10 New and Used Cars That Will Help You Save Money in Retirement
While a life of public transportation, bicycles and walking might suit some retirees, it’s not for everyone. If you need a car, it’s important to choose one that’s reliable, safe and affordable — especially if you’re on a fixed income or just don’t want to spend a lot of money.
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Whether you’re looking for a new or used vehicle, here are some options to consider that can also help you keep costs low in retirement, according to experts. Average prices and mileage per gallon are from Kelley Blue Book and CarGurus.
Toyota Yaris
Average cost: $16,000 (used)
Average combined mpg: 36
“Known for its exceptional fuel efficiency and reliability, the Toyota Yaris is a smart choice for retirees looking to minimize running costs,” said Joe Giranda, an automotive expert and the director of sales and marketing for CFR Classic. “Its compact size makes it easy to handle in urban environments, and Toyota’s reputation for reliability means lower maintenance costs over time.”
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Toyota Rav4
Average cost: $16,000 (used) to $28,475 (new)
Average combined mpg: 30
“The Rav4 is one of the more affordable SUVs. It has intuitive features that make it easy for retirees to adjust to driving it. Many seniors find it easier to get into and out of a taller vehicle, and the Rav4 sits at an ideal height for many,” said Melanie Musson, an automotive industry expert with Car Insurance Comparison.
Toyota is also known for making vehicles that last a long time and that are reliable, which is good for anyone who wants something that will get them through most of their retirement years.
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Honda Civic
Average cost: $9,000 (used) to $23,950 (new)
Average combined mpg: 36
“The Civic’s reputation for reliability, coupled with its fuel efficiency, makes it an excellent investment for retirees,” Giranda said.
If you get a vehicle that was made within the past five or so years, it also should come equipped with safety features, like the Honda Sensing suite, for added peace of mind.
Ford Maverick
Average cost: $23,400 (new)
Average combined mpg: 37
If you’re looking for a reliable truck, consider the Ford Maverick.
“The Ford Maverick is the most affordable truck in the country,” said Lauren Fix, automotive expert with the Car Coach Reports. “The base XL model’s 2.5-liter hybrid four-cylinder engine gives the Maverick 191 horsepower and up to 37 miles per gallon combined. Buyers looking for a bit more capability can always move up to the turbocharged option and/or the off-road Tremor trim.”
Subaru Impreza
Average cost: $22,995 (new)
Average combined mpg: 25
While the gas mileage might not be as impressive, the Subaru Impreza is still a reliable vehicle, especially for retirees living in areas with variable or harsher weather conditions. It also has an overall high safety rating.
Keep in mind that you’ll have to pay extra for a continuously variable transmission as opposed to the standard manual. This, according to Fix, adds the Subaru Eyesight active safety feature. It also comes with all-wheel drive at no additional cost.
Subaru Forester
Average cost: $11,999 (used) to $32,714 (new)
Average combined mpg: 28
“For retirees needing more space and versatility, the Forester provides excellent visibility, all-wheel drive as standard, and robust safety features,” said Rob Dillan, automotive expert and the founder of EVhype. It also has a respectable fuel economy.
Giranda pointed out that the Subaru Forester is also a solid choice for retirees who enjoy lots of outdoor activities and who need more cargo space.
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Toyota Corolla
Average cost: $12,999 (used) to $24,995 (new)
Average combined mpg: 33
“The Toyota Corolla remains one of the most affordable cars in the class with a low starting price,” Fix said. “Standard equipment on the base LE model includes a 169-horsepower four-cylinder engine, an 8.0-inch touchscreen display with Apple CarPlay, and Toyota Safety Sense 3.0. It has a smooth ride comfort, high-quality interior and comprehensive list of advanced safety features.”
The Corolla also has relatively low maintenance costs, a major perk for anyone who doesn’t want to get saddled with a lot of financial upkeep.
Hyundai Elantra
Average cost: $22,775 (new)
Average combined mpg: 34
“Offering one of the best warranties in the business, including a 10-year/100,000-mile powertrain warranty, the Elantra is a smart pick for those concerned with long-term reliability and unexpected repair costs,” Dillan said.
It’s also reasonably priced, even when purchased new.
Hyundai Venue
Average cost: $19,650 (used)
Average combined mpg: 31
Another option for SUV lovers is the Hyundai Venue.
“Hyundai’s smallest SUV, the Venue, packs a lot into a very compact package,” Fix said. “It excels at everyday tasks and is comfortable enough to take on a road trip. It’s a great value and comes with most of the latest safety and technology features.”
It also has a roomy interior.
Honorable Mentions
A few other vehicles worth checking out include:
Toyota Prius — $15,590 (used)
Honda Fit — $17,945 (new)
Kia Soul — $19,990 (new)
Subaru Legacy — $26,015 (new)
Nissan Versa — $16,530 (new)
Key Features To Consider When Buying a Car
If you’re retired and buying a car, the last thing you want is a hefty price tag or a ton of maintenance. To keep costs down and ensure you have a reliable ride, here are a few things to consider:
Safety: “When retirees look for a vehicle, they need to think about safety first,” Musson said. “Safety features can make the difference between life and death, and it’s worth it to pay a little more for a vehicle with a better safety rating.”
Reliability: “Retirees should also consider the reliability of a vehicle,” Musson said. “If you’re living on a tight budget, you can’t afford a vehicle that’s going to need maintenance frequently.”
Fuel economy: Choose a vehicle with high fuel efficiency to minimize the cost of gasoline.
Auto insurance: Insurance is a key expense when it comes to car ownership. The make, model and year of your vehicle can affect your premium. Certain cars have higher insurance costs — particularly those that are frequently the target of theft.
Total cost of ownership: “Beyond the sticker price,” Dillan said, “considering insurance costs, depreciation and expected maintenance can help retirees make a financially sound car purchase.”
“Ultimately, the most budget-friendly vehicles are those that are durable, reliable and affordable to fix and maintain,” said David Straughan, senior automotive journalist at MarketWatch Guides. “Japanese cars like Toyotas and Hondas typically fit this description and have reputations for lasting a very long time.
“Also, keep in mind that cars in general have become a lot safer in recent years, thanks to advanced safety features and improvements in design. In general, cars from the mid-2010s (2013-2017) are now in a bit of a sweet spot for age, affordability, mileage and technology.”
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