Nowadays, crossover SUVs are the hottest things in the automotive market. On the other hand, Sedans seem to have taken the backseat, and some people even predicted their demise. While they’re certainly not as popular as before, sedans are here to stay and for quite a while – as demonstrated by the venerable Honda Accord.
Midsize sedans are still one of the more practical commuters in the United States. However, some might be compelled to sell or trade their 2014 Honda Accord with its fading popularity. So how much is a 2014 Honda Accord worth?
If you’re looking to trade in your old 2014 Honda Accord, now may be the best time to do it. Why is it the best time to trade or sell a used vehicle? What are the factors considered when calculating trade-in value? Which tools can you use to estimate your Accord’s trade-in value? We’ll answer these questions and more below.
Why It’s the Right Time to Trade In Your 2014 Honda Accord
If you’ve looked up the prices of cars recently, you’ll know that vehicle prices have skyrocketed and hit record highs. Not exactly a surprise considering the ongoing COVID-19 pandemic, the semiconductor chip shortages, and Russia’s invasion of Ukraine.
In February 2022, the U.S. Bureau of Labor Statistics released the Consumer Price Index News Release, and one of the most interesting data is that buyers spent 12.2% more on new cars. However, that doesn’t even compare to the used car market, where buyers forked out a whopping 40.5% more for used cars, SUVs, and trucks compared to the previous year.
Furthermore, popular car-shopping site Edmunds.com performed a study and found out that a staggering 82.2% of new car purchases were above the official retail prices. Comparing that percentage with 2.8% in January 2021 and 0.3% in January 2020 paints a clear picture of how much the market has gotten worse within just a few years.
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Are Car Prices Ever Going Down?
Car prices are slowly coming down from the record highs we experienced earlier this year. According to a CNBC report, used car prices are decreasing from record highs and easing the impact of inflation. Based on the report, wholesale vehicle prices have dropped 6.4% since January.
Although vehicle prices have been consistently declining since March, car prices are still relatively high compared to last year. In fact, the index remains 14% higher than last year.
On a related note, ABC also reported that used car prices are on the decline. However, high-demand vehicles remain expensive, especially the hybrid models. No thanks to high gas prices, hybrid cars like Toyota Prius and Kia Sonata have their prices increased by 40%.
Why Trade In Your 2014 Honda Accord Now?
If you’re reading this post now, there’s a good chance that you’re asking the question: how much is a 2014 Honda Accord worth? As it turns out, there’s no better time to trade in or sell your 2014 Honda Accord than now. While buyers struggle with inflated purchase prices, used car sellers can potentially capitalize and earn profits with the current market state. Thus, the same forces that work against you as a buyer will for you as a used car seller.
As you can see, car prices have hit record highs. Although prices are falling, the decline isn’t all that fast and dramatic to warrant any significant impact. Therefore, used car sellers are in a unique position to make more money towards a new car or pay off their lease contracts.
If you can, sell your used Honda Accord to a private party to get more money for the transaction. However, selling or trading with a dealership is also a solid choice. Car dealers are hurting to sell more cars, so you may be able to negotiate an excellent deal for your old Accord.
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What Affects Your 2014 Honda Accord’s Trade-In Value?
Before we estimate how much is a 2014 Honda Accord worth, let’s first take a look at the factors that affect its trade-in value.
- Vehicle mileage – One of the most significant factors that affect trade-in value is your vehicle’s odometer reading. According to the U.S. Department of Transportation, the average American drives 13,476 miles per year. If your Accord has a higher odometer reading based on its age, its value may drop.
- Maintenance – Keeping up with your maintenance schedules is a great way to preserve your vehicle’s value. A poorly maintained Accord will command a significantly lower price than a properly maintained one.
- Exterior and interior condition – Even minor scratches, dings, and dents will hurt the value of your vehicle. Additionally, interior issues like broken tech, damaged/stained upholstery, and faulty A/C system will also decrease your Accord’s value.
- Vehicle options – The more bells and whistles your Accord has, the higher its value. Think of features like automatic transmission, power windows, sunroofs, leather seats, premium sound system, etc.
- Market condition – In addition to the factors specific to your vehicle, market conditions may also affect the trade-in value, such as supply and demand. In this case, used cars are in high demand, thus increasing their value by as much as 30%.
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Determining Your 2014 Honda Accord’s Trade-In Value
How much is a 2014 Honda Accord worth? Use the following tools to help calculate your used vehicle’s trade-in value.
Consumer Reports’ Car Value Estimator is a simple tool that gives a rough estimate of your vehicle. The options to customize the vehicle profile are pretty limited, but we’ve found that it’s relatively accurate. Using this tool, the average trade-in value for the 2014 Honda Accord EX Sedan with a satisfactory condition and 50,000 miles is $16,265.
Another popular tool to calculate trade-in value is Kelley Blue Book’s My Car’s Value Tool. It’s a more versatile tool with plenty of options to customize your Accord’s profile. Using the tool, the average trade-in value of the 2014 Honda Accord EX Sedan with 50,000 miles is $15,536.
Finally, the best tool to determine if you’re in for some profits is CoPilot’s Hidden Profit Calculator tool. It’s a unique tool that calculates the Real-time Market Value Breakdown and compares it with the closest bids within your area. This lets you know if you could earn top dollars for your used Accord. Sign up for a CoPilot account to unlock the offers.
Get a Curated List of the Best Used Cars Near You
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