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In this inflated vehicle market, finding a car that’s both affordable and well-made can be difficult — but it’s not impossible.
U.S. News & Report’s Best Cars for the Money Awards show the best vehicles that rate well when it comes to cost and quality. “The Best Cars for the Money awards find the balance between cars that focus on value and cars that provide excellent ownership experiences,” says the site.
In this article, I’ll show you the rankings and offer money expert Clark Howard’s advice on buying a car right now.
To determine the vehicles with the best quality, U.S. News used scores from its Best Car rankings along with car reviews from the automotive press.
“We combine that analysis with fuel economy, cargo space and safety and reliability data to get a numerical overall score, which we use to measure quality in the Best Cars for the Money awards,” the report says.
Here are some key findings from the report:
Let’s take a look at the best cars for the money, which are all 2023 models.
Let’s take a look at the best cars for the money, which are all 2023 models.
Winner | Category |
---|---|
Honda Civic | Best Compact Car for the Money |
Chevrolet Bolt | Best Electric Car for the Money |
Hyundai Elantra Hybrid | Best Hybrid Car for the Money |
Kia K5 | Best Midsize Car for the Money |
Kia Rio | Best Subcompact Car for the Money |
Mazda CX-5 | Best Compact SUV for the Money |
Kia Sportage Hybrid | Best Hybrid SUV for the Money |
Honda Odyssey | Best Minivan for the Money |
Hyundai Santa Fe | Best 2-Row SUV for the Money |
Hyundai Palisade | Best 3-Row SUV for the Money |
Hyundai Kona | Best Subcompact SUV for the Money |
Chevrolet Bolt EUV | Best Electric SUV for the Money |
Clark offers a dose of reality for car shoppers: The market continues to be overpriced although he sees hope on the horizon for our wallets.
“The industry’s been on an ugly roller coaster ride. Beautiful for them, ugly for you and me. But I’ve got good news: The roller coaster is now rolling downhill in your and my direction,” says Clark. “We were in a period for a long time where dealers were marking way up above MSRP and now the average vehicle is being discounted.”
The average transaction price of a new vehicle continues to hover above $48,000, which is still inflated compared to car prices before the COVID-19 pandemic.
Clark says new vehicle inventories are starting to improve after historic lows over the past couple of years. That should help bring prices down over the next several months.
“This is the time to take your time and wait for the market to settle down,” says Clark.
The best time to buy a new vehicle is when car prices drop.
If you can, he suggests that you keep the car you have and make any needed repairs.
Clark recommends widening your search to include vehicles that may be hundreds of miles away. Not only can you save money, but you’re more likely to get the vehicle you want rather than settling for one you don’t really want just because it’s in your local area. Read about Clark’s long-distance approach to buying a new vehicle.
When it comes to used cars, Clark says prices have already started to fall and will continue to do so into 2024.
“The greatest movement in pricing has been in the used vehicle market,” says Clark. “This is really good news for your wallet because used vehicle prices at one point went up 70%! Since that peak, the prices have been going down month by month by month.”
Clark advises that in this crazy vehicle market you comparison shop to make sure you don’t pay more for a used car than its newer model. You’ll also want to:
This post was last modified on August 21, 2023 10:45 am
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