Money expert Clark Howard’s general rule on purchasing a car is to buy a two or three-year-old vehicle. That’s because new cars start losing their value the moment they’re driven off the lot. Used car buyers don’t have to eat that depreciation.
A new study from car research site iSeeCars.com supports Clark’s rule by identifying models that lost the most value after three years — all now priced under $15,000.
Let’s look at the top 10 used cars based on their three-year depreciation percentage and other factors:
Best Used Car Deals Under $15,000
| Vehicle | Avg. 3-Year-Old Used Price | % 3-Year Depreciation | $ Savings Over New Car Price |
|---|---|---|---|
| Ford Fusion Hybrid | $13,565 | 54.9% | $16,480 |
| Ford Fusion | $14,663 | 44.7% | $11,834 |
| Volkswagen Passat | $14,478 | 43.2% | $10,996 |
| Kia Optima | $14,613 | 42.7% | $10,907 |
| Nissan Altima | $13,718 | 42.5% | $10,148 |
| Hyundai Sonata | $14,869 | 42.0% | $10,785 |
| Chevrolet Trax | $14,793 | 38.5% | $9,253 |
| Hyundai Elantra | $12,369 | 38.3% | $7,666 |
| Nissan Sentra | $11,859 | 38.0% | $7,271 |
| Kia Soul | $13,336 | 37.4% | $7,969 |
| Average for Similarly Priced Cars | 39.4% |
See iSeeCars.com’s full study, which also features the best used cars deals across all segments.
Final Thought
Although $15,000 is less expensive than the average price of a used car ($20,556), many people are struggling financially due to the havoc created from the coronavirus pandemic.
Clark says you should be extra careful about making major purchases right now. If you’re considering buying a car, he recommends that you do so only if:
- You were already planning on buying a vehicle because you need one.
- Your job and financial prospects are stable.
If you’re thinking about buying a car right now, here are some other things to consider.
