What is the fair market value of a 2007 Honda Accord?
The fair market value of a 2007 Honda Accord can vary depending on several factors, such as the vehicle's condition, mileage, and location. However, based on current market data, the average fair market value for a 2007 Honda Accord in good condition is typically between $5,000 and $8,000.
Understanding Fair Market Value
Fair market value (FMV) is the estimated price a willing buyer and seller would agree on for a particular item or asset, assuming both parties have reasonable knowledge of the relevant facts. In the case of a used vehicle, the FMV takes into account factors such as the car's make, model, year, mileage, condition, and location.
Factors Affecting the Value of a 2007 Honda Accord
Several key factors can influence the fair market value of a 2007 Honda Accord:
- Mileage: Lower mileage vehicles generally have a higher FMV than higher mileage vehicles of the same make, model, and year.
- Condition: The overall condition of the vehicle, including the interior, exterior, and mechanical components, can significantly impact the FMV.
- Location: The geographic region and local market conditions can affect the FMV, as prices may vary based on supply and demand in different areas.
- Options and Accessories: Vehicles with additional features or upgrades may have a higher FMV than those without.
- Maintenance and Repair History: A well-maintained vehicle with a documented repair history may have a higher FMV than one with unknown or poor maintenance.
It's important to note that the FMV of a 2007 Honda Accord can also be influenced by broader market conditions, such as the overall supply and demand for used vehicles, as well as economic factors like inflation and interest rates.
Determining the FMV of a 2007 Honda Accord
To determine the fair market value of a specific 2007 Honda Accord, you can use online resources such as Kelley Blue Book, Edmunds, or NADA Guides. These websites allow you to input the vehicle's details, such as mileage, condition, and location, to generate an estimated FMV range.
Additionally, you can research recent sales of similar 2007 Honda Accords in your local area to get a better sense of the current market price. This can help you negotiate a fair price when buying or selling the vehicle.
How much can you sell a Honda Accord for?
6Edmunds Appraisal Report
driven per year, with no color or options selected. 2023 Honda Accord trade-in prices range from $19,833 - $32,134. Get a more accurate value for your car with the Edmunds appraisal tool.
How much should I spend on a used Honda Accord?
If shopping for a model in this generation, those in decent shape with average miles as of this writing will run between $4,000 and $6,000. Low-mileage models are $7,000-$9,000. See 2003 to 2007 Honda Accords for sale in your area.
Does Honda Accord have good resale value?
Honda Accord Resale Value
According to a report by iSeeCars, the Honda Accord has the best resale value for midsize cars in 2024. The Honda Accord is one of the best midsize cars when it comes to resale value. It retains 61% of its value after five years, which is 6.1% higher than the segment average.
Is 2007 a good year for a Honda Accord?
All 7th Generation Accords (2003-2007) are top rated in used car predicted reliability in Consumer Reports. That is, in every single year, they're all listed as a full red circle (meaning ``Best Possible'') for predicted overall reliability.
How much is a tune up for a 2007 Honda Accord?
For The Car Owner
| Honda Model | Edmunds | Car and Driver |
|---|---|---|
| Accord | $150 – $400 | $150 – $400 |
| Civic | $150 – $400 | $150 – $400 |
| CR-V | $150 – $400 | $150 – $400 |
| Odyssey | $200 – $500 | $200 – $500 |
What are the most common problems with the 2007 Honda Accord?
Top 2007 Honda Accord Problems
- "No Start" Due to Ignition Switch Failure.
- Check Engine and D4 Lights Flashing.
- Radio/Climate Control Display May Go Dark.
- Faulty Door Lock Actuator May Cause Power Door Locks to Activate Intermittently.
- Warped Front Brake Rotors May Cause Vibration When Braking.
How many miles will a 2007 Honda Accord last?
A Honda Accord that is not maintained well has a much higher chance of developing major engine and transmission problems before hitting 100,000 – 200,000 miles. With that being said a very well-maintained Honda Accord has the potential to last well past 300,000 miles and further before needing any major work.
How much is a 2007 Honda Accord worth today used?
A 2007 Honda Accord EX Sedan 4D has depreciated $409 or 8% in the last 3 years and has a current resale value of $4,232 and trade-in value of $2,296.
What is Honda resale value?
Honda Depreciation
| Year | Depreciation | Residual Value |
|---|---|---|
| 2022 | 22.73% | 77.27% |
| 2021 | 29.25% | 70.75% |
| 2020 | 31.11% | 68.89% |
| 2019 | 34.78% | 65.22% |
What is high mileage for a Honda Accord?
200,000 miles
A Honda Accord that is not maintained well has a much higher chance of developing major engine and transmission problems before hitting 100,000 – 200,000 miles. With that being said a very well-maintained Honda Accord has the potential to last well past 300,000 miles and further before needing any major work.
