Buying a used car has generally been seen as a smart way to save money by avoiding the high depreciation costs that come with new cars.
However, a limited supply of new cars and trucks due to the continued shortage of chips has caused the demand for used cars to skyrocket, pushing prices much higher and the reduction in the value of second-hand purchases.
Today, although costs have come down, slightly older cars are still wanted and priced accordingly.
To get your money’s worth, a recent iSeeCars study analyzed over 2 million cars to see which used models are the cheapest and have the longest remaining life. The report then ranked these models based on the cost-per-mile-remaining calculation to determine which used cars are the best deal.
The 10 Best Used Cars for the Money
In the No. 1 spot, a 10-year-old Chevrolet Impala costs around $9,700 with an average remaining life of nearly 120,000 miles.
The Toyota Prius is the second-best deal, with up to 130,000 miles of drivability for less than $14,000 – plus dramatically lower fuel costs.
Other top competitors – such as the Kia Sedona, Dodge Grand Caravan, Honda Ridgeline and Ford Fusion – included a line of sedans, SUVs, minivans and a pickup truck.
The average price of 10-year-old cars and trucks in the top 10 is just $11,819, with more than 105,000 miles remaining, according to the report, or more than 47% of their lifespan.
“Buyers can buy a 10-year-old car that costs significantly less than 1- to 5-year-old used models, but those vehicles still have 80,000 miles or more of life,” said Karl Brauer, executive analyst for iSeeCars. com.
Some, like the Toyota Prius, Toyota Avalon, and Honda Ridgeline, have over 125,000 miles to go.
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Among 5-year-old cars and trucks, the Honda Fit tops the list, costing $18,486 on average, with a remaining life of over 150,000 miles, or almost 75% of its total life , followed by the Civic and the Prius.
Overall, five Toyotas made the 10 Best Used Cars 5-Year-Old-For-The-Money list, including the Camry, Corolla and Avalon.
The report looked at 10-year-old models priced between $9,000 and $19,000, with an average remaining life of over 100,000 miles, as well as 5-year-old models priced between $18,000 and $26,000 with an average remaining life of over 150,000 miles. .miles.
Top tips for buying a used car
Beyond the usual advice to check for excessive wear, request a vehicle history report and take the car to a repair shop for an inspection, according to Ivan Drury, director of information at the shopping comparison website. of Edmunds cars. He offered these five tips for anyone in the used car market.
1. Mileage is a myth: “Don’t be afraid of the 100,000 kilometer marker on your odometer,” Drury said. Because durability has improved dramatically over the past decade, “100,000 is no longer the mileage threshold it used to be.”
“The value of used cars doesn’t fall off a cliff at 100,000 miles,” he said. Instead, they continue to follow a very linear reduction in value up to 100,000 and beyond, almost down to 150,000.
2. Being “basic” has its advantages: Going with very popular models has an added advantage when it comes to buying a used car, Drury said.
“Buying high-volume consumer models almost guarantees you’ll be near a dealership or repair shop that knows your model and has spare parts readily available for repairs, which translates through easier and more affordable maintenance,” he advised.
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3. Stick to what you know: Likewise, buying from a brand you’ve had a positive experience with might give you more reassurance than buying something else that might save you money initially “but stresses you out every time. time you start your car,” Drury said.
4. Check the compositions: Check out comparables — or older model years of the same vehicle — on marketplaces like Edmunds, CarMax, Facebook Marketplace and Craigslist to see which models are truly capable of going the distance, he said.
“Even if you’re looking at something like a 2015 model year, research even older model years of this vehicle to see how many extra miles others have racked up and their prices for future value retention predictions,” Drury advised. .
5. Be ready to jump on a bargain: With demand still high, low-priced used vehicles won’t take more than a few weekends to sell out, so be prepared to act quickly, he said.
A five-year-old $25,000 car will only last 39 days in the field, on average, according to Edmunds data. For a 10-year-old $12,000 car, that number drops to just 27 days.
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