6 Best Cars for Boomers on a Budget
If you are a boomer, you might be in the market for a new car, but perhaps also on a budget. With many drivers in this generational category, you might be retired or close to retiring, so living off a fixed income and making it stretch is important.
It’s not just the upfront costs or the monthly payment that boomers need to take into consideration — maintenance, insurance and gas mileage are all part of the equation.
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“While the features that make for a good car are generally similar across the board, every driver has unique needs based on their circumstances,” said Nigel Tunnacliffe, the co-founder and CEO of Coastline Academy, the largest driving school in the country.
Luckily, this is a great time for boomers to look for a car, with an ample selection of makes, models and years to fit a number of different budgets.
“For many baby boomers, effective and intuitive safety features, strong fuel economy and durability are among the most desired features, as they are more likely to invest in a car that will serve them for many years to come,” Tunnacliffe said. “Fortunately, all of the features listed above are available at an affordable price, making them a particularly wise choice for baby boomers on a budget.”
Here are some of the best vehicles available for boomers on a budget, as well as ranges for their average manufacturer’s suggested retail price (MSRP).
Subaru Outback
Estimated MSRP: $8,000-$15,000
The Outback can be an incredibly affordable option for boomers on a budget, especially when it comes to the models produced between 2010 and 2014.
“Subaru is an incredibly reliable brand that makes cars that are consistently a lot safer than other cars out there,” said Ben Michael, director of auto at Michael & Associates.
“You can sometimes find used rental cars for great prices, which I think a lot of people don’t even realize is an option,” Michael continued. “Boomers may be able to get Subaru Outbacks and Crosstreks from the current year and past 1-2 years — that’s usually as far back as rental companies will go; they keep their fleets stocked with new cars — for much lower prices.”
Michael cautioned that an Outback might have higher mileage, especially if it’s over ten years old, “but for a lower price and new model, that’s often worth it. Boomers might be in their last few years of driving, so it’s important to get a safe car — and well worth it to spend less money than you would normally on a brand new car,” Michaels said.
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Kia Soul
Estimated MSRP: $21,315-$25,316
“The Kia Soul is a highly reliable subcompact SUV that makes for a perfect family vehicle,” saidTunnacliffe, noting how “it’s enjoyable to drive, as it comes equipped with a variety of modern tech features and smooth handling, while also boasting plenty of cabin space.”
Tunnacliffe pointed out how the Kia Soul “comes at an attractive starting price and maintains long-term value through its good fuel economy and reliability.”
Tunnacliffe is not alone in the love for this Kia model.
Jason Mueller, the marketing manager at A-1 Auto Transport, said the “Soul stands out for its spacious interior and user-friendly technology. It’s an economical option with low running costs, ideal for urban driving.”
“I often see Kia Souls with impressively high mileage on them, and they are built to maintain high performance over these long distances,” Tunnacliffe said.
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Hyundai Elantra
Estimated MSRP: $22,065
“The Hyundai Elantra isn’t just affordable; it’s packed with value,” said Mark Benson, founder of Rev Frenzy. That’s because the 2024 upgrades with the onboard tech are able to match the safety enhancements without driving up the price.
“With safety enhancements and a plush interior, it’s a smart pick for boomers seeking comfort and security on a budget,” Benson added.
Toyota Corolla Hybrid
Estimated MSRP: $23,300-$27,140
The Corolla is an excellent all-around vehicle, remaining affordable while delivering a consistent performance that is at the high end of its class, according to Tunnacliffe.
“It uses both a 1.8-litre Atkinson-cycle 4-cylinder engine and electric motor-generators to deliver excellent fuel economy while maintaining high-level performance,” he said. “One of its major advantages is its 10,000 mile oil change intervals, which cut down maintenance costs for the long term.”
Tunnacliffe shared that Toyota Corollas are used as the main teaching vehicle at Coastline Academy, where they consistently have positive feedback from both students and instructors on the handling of the vehicle.
“It meets our rigorous safety standards while also delivering an enjoyable driving experience, making it a perfect choice for anyone looking for an affordable and consistent vehicle,” added Tunnacliffe.
Ford Maverick
Estimated MSRP: $25,410-$39,945
“The Ford Maverick is unrivaled as a compact truck that offers superior fuel efficiency and handling without sacrificing strong payload (1,500 pounds) and towing (4,000 pounds) capabilities,” said Tunnacliffe, going on to describe how the Maverick “doesn’t require you to make any compromises and comes in a variety of sizes depending on your needs, with the XL and XLT models remaining below $30,000.”
Few other brands can boast of achieving such a balance of convenience, cost-effectiveness and versatility, in Tunnacliffe’s opinion.
“I am a Maverick owner and have found it highly useful for carrying out everyday jobs and for towing my travel trailer,” he shared.
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Honda CR-V
Estimated MSRP: $30,850-$41,550
Robert Resz, the owner of Rad Bronco Parts, said, “This mid-size SUV offers spacious interiors and high reliability. It’s an ideal choice for boomers who require [more space with compromising] on the budget.”
Tunnacliffe seemed to agree and added, “The CR-V is on the slightly more expensive end, [but] it has remained perennially popular among the boomer generation for a reason.”
“[Its] extensive suite of safety features, front- and all-wheel drive capabilities and 190-hp engine make it extremely enjoyable to drive without having to compromise on safety,” Tunnacliffe said. “The base model’s fuel economy is good overall, with the hybrid version allowing for quite significant savings despite a higher up-front cost.”
Photo Disclaimer: Please note photos are for illustrative purposes only and might not feature exact models, base models or the cars’ specific trim levels. As a result, some of the cars in the photos might have different MSRPs than the ones listed in this article.
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This article originally appeared on GOBankingRates.com: 6 Best Cars for Boomers on a Budget
