While we all love the smell of a new car and the feeling that comes with driving a brand new vehicle off the lot for the first time, this experience comes with a hefty price tag. While you may not get to choose the vehicle’s details like color combinations or a custom stereo, by purchasing a model that is just 3 years old, you could save as much as 30% to 40% off the cost of a new one. For the money conscious consumer, this is a significant savings.
For those concerned about the quality of a used vehicle, CNN wrote this article that explains how used cars are “certified” only after passing a series of inspections. For more information, the article can be found here.
Once you have seen the value in purchasing a pre-owned vehicle, the next consideration is which one to choose.
CNN Money shared Consumer Report’s Most Reliable Cars. You can read the article in its entirety and see all 18 of their selections here.
Here are 5 of the vehicles Consumer Reports mentioned:
In the Hybrid/Electric Car category, the top pick is the Lexus CT 200h.
Brand new, this compact 5-door hatchback starts at $30,000 with options taking the cost as high as $40,000. If you’re willing to consider a 2011 model, you can find them in the $18,000 – $23,000 price range. According to Rader Car Co., “This sporty car touts 43 mpg city/40 highway. If you’re looking for excellent fuel economy with a luxury feel, this might be the car to consider.”
Their top selection in the compact cars was the Scion xB. While the 2015 model of this boxy, 5-door hatchback starts at over $17,000, you can find the 2012 version in the $12,000 range. Drivers of this car praise it for its EPA-estimated 22/28 mpg city/highway and its ample room considering its compact design.
If you’re looking for a large SUV, the Chevrolet Traverse was Consumer Report’s top choice. If you’re in the market for a large crossover utility vehicle with ample cargo space and an 8-passenger capacity, this vehicle offers 17 mpg in the city and 24 mpg hwy. The 2012 model is currently selling in the $13,000 to $19,000 range down from an MSRP price of $30,995 for the base 2015 model.
The Toyota Tundra V8 2WD was the winner in the Full-Size Pickups category, but the 2015 version has an MSRP price range of $28,410 to $47,875. The 2012 version lowers the price tag to between $22,000 and $29,000 depending on the model. Compared to other vehicles in its class, the Tundra offers a slightly better fuel economy rating at 16/20 mpg city/highway for their V6 model while the V8 engine gets 14/18 mpg. Regular cab models seat up to three people while the Double Cab and Crew Max cab seat up to 6.
If a minivan is your preferred mode of transportation, the Toyota Sienna won that spot. This 8-passenger family-friendly van features front or all-wheel drive, reclining airline style seats, and up to 18 mpg city/25 hwy. The 2015 version carries an MSRP of $28,600 to $40,000, but a 2011 version will bring the price down to closer to $20,000.
As you can see, the numbers clearly show that a significant savings can be found by purchasing a used vehicle and that there are no shortage of them in the pre-owned market.