March 26, 2009
2007 Honda Fit LX; bottom photo by Chris Chase. Click image to enlarge
You won’t be surprised to learn that the Fit’s resale values are higher than those of Korean-built competitors like the Hyundai Accent and Kia Rio. It says something, too, about the first-gen Fit’s desirability that it has held onto resale value better than the Toyota Yaris.
According to Canadian Red Book, used Fit values range from $11,175 for a 2007 DX to $16,575 for a 2008 Sport model. A used Yaris four-door hatch runs between $10,975 for a 2007 LE and $15,200 for a 2008 RS. Of the Accent and Rio, the four-door Rio is the closer competitor; it comes in with the lowest values, ranging from $7,650 for a 2007 EX to $12,400 for a 2008 EX Sport.
If you’re looking for a cheap way to get into a Fit, don’t hold your breath. The DX model was something of a loss-leader: Honda didn’t import many, so the mid-level LX, with its standard air conditioning and power accessories will be much more common.
The Fit is a great little car, but I’d suggest that paying the premium for it is only worth it if you think you’ll make regular use of its exceptional cargo space. If all you want is basic transportation, then consider the cheaper Yaris or an Accent or Rio. The Koreans came with a generous warranty, so while their reliability (actually quite good since a 2006 redesign) isn’t quite a match for that of the Fit or Yaris, you’ll make out okay considering the lower purchase price and the extra warranty coverage.
Just a thought to help you find the used car that’s the best – ahem – fit.
Red Book Pricing (avg. retail) March 2009:
2007-2008: On certain vehicles, the wire harness for the Occupant Detection System (ODS) and the Occupant Position Detection System (OPDS) is routed underneath the carpet on the driver’s side floorboard. In areas where road salt is used, salt from the snow on the driver’s shoes will melt and may penetrate the carpet and leak into the wire harness. If the harness is exposed to salt brine, corrosion may occur and the wire may break causing the Safety Restraint System (SRS) indicator light to illuminate. A failure of the ODS and OPDS may not detect the presence of a child seat or an out-of-position passenger and deployment of both the front seat passenger’s frontal and side airbags will not be suppressed. In the event of a crash, a deploying front passenger airbag or front passenger’s side airbag will increase the risk of injury to small or out-of-position occupants. Correction: Dealers will inspect the wire harness. If there is no corrosion, the harness will be re-insulated; if corrosion is evident, the wire harness will be replaced.
Crash test results
Used vehicle prices vary depending on factors such as general condition, odometer reading, usage history and options fitted. Always have a used vehicle checked by an experienced auto technician before you buy.
For information on vehicle service bulletins issued by the manufacturer, visit www.nhtsa.dot.gov.
For information on consumer complaints about specific models, see www.lemonaidcars.com.