New vehicles aren’t cheap, which is probably why you don’t want one. The good news is, that there’s no shortage of reliable used cars that can fit even a tight retirement budget.
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As of January 2024, the average price of a new car was $47,401, according to Kelly Blue Book. Much more affordable, the average list price of a used car that same month was $25,328.
Buying a used vehicle can save you a lot of money. This is especially true if you’re looking for a more affordable vehicle, so you can pay for it in cash.
In the fourth quarter of 2023, the average interest rate for a new vehicle was 7.2%, according to Experian. Notably higher, the average interest rate for used cars was 10.4%.
If you think you’ll have to settle for a new vehicle that’s just okay, you’re mistaken, There’s no shortage of used cars and SUVs that still offer an incredible value.
Many people trade vehicles every few years, just because they want a new one. You can benefit from this by turning a well-maintained, low-mileage vehicle from a reliable manufacturer into an incredible new-to-you buy.
KBB offers many lists highlighting the best used vehicles for your money. Here’s a look at five car options that retirees on a variety of budgets can afford.