How to find the best used car for the money

Used auto prices down 2.4% since last month

Buying a used car has typically been considered a smart way to save by avoiding the steep depreciation costs that go hand in hand with new cars.

However, a limited supply of new cars and trucks due to the ongoing chip shortage caused demand for used cars to skyrocket, pushing prices much higher and reducing the value of buying pre-owned.

Now, although costs have cooled slightly, older cars are still sought after and priced accordingly.

To get the best bang for your buck, a recent iSeeCars study analyzed more than 2 million cars to see which used models are priced the lowest and offer the longest remaining lifespan. The report then ranked those models based on the cost per remaining mile calculation to determine which used cars are the best deal.

The 10 best used cars for the money

The average price of the 10-year-old cars and trucks in the top 10 is just $11,819, with over 105,000 miles remaining, the report found — or more than 47% left of their lifespan.

“Shoppers can buy a 10-year-old car that costs substantially less than 1- to 5-year-old used models, yet these vehicles still have 80,000 or more miles of life left in them,” said Karl Brauer, executive analyst for iSeeCars.com.

“Some, like the Toyota Prius, Toyota Avalon and Honda Ridgeline, have more than 125,000 miles to go.”

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Among 5-year-old cars and trucks, the Honda Fit topped the list, costing $18,486, on average, with a remaining lifespan of over 150,000 miles — or almost 75% of its total life, followed by the Civic and Prius.

Overall, five Toyotas made the top 10 list of best 5-year-old used cars for the money, also 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 lifespan of more than 100,000 miles, as well as 5-year-old models priced between $18,000 and $26,000 with an average remaining lifespan of more than 150,000 miles.  

Top tips for buying a used car

Source: https://www.cnbc.com/2022/12/27/how-to-find-the-best-used-car-for-the-money.html