Maruti Suzuki Swift. Maruti Suzuki Alto Toyota Innova. Mahindra Scorpio. Hyundai Santro. Maruti Suzuki Omni. Hyundai Grand i Mahindra Bolero. Honda City.
Maruti Suzuki Wagon R. Tata Indica. Hyundai i Hyundai Verna. The capable, compact Crosstrek underwent a redesign in , which makes earlier models even more affordable than they would have been. I f you want a pre-owned car that's quite affordable now and you're not worried about re-re-sale price later, consider what DeLorenzo calls a "trendy, odd-ball vehicle" like the Nissan Cube or the Kia Soul. As long as you plan "to hang onto it for a long time, they're cheap but don't have much in retained value," he said.
Read more: 50 once beloved cars that have been discontinued. And as DeLorenzo explains, " If you're an urban dweller and have access to a garage with a plug, you might also check out a used EV. The prices are really low, and while many of them have less than mile ranges, if you just need a town car, it's a perfect option.
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New cars depreciate much faster than used cars. After that, depreciation still happens, but at a slower rate. Even further savings can be made if you purchase an older vehicle.
Vehicle models depreciate at different speeds. Luxury sports vehicles, for instance, have a high rate of depreciation because the typical buyer always wants the newest model. Vehicles considered reliable depreciate the slowest.
Currently, the Jeep Wrangler, Toyota Tacoma, and Nissan Frontier have some of the lowest five-year depreciation figures on the market. Conversely, vehicles that have had recalls or are known to be expensive to repair have extremely high depreciation. While you may find a bargain, you must carefully consider the cost of ongoing repairs when buying one of these models. Modern cars are, on the whole, extremely reliable even as they age.
A five-year-old car may only suffer a major problem every three years while a year-old car is likely to encounter a problem every 18 to 20 months. For instance, in , electronic stability control was mandated for all cars, and side curtain airbags became standard in most vehicles.
Backup cameras were available on many models. Newer vehicles often have better mileage, too, which can save you money in the long run. And you often find more gadgets and better stylistic choices in newer model years.
The best age for purchase of a used car is highly subjective and comes down to your priorities. Purchasing a used car that is just years old is a massive saving on new car prices and you get a virtually new car. But if you are willing to potentially sacrifice on styling and features, a five-year-old vehicle offers even more dramatic savings and is unlikely to cost much more in annual maintenance.
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