Buying a used car is usually considered a smart way to save since it avoids the steep depreciation costs of new cars.
Due to a limited supply of new cars and trucks, demand for used cars skyrocketed, pushing prices much higher and reducing the value of buying pre-owned.
Older cars are still sought after even though costs have come down.
To get the best bang for your buck, a recent i SeeCars study analyzed more than 2 million cars to see which used models are the cheapest and have the longest remaining lifespan. The cost per remaining mile calculation was used by the report to rank the models.
A 10-year-old Chevrolet Impala costs about $9,700 and has an average lifespan of more than 100,000 miles.
Up to 130,000 miles of drivability left to go for less than $14,000 is what makes the Toyota Prius the best deal.
A range of sedans, SUVs, minivans and a pickup truck were among the top contender.
The average price of the 10-year-old cars and trucks in the top 10 is $11,819, with over 105,000 miles remaining, which is less than half of their lifespan.
Karl Brauer, executive analyst for i See Cars.com, said that shoppers can buy a 10-year-old car that costs substantially less than 1- to 5-year-old used models.
The Toyota Prius, Toyota Avalon and Honda Ridgeline have more than 100,000 miles on them.
Interest rate hikes have made financing a car more expensive and harder to find.
The Honda Fit cost $18,486 and had a remaining lifespan of over 150,000 miles, making it the most expensive car and truck on the list.
Five Toyotas made the top 10 list of the best 5-year-old used cars for the money.
The report looked at 10-year-old models with an average remaining lifespan of more than 100,000 miles and 5-year-old models with an average remaining lifespan of more than 150,000 miles.
Asking for a vehicle history report and bringing the car to a repair shop for an inspection is a way to check for excess wear and tear. There are five tips for buying a used car.
This is the first thing. "Don't be afraid of the 100,000 mileage marker on your odometer." 100,000 is not the mileage threshold that it used to be.
He said that used car values don't fall off a cliff. They continue to follow a very linear reduction in value up to 100,000.
There are two When buying a used car, going with popular models has an advantage.
He said that buying a mainstream, high-volume model almost guarantees you will be near a dealership or repair shop that is familiar with your model and has replacement parts readily available for repairs.
There are three. Buying from a brand you've had a positive experience with could give you added reassurance compared to purchasing something else that might save you money upfront.
There are four. If you want to see which models are really capable of going the distance, you can check out the comparables on the marketplaces.
If you are looking at a 2015 model year vehicle, you should research the older model years to see how many miles others have racked up and their prices for the future.
There are five. He said to be prepared to act quickly because lower priced used vehicles will not make it more than a few weekends before selling.
The average lifespan of a five-year-old car is 39 days. A 10-year-old can get a car for just 27 days.
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