That classic new car smell comes with a hefty price tag — especially now that the average price of a new car is nearing $50,000. Fortunately, budget-conscious shoppers can find great deals on used cars and save some serious cash.
The average cost of a used car is more manageable at $27,000, even in a market that has interest rates hovering just under 12%. Here are seven used cars that are just as good as the new models.
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1. Best Compact: Toyota Corolla
The Toyota Corolla has everything a used car buyer loves–it’s practical and dependable. Available in sedan and hatchback body styles, this compact car offers plenty of cargo space, room for five, and great gas mileage. The Corolla is a solid choice for used car shoppers, and the 2019 model year received top marks for reliability and styling. Steer clear of the 2009 and 2014 models, as owners have reported a number of issues that could lead to costly repairs.
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2. Best Electric/Hybrid: Toyota Prius
Toyota introduced the Prius to the U.S. market in 2000, making it the first factory-assembled hybrid vehicle available in the country. Like other Toyota cars, the Prius has a loyal following, namely because these environmentally friendly cars are roomy and come with a number of convenient features.
They’re still popular used vehicles, and the 2020 model stands out because of its exceptional gas mileage and higher-than-average reliability rating. Be wary of a 2010 or 2011 model, as these years have a significant number of owner complaints.
3. Best Luxury: BMW 2 Series
The BMW 2 Series is a sporty luxury coupe that first hit the market in 2014. Overall, it’s been a fairly reliable vehicle–the number of complaints from owners tends to be lower than other vehicles. Carfax reports that 92% of the BMW 2 Series vehicles in its records have a verified service history, and well over half of the vehicles have belonged to one owner and have never been in an accident.
Cars in the 2019 model year have high satisfaction ratings from owners, making them a good choice for used car buyers. That said, owner satisfaction appears lowest for the 2017 and 2021 model years.
4. Best Mid-size Sedan: Honda Accord
The Honda Accord holds a special place in automotive history. It was the first car produced in the United States by a Japanese automaker when it debuted here in 1982. Americans loved the Accord, and it was the best-selling car in the country from 1989 to 1991 and then from 2013 to 2015.
Owners praise the car’s roomy interior, excellent gas mileage, handling on the road, and reliability. A 2019 model is usually a good find, but the 2003 and 2008 models have the highest number of owner complaints.
5. Best Performance Car: Ford Mustang
The Ford Mustang appeared on the scene in 1964, making it the oldest model on this list. It’s distinctive style and engine rumble have appealed to generations of fans, and it’s lengthy history means you have plenty of style options when choosing the original pony car.
The 2014 model is a top choice for many drivers, as it’s the final year in the production run that introduced the Coyote engine. If you fall in love with an older Mustang, be sure to have it fully inspected, as drivers often pushed these cars to their limits. The 2005, 2006 and 2010 model years have been problematic for some owners, with high numbers of complaints.
6. Best Overall: Toyota Camry
It should be no surprise to see a Toyota take top honor on a list of used cars that are just as good as the new ones. This midsize offering has one of the most consistent styles over the course of its 40-year run, and it has a roomy trunk with fold-down rear seats similar to what you see in a crossover vehicle. Best of all, it’s economical and safe to drive. The 2021 Camry is a standout, with high reliability ratings. Be wary of a 2007 or 2009 model, which have a significant number of complaints about the drivetrain and electrical components.
7. Best Car Under $15,000: Honda Civic
The Honda Civic can be a great deal if you’re looking for a used car that’s fun to drive, safe and won’t break the bank. Not only do these cars have excellent reliability ratings, but they also get good gas mileage. At just over $13,000, a 2014 Civic is a great buy. Not only did it receive a great reliability score, but it also earned top marks from the Insurance Institute for Highway Safety.
You may want to stay away from the 2006 and 2016 model years since they’ve had a number of complaints from owners. In fact, the National Highway Traffic Safety Administration reported problems with cracked engine blocks in the 2006 model.
The Benefit of Buying a Used Car
The advantages of buying a used car extend beyond the sale price and potentially lower payments. Your new-to-you vehicle should depreciate less than a brand-new car, and you may worry less about minor dings and paint scratches that come with everyday use. As an added bonus, a used car can be cheaper to insure.
Your used car may not come with a warranty, so you want to avoid a car that will need costly repairs that can erode the savings. This is why it’s important to do your homework before buying a used car.
How Many Miles Is Too Many for a Used Car?
As a rule, people used to avoid used cars with more than 100,000 miles on them. Thanks to advances in technology and better materials, these high-mileage vehicles typically have plenty of life left in them. In fact, there are cars and trucks going strong with more than 200,000 miles on them if they are well-maintained. However, aging vehicles will likely need repairs. Look for a car with fewer than 120,000 miles –and make sure it’s in good condition–if you’re planning to drive it for a while.
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