Our experts share their best used car picks under $20K (2023)

FAQs

How old of a used car is the best deal? ›

What's the “Sweet Spot” for Used Car Age? In retaining “like new” quality and inheriting a slower depreciation rate, the best used car age for buying is 2-3 years. In fact, Americans are saving up to $14,000 on a 3-year-old vehicle.

Regardless of the age of the vehicle, we again found that Carmax is the best bet for a seller looking to get top dollar. The difference in offers is particularly pronounced for vehicles produced in the last six years, as well as those from 2009 and earlier.

What is considered high mileage on a car? Often, 100,000 miles is considered a cut-off point for used cars because older vehicles often start requiring more expensive and frequent maintenance when mileage exceeds 100,000.

What Is the Used-Car Sweet Spot? It's the period after the vehicle's first — and most significant — depreciation and the second steep depreciation, which comes around the fourth year. This pattern is fairly consistent across all vehicles.

The top three cars that have held the most value over the last five years are the Jeep Wrangler, which showed the least depreciation (7%), followed by the Jeep Wrangler Unlimited (8.7%) and the Porsche 911 (14.6%), according to the iSeeCars analysis.

Among the models with the greatest potential lifespan, Toyota Sequoia topped the list, with the ability to travel nearly 300,000 miles, followed by the Land Cruiser, according to a recent iSeeCars study, which analyzed more than 2 million cars over the past 20 years to see which vehicles could last the longest.

Personal finance is personal, but everyone wants a rule to follow. So, when pressed, I would say spend up to 35% of your annual income on a car. This covers most bases. If you only earn $20,000 a year, it gives you a budget of $7,000.

What is the down payment on a 20k car? ›

If your credit score isn't good, however, you're typically required to make a down payment of at least $1,000 or 10% of the vehicle's selling price. This varies by lender, and some may accept the lesser amount. On a $20,000 car, that would be up to $2,000 down.

What Is the Minimum Score Needed to Buy a Car? In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.

Key findings. Carmax offered the highest prices for used cars among its competitors, nearly $1,000 more than both Carvana and Vroom. Between Carmax, Vroom, and Carvana, Carmax offered the highest amount for used vehicles 63% of the time.

Which Is Better: Carvana or CarMax? Carvana is a better option if you look for convenience and ease of use in your purchases and trades. On the other hand, CarMax is ideal for people who want to test drive the car beforehand and who do not mind going to their nearest CarMax location to do it.

Since 1926, Kelley Blue Book has been one of the most trusted names in the auto industry. You might say we literally "wrote the book on car values". And today there's no better place to find the value of your current car than KBB.com.

When buying a used car that's 10-years-old or older, your primary concerns are purchase price and reliability. Don't pay more than that 10-year-old car is worth. And, pick a car with a solid reputation for dependability. No car is really too old if you follow those rules.

While it's a good idea to consider the age of a vehicle and the number on its odometer, it's more important to look at how well the owner maintained the car. A 10-year-old car with 100,000 miles may have received more TLC than a five-year-old model with 50,000 miles.

A wary buyer should use as a general rule of thumb that most cars are driven 12,000-15,000 miles per year. If a vehicle is 10 years of age, it should have between 120,000 miles and 150,000 miles on the odometer.

Classic vehicles might range in age from 10 to 50+ years old, and the term "classic car" may include vintage, antique, and collector vehicles. Ultimately, it depends on the classic car definition used by your state, insurer, or car collecting club — each may have its own age rules.

Most cars that are donated to Kars4Kids are sold in order to generate funds for the charity. In all cases, the proceeds from each sale are then used for Kars4Kids' charity programs. You'll be informed of where we're sending your car, and then we'll arrange a pickup at a time that's convenient for you.

What is the sweet spot to sell a car? ›

30,000-40,000 miles: Most manufacturers' general warranties expire in that range, and the first major maintenance is usually due. Selling before reaching those benchmarks may get you the best price for your car.

The report found that Lexus and Toyota make the most reliable cars, while Jeep and Mercedes-Benz make the ones you can depend on least.

Cars lose the most value in the first year, and depreciation continues for about five years. A car can lose up to 20% of its value in the first year, and over the first five years fall to around 40% from the original price. That means it loses about 15% of the value each year after the first year.

Toyota earns the top spot as the best automaker for dependability. Toyota vehicles are known for their longevity, and they are proven to last longer than any other brand. Toyotas are built so well they have below-average maintenance and repair costs, which helps contribute to why they remain on the road for so long.

If you're shopping for a used car, the early months of the year — January and February — are a good time to ship. You may see more vehicles on the market then as people sell their old vehicles after buying new ones over the holidays. That increased supply can lower prices, making it a good time to buy.

Even with the incredible rise in used-car values, it's still a wise financial move to buy a 3-year-old car instead of a brand-new one. That's because they have many of the same safety and comfort features found in brand-new cars.

Is it OK to buy a 10-year-old car? ›

When buying a used car that's 10-years-old or older, your primary concerns are purchase price and reliability. Don't pay more than that 10-year-old car is worth. And, pick a car with a solid reputation for dependability. No car is really too old if you follow those rules.

New cars are so reliable that, on average, one could be expected to remain trouble free for years at a time. A five-year-old car may encounter a problem every three years. Even 10-year-old cars would only be expected to have a problem every 18 to 20 months on average.

If you're looking for a car that you can keep for many years, then it's important to focus on the vehicle's mileage rather than its age. That's because a car with lower mileage is more likely to last longer and require less maintenance than a car with higher mileage.

There's a general rule you'll want to stick to while looking at the mileage on a potential used car purchase. Lower is better. The average mileage a car accrues per year is 12,000 miles. Given that number, the average 10-year-old car should have roughly 120,000 miles on the odometer.

Generally speaking, a used car with about 12,000-15,000 average miles per year on it is considered average. Consider cars that are three years old with about 40,000 miles on them, or cars five years old with about 60,000 miles on them.

The average car in the U.S. is about 11 to 12 years old, which means most will have 132,000 miles to 144,000 miles on the odometer. Proper maintenance and care could help them hit 200,000 miles or even more.

What is the average life of a car? ›

A conventional car can last for 200,000 miles. Some well-maintained car models will reach 300,000 or more miles total. The average passenger car age is currently around 12 years in the United States. Choosing a well-built make and model can help extend your car's longevity.

At a Glance: As a rule of thumb, a used car should have no more than 12,000 miles for each year since the car was originally bought.

A wary buyer should use as a general rule of thumb that most cars are driven 12,000-15,000 miles per year. If a vehicle is 10 years of age, it should have between 120,000 miles and 150,000 miles on the odometer.