What is the Average Depreciation of the Honda Passport?

Honda has a stellar reputation for building dependable cars that hold their value well. The Honda Passport stands out in Dover, Ohio, as a go-to midsize SUV for families and anyone who enjoys adventure. However, just like any other car, its value will decrease over time, a process known as depreciation. If you’re planning to buy a new or used Passport, knowing how depreciation works can help you make a smarter choice. This guide will break down the average depreciation rates, key influencing factors, and tips to help maximize your Honda Passport’s value.

Honda Passport Average Depreciation Rates by Year

Depreciation isn’t a flat line, so your car doesn’t lose value at the same rate yearly. It hits hardest in the first year, and then it slows. The following breakdown is based on data from CarEdge and features models similar to those you’ll find at Parkway Honda in Dover, with about 13,500 miles driven each year and a sticker price of $48,300.

Year 1: The Biggest Drop

A new car loses the most value right after you buy it. The Honda Passport typically loses about 19% of its value in the first year alone. If you bought a new Passport for $48,330, it would be worth around $39,336 after one year and 13,500 miles. That’s a drop of almost $9,000. This is normal for most new cars. So, if you buy a one-year-old Passport, you immediately save thousands compared to someone rolling out with a brand-new one.

Depreciation After the Second and Third Years

After two years, a Passport has lost about 28% of its original value, bringing its resale price to around $34,817. By the end of year three, it has lost 35%, with a value of about $31,245. During this time, the vehicle loses between $3,000 and $5,000 annually. This makes two- or three-year-old Passports a great deal in the used car market.

Middle Years: Value Stabilizes

After the third year, the rate of depreciation starts to level off. At four years old, a Passport is worth about 63% of its original price, or $30,433. After five years, it holds 59% of its value, at around $28,360. The total loss over five years is about $19,970. The value still drops, but not as quickly as in the beginning. For Passport owners wanting to sell or trade in, the five-year mark is the sweet spot where the vehicle still commands a respectable price.

Long-Term Value (7-10 Years)

Passports keep holding their value better than you might expect, even after half a decade. At age seven, many are still worth nearly half their initial price. A ten-year-old Passport retains about 39% of its value, or roughly $18,747. That’s really good compared to rivals in the midsize SUV segment, and it’s a big reason Dover shoppers love Hondas.

Best and Worst Model Years for Value Retention

Not all Passports follow the same pattern. Some model years in Dover sell faster and for better prices, while others don’t hold up as well. So, picking the right year is essential for minimizing your loss.

Best Years for Value Retention

The 2023 Honda Passport is an excellent choice for value. You get a nearly new vehicle with 83% of its useful life left, but pay only 72% of the original price. The 2019 and 2021 models also hold their value well. For example, a 2021 Passport is still worth about 63% of its original price after a few years. Surprisingly, the classic 1994 Passport from the first generation is another strong performer for those looking for an older, affordable option.

Worst Years for Value Retention

Some older models lose value more quickly. The 1998, 1999, and 2001 Passports are known for having more reliability issues and higher maintenance costs. While their low purchase price might be tempting, they depreciate faster and could cost you more in repairs over the long haul.

What Affects How Fast Your Passport Loses Value?

A lot more than age and miles go into a car’s value. Here’s what local Dover drivers need to keep in mind:

Brand and Model Reputation

Honda built its name on reliability, and that reputation gives the Passport an advantage. Buyers trust that a used Passport won’t drain their wallet on repairs, so they’re willing to pay more for it. Also, models known for being durable and having lower long-term maintenance costs tend to be more desirable on the used market, which helps slow their depreciation curve.

Mileage

The average driver puts about 13,500 miles on their car each year. If you drive more than that, your Passport’s value will drop faster. Low-mileage vehicles are always worth more.

Condition and Maintenance History

A well-maintained Passport will always sell for more than one that’s been neglected. Scratches, dents, and a worn interior will lower the price. Mechanical problems will cause an even bigger drop. According to Autochain, having a clean service history can get you 10-15% more at resale.

How to Maximize Your Passport’s Resale Value

While you can’t stop depreciation entirely, you can take proactive steps to slow it down and get the best price when you sell or trade in your Passport.

• Go easy on mods: Fun touches are fine, but wild aftermarket parts often hurt resale value. Use OEM if you want your Passport to remain valuable to the next owner.
• Fix the minor issues quickly: Don’t let minor issues become big ones. Replace burned-out bulbs and fix minor dents or windshield chips right away.
• Stick to the maintenance schedule: This is the most important thing you can do to preserve your vehicle’s value. Keep detailed records of every oil change, tire rotation, and service visit to prove to the next owner that you took good care of the car.
• Keep it clean: Regularly washing and waxing your Passport protects the paint. Keeping the interior clean prevents stains and odors. A professional detail before you sell can make a great first impression and pay for itself.

Visit Parkway Honda to Test Drive the Honda Passport

Understanding depreciation can help you make a smart purchase. Whether you want a new model or a quality pre-owned vehicle, the Honda Passport offers capability, comfort, and good value. Our team at Parkway Honda is here to help you explore your options and discuss financing. Call us today to schedule your test drive.