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|
|Average for Similarly Priced Cars||39.4%|
See iSeeCars.com’s full study, which also features the best used cars deals across all segments.
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.