Albany area drivers in need of a practical and fuel-efficient small car have a handful of highly competitive options available, and one of the best ways to know if one is a better investment than another is to look at the residual value. So how does the 2016 Hyundai Accent residual value stack up to a top competitor like the 2016 Honda Fit? We put these two hatchbacks side by side to give you an idea of which one might be a better way to spend your money.
But first, do you know what residual value is and why it matters? If you do, go ahead and jump down to our comparison.
Defining Residual Value
The old saying that a car loses half its value when you drive it off the lot is a lie, but it’s based in a truth: Your car starts depreciating immediately. A car’s residual value is the amount of its initial purchase price that remains after a given time, expressed as a percent of that initial price.
Now, you might ask how this would help you when buying a new car, but groups like ALG and Kelley Blue Book calculate estimated residual values based on the current auto market, the history of the vehicle, and its features to give you a projection of what a vehicle’s residual value could look like.
The Fit Offers True Value
It can be tough to know just why one vehicle has a residual value that’s higher than another—ALG and Kelley Blue Book don’t often disclose the specifics of their estimates—but in general the brand’s history, the amenities and fuel economy of the vehicle, and the car’s overall versatility contribute greatly to its residual value.
So, how do the Accent and the Fit compare?
- The 2016 Hyundai Accent Hatchback SE residual value comes in at 46% for 36 months and 30% at 60 months.
- The 2016 Honda Fit LX CVT, on the other hand, has an ALG residual value of 59% at 36 months and 44% at 60 months.
See a Honda Fit in Action
The difference seems clear enough to us, but we want to show you what the 2016 Honda Fit feels like on the road—and why we call it one of the sportiest subcompact cars around. Visit a Capital Region Honda Dealer today to learn more about the Fit and take it for a test drive.