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For many people, driving is not a luxury; it is a necessity. The freedom, flexibility, and independence that come with owning a car mean that drivers can get to work, school, appointments, and other services when they need to, without relying on others. However, car ownership is becoming an increasingly burdensome financial commitment for drivers. Gas, insurance, maintenance, and parts costs, not to mention the price of a new car itself, have all increased in the last few years. New cars have become unaffordable for many households. This, in turn, has led to a new-car drought and more consumers shopping for used cars, where value, reliability, and practicality are far more in line with buyer budgets.
The Attractive Affordable Alternative
Buying a used car a few decades ago was often like rolling the dice. Cars were less reliable, parts wore out faster, and warranties were minimal. Fast forward to the present day, and cars are a whole different ball game. The cars we have today have come a long way and are much more robust than those of the past. The internal workings of modern cars are so reliable that the average vehicle has no problem going over 200,000 km with proper maintenance. This means that when you buy a car that is only a couple of years old, you don’t have to worry that you are sacrificing reliability.
On top of that are the savings on insurance. The replacement value of used vehicles is lower than new ones, which means that insurance companies generally charge less for policies to cover them. The premiums may fluctuate depending on the model, driving record, and zip code, but insuring a used car is almost always cheaper than one straight from the dealership. That can provide a nice boost in terms of a driver’s monthly take-home.
But if there’s one factor above all others, it’s price. Cars lose their value almost as soon as they roll off the lot; they depreciate by about 10% in the first month and up to 20% in the first year, CARFAX data shows. After that, the decline levels off. Buying a vehicle that is a few years old means that the buyer’s payments can let the previous owner take that initial loss in value while also enjoying a dependable ride at a lower sticker price.
For shoppers searching for reliable used vehicles that deliver strong value, two standout models frequently top expert lists.
Toyota Corolla (2014–2019)
The new generation of the Toyota Corolla, redesigned for 2014, is roomy, quiet, easy to drive, has good fuel economy, and, in base models, a standard trunk large enough to fit a large suitcase. Although technically a compact car, the Corolla’s cabin is as roomy as a midsize sedan’s, with a decently soft ride and straightforward controls. Plus, the Corolla’s base LX has Bluetooth and LED headlights as standard equipment, making it feel far more upscale than it has in the past, for a car priced to sell. TSS-P, Toyota’s safety suite that adds forward collision warning with automatic braking and lane departure alert with steering assist, became standard on all trims in 2017.
Mazda6 (2014–2021)
If you like the sound of a well-rounded sedan but prefer more oomph when you press the accelerator, look to the Mazda6. It has the Corolla’s roomy cabin, plus a sportier character. The midsize Mazda6 has a nicely balanced four-cylinder engine and drives with gusto. If you want something more engaging than the Corolla, with a good ride and useful available safety tech such as automatic emergency braking, blind-spot monitoring, and rear cross-traffic alert, the Mazda6 is worth a look for less than $15,000. Note that the 2016 model and later are much better insulated from road noise and have a more compliant ride than earlier cars, and 2018 and later models have better interior materials.
Buying used has become more than a cost-savings measure these days. Cars last longer, insurance and maintenance costs are lower, and there are thousands of quality models to choose from. Drivers can have the mobility they need without the expense of buying new.
