14 Best Used Cars for Retirees to Buy in 2024
This article takes a look at the 14 best-used cars for retirees to buy in 2024. If you wish to skip our detailed analysis on driving into retirement, you may go to 5 Best Used Cars for Retirees to Buy in 2024.
Driving into Retirement
If you're entering retirement or are already retired, it's very likely that you own a vehicle. However, as you embark on this new chapter of life, it's worth considering whether your current vehicle is the optimal choice for you during your golden years. As we explore the many options that might suit retirees like you during this precious period of your life, one crucial insight stands out: your primary desire in a car is unwaveringly focused on reliability.
Renowned for this very aspect, several prominent automobile brands have solidified their places at the pinnacle of the automotive industry. Some of these brands include Honda Motor Co., Ltd. (NYSE:HMC), Toyota Motor Corporation (NYSE:TM), Mercedes-Benz, and Ford Motor Company (NYSE:F), to name a few. Standing the test of time, these brands have been more reliable than the newer technologies coming in these days. According to Consumer Reports' 2023 Auto Reliability Survey, new electric vehicles have 79% more problems than Internal Combustion Engine (ICE) vehicles. Plug-in hybrids have been even worse, according to the survey. These plug-in hybrids have been reported to have 146% more problems than ICE vehicles.
The CR report further notes that amongst all automobiles, the most reliable types are sedans, wagons, and hatchbacks, further revealing that Toyota, Lexus, and Mini are three of the most reliable car brands as of the year 2023. Honda Motor Co., Ltd. (NYSE:HMC)’s luxury car brand, Acura, came in at fourth position, while mainstream Honda bagged the fifth. As such, the report concludes that Asian automobile brands lead reliability by a wide margin with an overall average reliability score of 63. With that said it must be noted that the global population is aging drastically. As of 2023, 21% of the population in developed countries has already surpassed the 65-year-old mark, which means these people are the largest consumers of the automobile industry. To target these senior buyers, car brands have already begun reinventing themselves by focusing on convenience and safety.
A notable example is Ford Motor Company (NYSE:F)'s architecture working with CAD models to simulate and analyze how individuals behave when they are entering and exiting vehicles. Taking into account factors such as the optimal height-to-ground distance and step-over width, Ford aims to make improvements that cater to the needs of older drivers. General Motors Company (NYSE:GM) is actively exploring avenues to enhance driving security for older individuals as well, considering innovations like facial recognition technology to initiate the engine start. On the other hand, Audi has taken a proactive stance by implementing advanced assist features.
These automobile brands acknowledge the changes that accompany aging and their potential impact on driving capabilities. The gradual slowdown of reaction times is one such effect of aging. Therefore, an ideal car for seniors must incorporate essential features like power steering, power brakes, and assisted driving technologies. Notably, automobile brands are taking care of these aspects for a smoother driving experience. However, beyond the convenience features, we circle back to the factor that takes center stage: reliability. Given the potential for increased wear and tear due to age-related changes in driving abilities, a dependable vehicle becomes paramount for seniors. Since retirees are dependent on fixed incomes, used cars yet reliable may be the best foot forward for them, which is why we have crafted a list of the same.
A row of used cars with shoppers inspecting them on a lot.
Methodology
To compile the list of best-used cars for retirees to buy in 2024, we have used several sources such as the Kelly Blue Book, Nasdaq, Northumbria Cars, Finance Buzz, as well as car forums. Next, we adopted a consensus approach to picking the best-used cars for the elderly. Each time a source mentioned a car, it was awarded one point. Scores were summed and places were ranked in ascending order from the lowest to the highest scores. Car prices have been sourced from Edmunds, Car Gurus, and TrueCar.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best-used cars for retirees to buy in 2024:
14. 2012-16 Buick LaCrosse
Insider Monkey Score: 4
Price: $6,825 to $18,998
One of the best used cars under $20,000, the 2012-2016 Buick LaCrosse lineup comes equipped with features that enhance comfort, safety, and the overall driving experience for seniors. It is one of the best mid-sized cars that a retiree can buy, offering a smooth and comfortable driving experience that is ideal for long drives. According to the Kelly Blue Book, The Buick LaCrosse offers plush seating and a well-appointed interior. Additionally, its advanced safety features, such as forward collision warning and lane departure warning, enhance the overall safety profile of the vehicle. The car’s serene interior not only fosters a peaceful driving environment but also enables responsive handling and an engaging driving experience.
13. 2017 Ford Focus
Insider Monkey Score: 5
Price: $5,795 to $42,251
Next up on our list of best used cars for retirees to buy in 2024 is the Ford Focus. Ford Motor Company (NYSE:F) is undeniably one of the best automobile brands in the world, and the Ford Focus in particular is an enticing option in the second-hand cars market. In terms of the 2017 Ford Focus, this compact car is available in a choice of sedan and four-door hatchback body styles. Its fuel efficiency is the most noteworthy feature, providing an economical option for seniors on a budget. The size of this car is rather compact, contributing to easy maneuverability and parking, and making it easier to manage. Inside, the car seems to be comfortable and well-designed as well. It is also equipped with advanced safety features such as airbags and stability control, seemingly prioritizing driver and passenger safety.
12. 2014-2016 Nissan Rogue
Insider Monkey Score: 6
Price: $14,500-$16,000
Known for being a spacious car with easy maneuverability, the Nissan Rogue is a popular model of Nissan and one of the best used cars in 2024. According to Car and Driver, the Rogue has been one of the best-selling cars in 2023 with over 271,458 units sold in the year. The 2014-2016 models, in particular, are appreciated by seniors for their comfortable seats, affordable prices, and generous cargo and passenger space. Nissan Rogue is equipped with various driver aids and safety features, contributing to a more secure driving experience.
11. 2020 Subaru Forester
Insider Monkey Score: 8
Price: $11,999 to $32,714
The Subaru Forester is hands-down a favorite amongst retirees. Seniors who especially live in colder climates will benefit from buying this vehicle as it can handle snow and ice quite well. Its standout feature, however, lies in its all-wheel drive system which is meticulously engineered to provide enhanced stability. The 2020 model, in particular, has been revered for its outward visibility and exterior design as well. The Subaru Forester's elevated seating offers easier access compared to the Outback, enhancing both comfort and convenience. Moreover, its safety features, along with comfortable interior design, excellent visibility, and a reputation for reliability further strengthen its position as one of the best used cars for retirees to buy in 2024.
10. Buick Encore
Insider Monkey Score: 8
Price: $3,900 to $29,995
For seniors placing a premium on driver assistance and safety, the Buick Encore can be a fitting choice. Its safety features are further complemented by its practical design, offering a smooth and comfortable ride for seniors. This car's compact size makes it maneuverable as well as quite convenient for running daily errands and parking. Additionally, the Encore offers a higher seating position for improved visibility, making it easier for seniors to navigate traffic. Lastly, the vehicle's reliability, coupled with a reputation for longevity, further contributes to its appeal as one of the best used cars under $20,000.
9. 2020/2022 Ford Escape
Insider Monkey Score: 9
Price: $10,949- $36,995
The Ford Escape, particularly the 2020 and 2022 models, is a compact and practical car to buy for seniors. The Escape boasts numerous features that are important to retirees such as its user-friendly technology interface, comfortable seating, and ample knee room. The Escape 2020 may look like a car, but offers increased cargo space and a higher driving position similar to an SUV. This vehicle stands out with its advanced safety features, encompassing driver assistance technologies, coupled with impressive fuel efficiency. Its compact design further ensures effortless maneuvering, offering a well-rounded and practical choice for a wide range of driving needs.
8. 2017 Toyota Corolla
Insider Monkey Score: 11
Price: $12,999 to $24,995
In our quest to find the best used cars for seniors, one thing has been proven. The Toyota Motor Corporation (NYSE:TM) is one of the favorite automobile brands for seniors. Besides its reliability and fuel efficiency, this model is also an affordable one for seniors to choose from. The 2017 Toyota Motor Corporation (NYSE:TM) Corolla is also known for its compact size, which ensures easy maneuverability and parking. Its controls are known to be rather straightforward, whereas the user-friendly features further contribute to a straightforward driving experience.
7. 2015-18 Kia Soul
Insider Monkey Score: 12
Price: $12,500-$15,000
One of the best subcompact cars to buy for a senior is the Kia Soul. In particular, the 2015-18 models offer plenty of room and are easy to get in and out of. It has a higher seating position which contributes to enhanced visibility on the road, further making it easier to navigate traffic. Its fuel efficiency, compact size, and reputation for reliability mean it's quite a dependable car to buy.
6. 2012 Honda Civic
Insider Monkey Score: 13
Price: $4,995 to $19,684
2012 Civic by Honda Motor Co., Ltd. (NYSE:HMC) is one of the best used cars for retirees to buy in 2024 for under $10,000. According to the Kelly Blue Book (KBB), the Honda Civic offers great fuel economy and a comfortable drive, both of which are important factors for a retiree choosing a car to buy.
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Disclosure: none. 14 Best Used Cars for Retirees to Buy in 2024 is originally published on Insider Monkey
