To steer away from the economics side of this thread and return to the original question:
94-97 Honda Accords are worth differing prices due to the different models. Lets assume you can find the following models with under 200,000km (lets say 160K-175K).
EXI- no vtec, no leather seats, no sunroof- a very basic car but it will get you from A to B. Price- $2-3K.
VTI- Vtec (F22B1), no leather seats, no sunroof, a gay bumpstop which goes all the way around the middle of the car and looks horrible unless the colour is dark- $3-4K.
VTI-s- Vtec (F22B1) leather seats, sunroof, no gay bumpstop, climate control amongst other things- $5-6K.
these features may differ as some VTI would have had options bought and put on but the above is the basic difference (as well as cruise control but not sure if others have it- i do and I have a vti-s).
Therefore, paying 5-6K for a Honda, with Vtec and some luxury features which still stack up VERY well in comparison to later models is certainly warranted. You will generally have very few problems with a high km Honda (especially VTEC) in comparison to similar other cars around the same age with same km's.
If you compare this to lets say a camry of the same age, you may get it for around 1-2K cheaper or more, but it will still look like an ugly as **** 94-97 camry and will be bog standard. It'd be equivalent to getting an EXI which are very very standard...
My opinion- if you want a car that will go the distance, look good, have some nice features which are as good if not better than most newer cars and can find a clean VTI-S preferably (if not a VTI) then I'd say do it.
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