- A new study examined average used car prices and their estimated remaining lifespans.
- A typical 5-year-old Honda Fit costs $18,336 and is expected to last another 11.6 years.
- The best-value pickup trucks included the mid-size Nissan Frontier and Toyota Tacoma.
Buying a new car certainly has its appeal – the fresh paint, that unmistakable new-car smell, the comforting (if misguided) belief that everything will work perfectly for a long, long time. But for most people, a used vehicle is the far smarter financial choice. A new study set out to determine which used cars, trucks and SUVs offer the best combination of reliability and longevity for the money.
Analyzing data from more than 700,000 used car listings across the United States, along with odometer readings from over 368 million vehicles, the study examined the average price of each model and estimated how many years of life it likely has left.
Read: Top 15 Used Cars With The Biggest Price Drops Of The Year
To account for different budgets, the research focused on two key categories: 5-year-old and 10-year-old used vehicles. Shoppers looking for a 5-year-old model can expect to pay an average of $26,206. Among all the options, one car stood out as the best deal: the Honda Fit, also known as the Jazz in some international markets.
According to iSeeCars, the typical 5-year-old Fit costs $18,336 and has an expected remaining lifespan of 11.6 years. This equates to an average ‘price per remaining year’ of $1,583. This positioned it ahead of the VW Passat at $1,845 per remaining year, the Buick Encore at $1,897, and the Kia Rio 5-Door at $2,023.
The Honda Fit was also the king of 10-year-old used cars, with an average price of $12,169 and a remaining lifespan of 9 years or $1,358 per remaining year.
The study didn’t stop at sedans and hatchbacks, as it also analyzed the cost and longevity of used trucks, SUVs, and hybrids, uncovering some other noteworthy finds.
Trucks And SUVs
Among 5-year-old pickups, the Nissan Frontier emerged as the best value, with an average price of $23,801 and an estimated 9 years of remaining life, working out to $2,640 per year. Other strong performers included the Chevrolet Colorado at $2,645 per year, the GMC Canyon at $2,657, and the Toyota Tacoma at $2,695, essentially a tight race.
At the other end of the spectrum, the Ram 1500 ranked as the worst value, with an average price of $33,350 and only 7.3 years of remaining life, coming in at a steep $4,600 per remaining year.
In the world of 10-year-old trucks, the Nissan Frontier, GMC Canyon, Toyota Tacoma, and Chevrolet Colorado also performed the best.
What About SUVs?
Those in the market for a 5-year-old SUV would be wise to choose between a Buick Encore, Mitsubishi Outlander Sport, Honda CR-V, or Mitsubishi Outlander. Other strong performers among 10-year-old SUVs included the Buick Encore, Jeep Compass, Mazda CX-9, Infiniti QX60, Mitsubishi Outlander Sport, and Volvo XC60.
While this analysis highlights which used cars provide the most years of service for the money, it doesn’t factor in maintenance and repair costs, arguably just as important in determining long-term value. A vehicle might seem like a bargain based on price per remaining year, but if it spends half that time in the shop, it’s hardly a good deal. Prospective buyers should research expected maintenance expenses before making a final decision.
