accord was $23,720. In 2020, it increased to $24,770. In 2021, it increased again to $24,970. The 2022 model year saw the biggest jump with a base MSRP of $27,110, and the 2023 model year continues the trend with a base MSRP of $27,295.
It is important to note that the price increase is not unique to the Honda Accord. The automotive industry as a whole has seen an increase in prices due to rising costs of labor, materials, and other factors.
In fact, Honda has had to raise the prices of its vehicles this year because operating, labor, and material costs have also increased.
Despite the price increase, the Honda Accord remains a popular choice for those in the market for a midsize sedan. Its reputation for reliability, safety, and fuel efficiency continues to attract buyers.
Why Is the Accord So Expensive to Insure?
One of the main reasons why the Accord is so expensive to insure is because it is frequently stolen.
According to the National Insurance Crime Bureau, the Accord has been one of the most stolen cars in the United States for several years.
This makes it a high-risk vehicle for insurers, which means they charge higher premiums to offset the risk of theft.
Another factor that contributes to the high cost of insuring the Accord is the number of high-risk drivers who own the car. Because the Accord is a popular car among young drivers, who are statistically more likely to be involved in accidents, insurers charge higher premiums to cover the risk of accidents and other incidents.
In addition to these factors, the cost of insuring the Accord also depends on the model year and any modifications that have been made to the car.
Newer models and cars with modifications are generally more expensive to insure because they are more valuable and may require more expensive repairs in the event of an accident.
Overall, while the Honda Accord is a reliable and popular car, it is also one of the most expensive cars to insure. Drivers who are considering purchasing an Accord should be aware of these factors and shop around for the best insurance rates to ensure they are getting the best possible deal.
Why Does the Accord Cost More Than Similar Cars?
One reason is the Accord’s reputation for reliability and quality.
Honda has a long-standing reputation for building cars that last, and the Accord is no exception.
This means that buyers are willing to pay a premium for a car that they know will be reliable and require minimal maintenance over time.
Another factor is the Accord’s advanced safety features.
Honda has made safety a top priority in recent years, and the Accord is no exception. It comes with a suite of advanced safety features, including lane departure warning, forward collision warning, and automatic emergency braking. These features not only help keep drivers and passengers safe, but they can also help reduce the cost of insurance premiums over time.
The Accord also comes with a range of high-end features that are not always available on other midsize sedans. For example, the Accord comes with a standard infotainment system that includes Apple CarPlay and Android Auto, as well as a range of other features like:
- a sunroof,
- heated front seats,
- and a premium sound system.
These features can add up quickly, and they are often not available on other midsize sedans at the same price point.
Overall, the Honda Accord is a high-quality, reliable car that comes with a range of advanced safety features and high-end features that are not always available on other midsize sedans.
While it may cost more than some of its competitors, many buyers believe that the extra cost is worth it for the peace of mind and additional features that come with the Accord.
Why Are USED Accord Models So Expensive?
One reason why used Honda Accords are so expensive is due to their reputation for reliability and longevity.
Honda has a reputation for producing vehicles that can last for years and maintain their value, so many people are willing to pay a premium for a used Accord in good condition.
In addition, the demand for used Accords has increased in recent years due to the rising cost of new vehicles. As mentioned earlier, the price of a new Honda Accord has increased significantly, making it less affordable for some buyers. As a result, more people are turning to the used car market to find a reliable vehicle at a more affordable price.
Another factor contributing to the high price of used Accords is their popularity among car enthusiasts.
The Accord has a large following of fans who appreciate its performance, reliability, and stylish design. This popularity has driven up the demand for used Accords, especially those in good condition with low mileage.
Finally, the high resale value of Honda vehicles in general is also a factor. Due to their reputation for reliability and longevity, Honda vehicles tend to hold their value better than many other brands. This means that even older used Accords can still command a relatively high price compared to other vehicles in their class.
Does Honda Accord Get Tax Credit?
According to the search results, the 2014 Honda Accord Plug-in Hybrid qualifies for up to $3,626 in federal tax credits.
However, it is unclear whether the 2023 Honda Accord Hybrid will qualify for tax credits.
The Treasury Department has yet to finalize the wording regarding the $7,500 tax credit for hybrid vehicles, and it is uncertain whether the 2023 Honda Accord Hybrid will be eligible for this credit.
It is important to note that tax credits are subject to change and may vary depending on the state in which the vehicle is purchased. It is recommended to consult with a tax advisor or the IRS to determine if any tax credits are available for the Honda Accord or any other vehicle.
How Much Should You Pay for a Brand New Honda Accord?
The 2023 Honda Accord has a base MSRP of $27,295, which is the highest starting price in the midsize car class.
The price rises to $37,890 for the top-of-the-line Touring 2.0T trim.
According to Edmunds, the average price paid for a 2022 Honda Accord is $29,180, which is slightly above the base MSRP. This is because most buyers opt for higher trims and additional features, which can significantly increase the price.
However, it’s worth noting that the price you pay for a Honda Accord can vary widely depending on where you live.
For example, if you live in a state with high taxes and fees, such as California or New York, you can expect to pay more for a Honda Accord than if you live in a state with lower taxes and fees, such as Oregon or Montana.
Additionally, some dealerships may offer discounts or incentives that can lower the price of a brand new Honda Accord.
Does the Accord Hold Its Value?
The Honda Accord is known for its high resale value, which is one of the reasons why it can be expensive.
According to our research, a Honda Accord will depreciate 20-23% after 5 years and have a 5-year resale value of $29,000.
This is a testament to the car’s reliability and durability, which is highly valued by consumers in the second-hand market.
Additionally, Honda cars are known for their low cost of ownership, which includes maintenance and repair costs. This is because Honda uses high-quality parts and has a reputation for building cars that last a long time.
As a result, the Accord tends to hold its value better than other cars in its class.
Another factor that contributes to the Accord’s high resale value is its popularity. The Accord is one of the best-selling cars in the United States, which means that there is a high demand for it in the second-hand market. This, in turn, drives up the price of used Accords, making them more expensive than other cars in the same class.
Furthermore, the Accord has won numerous awards over the years, which adds to its prestige and desirability.
For example, the 2021 Honda Accord was named the Best Midsize Car for the Money by U.S. News & World Report. This recognition helps to reinforce the car’s reputation for quality and reliability, which can help to boost its resale value.
In conclusion, the Honda Accord is known for its high resale value, which is due to its reliability, low cost of ownership, popularity, and numerous awards. These factors contribute to the car’s overall value and help to explain why it can be expensive.