5 Cars You’d Regret Buying If You Live Only on Social Security
If you depend on Social Security but need to buy a car, you might be tempted to settle for the cheapest set of wheels you can find — but cheap to buy can mean expensive to own.
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“Retirees living solely on Social Security should be wary of purchasing vehicles with a reputation for high maintenance costs or poor reliability, such as certain models that are inexpensive to acquire used but are costly to maintain,” said Geoff Cudd, consumer advocate and owner of FindTheBestCarPrice.com. “Instead, they should focus on vehicles known for their reliability and low total cost of ownership, like Toyota or Honda models, which offer more predictable expenses over time.”
While retirees on a fixed income should flock to names like Corolla, Camry, Civic and Accord, they should avoid these models or risk their financial futures trying to keep them on the road.
Ram Trucks
If Social Security is all you have, you’re probably shopping on the used market and — hopefully — not for a luxury car, but for a dependable vehicle that you expect to last at least 10 years. If you’re looking for a pickup, be wary if you see a great deal on a Ram.
According to CarEdge research on 10-year vehicle ownership costs, Ram is the most expensive non-luxury brand to maintain by far — $16,802 over a decade, on average, compared to $11,476 for the No. 2 Jeep.
Of the 164 models CarEdge analyzed, Ram trucks dominated all seven dead-last spots, from 158 (Ram 1500 at $17,677 10-year cost) to 164 (Ram 3500 at $25,844 10-year cost).
By comparison, the least expensive car to own is the Toyota Prius. If you buy one of those instead, you’ll spend just $4,008 over 10 years.
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Trucks, in General
Ram trucks are the most expensive to own, but pickups, in general, keep taking and taking and taking until they eventually swamp even the retirees who negotiate bargain purchase prices.
After the Ram 1500, the next three most expensive vehicles to maintain are Ford F-Series Super Duty trucks. The next two are Chevy Silverados. After that are a pair of GMC Sierras and the Jeep Gladiator, all of which have 10-year ownership costs of between $11,800 and $25,844.
That puts trucks in all of the top 16 spots on the CarEdge list — except for one. No. 160 out of 164 goes to the Ram ProMaster cargo van, which leads to the next category.
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Vans and Minivans
If you really want a pickup but the data convinced you — wisely — that a Social Security check won’t keep up with the long-term costs, you might think that a van is the next-best option.
It’s not — but it is the next most expensive.
The Jeep Gladiator is No. 149 out of the 164 most expensive vehicles to own for 10 years.
Then, numbers 148 through 144 are all held by vans — the Ford Transit Cargo, Ford Transit Wagon, Chevrolet Express and Chevrolet Express Cargo, all of which have 10-year ownership costs over $11,000. Next is the Chrysler Pacifica minivan at $10,620. Not far behind is the Chrysler Voyager minivan ($10,342), Dodge Grand Caravan ($10,332) and GMC Savana Cargo Van ($10,003).
Jeeps
Jeep comes in behind only Ram as the No. 2 most expensive brand to own over 10 years. Even if you spot a bargain on the used market, a fixed income probably won’t keep pace with gas, maintenance and repairs over time.
The Jeep nameplate has six models in the top 30 on the CarEdge list — the Gladiator, Grand Cherokee, Wrangler, Cherokee, Renegade and Compass — all of which have five-figure 10-year ownership costs.
Six out of 30 might not sound too bad, but consider that when you omit trucks and vans, only seven spots are left. There’s the Dodge Durango SUV — and the rest are all Jeeps.
Volkswagen Golf GTI
A brand new 2024 VW Golf GTI starts at $31,965, but seemingly great deals are easy to find on used models with price tags in the low teens or even four figures, which could tempt retirees on tight budgets.
The problem is notoriously poor reliability — every single model year from 2010-2022 finds a place on the CoPilot for Car Shopping “Volkswagen Golf GTI Years To Avoid” list.
Predictably, the US News and World Report list of the 11 most unreliable vehicles of 2023 is packed with trucks, luxury vehicles and Jeeps — except for one.
The publication lauds the Golf GTI’s feature-packed cabin, handling and acceleration, but writes, “While fun to drive, the GTI has an abysmal predicted reliability score of 61 out of 100, making it tough to recommend for those who want a dependable ride.”
That includes just about everyone living on Social Security alone.
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This article originally appeared on GOBankingRates.com: 5 Cars You’d Regret Buying If You Live Only on Social Security
