But with the ongoing chip shortage limiting the supply of new cars and trucks, demand for used cars surged, driving prices up significantly and making used cars less valuable to buy.
Although costs have dropped slightly now, older cars are still popular and priced accordingly.
To maximize cost-effectiveness, a recent iSeeCars study analyzed over 2 million cars to see which pre-owned models had the lowest prices and the longest remaining lifespans. The report then ranked these models based on their remaining mileage calculations to determine which used car was the best bargain.
10 best used cars for money
The number one, 10-year-old Chevrolet Impala costs about $9,700 and has a life expectancy of about 120,000 miles.
Toyota’s Prius is the next best thing, with up to 130,000 miles of range for under $14,000 and significantly lower fuel costs.
Other top contenders included a range of sedans, SUVs, minivans and pickup trucks, including the Kia Sedona, Dodge Grand Caravan, Honda Ridgeline and Ford Fusion.
Ten-year-old cars and trucks in the top 10 averaged just $11,819 with over 105,000 miles remaining.
“Shoppers can buy 10-year-old cars that are significantly cheaper than 1- to 5-year used models, yet these cars still have over 80,000 miles of life left on them. iSeeCars.com.
“Some of them have over 125,000 miles on them, like the Toyota Prius, Toyota Avalon and Honda Ridgeline.”
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Among the five-year-old cars and trucks, the Honda Fit tops the list, with an average cost of $18,486, more than 150,000 miles of remaining life (that’s almost 75% of its total life), and the Civic and Prius. followed.
Overall, five Toyota vehicles, including Camry, Corolla and Avalon, made it into the top 10 best 5 year old cars.
This report examines 10-year models priced between $9,000 and $19,000 with a life expectancy of over 100,000 miles and 5-year models priced between $18,000 and $26,000 with a life expectancy of over 150,000 miles. did. miles.
Top Tips for Buying a Used Car
According to Ivan Drury, insight director at car shopping comparison site Edmunds, the standard advice is to check for excessive wear and tear, request a history report on the car, and bring the car to a repair shop for an inspection. Beyond. He provided the following five tips for anyone in the used car market.
1. Mileage is a myth. “Don’t be afraid of the 100,000 mileage marker on your odometer,” says Drury. “100,000 miles is no longer the mileage threshold it used to be,” because durability has improved so much over the last decade.
“The value of a used car doesn’t fall off a cliff at 100,000 miles,” he said. “Instead, they continue a very linear decline in value, up to 100,000 and all the way to 150,000.”
2. Being “basic” has the following benefits: Drury says choosing a model that is widely available can be an advantage when buying a used car.
“Once you buy a mainstream mass-produced model, you are almost certain to be near a dealer or repair shop that is familiar with that model and has readily available replacement parts for repairs, making maintenance easier and more affordable. will,” he advised.
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3. Stick with what you know: Likewise, buying from a brand you’ve had a positive experience with may give you more peace of mind than buying something else that might save you money upfront.
4. Check the comp. Look up marketplaces like Edmunds, CarMax, Facebook Marketplace and Craigslist for comparable models, or older model years of the same car, to see which models can actually go the distance, he said. rice field.
“Even if you’re looking at something like a 2015 model, research even older model years for that vehicle to see how many miles other people have racked up and price for future projections of value retention.” Check it out,” Drury advised.
5. Prepare to jump on the bargain: With demand still strong, it’s only weeks before a low-priced used car goes on sale. So be prepared to act quickly.
According to Edmunds data, a five-year-old $25,000 car lasts an average of 39 days on a lot. Ten years ago he reduced this number of days to just 27 days for a $12,000 car.
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