Why Buy Used Cars in 2023?

Buying a new car has its perks, but depreciation is an undeniable factor. If you plan to sell within the first few years of ownership, this can be a significant drawback. However, it presents a golden opportunity for those looking to purchase a used vehicle. Many recently redesigned and newly introduced vehicles are now off-lease and are being sold as used or certified pre-owned. This means you can enjoy modern designs and recent technology at a fraction of the original price. Here are our top 10 picks across various segments.

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Best SUV: Honda CR-V

The Honda CR-V has become the brand’s best-selling vehicle, outpacing both the Honda Civic and Accord. This reflects the growing demand for SUVs. The CR-V offers a modern design, an available turbocharged engine, and the reliability Honda is known for. We recommend the EX trim, which includes a driver-assistive technology package. All this can be yours for less than $20,000 used.

Best Luxury SUV: Cadillac XT5

The Cadillac XT5 replaced the SRX and competes with established names like the Lexus RX and BMW X5. It offers luxurious amenities, with Apple CarPlay and Android Auto integration standard. For a leather-upholstered interior, step up to the Cadillac XT5 Luxury. A great deal for under $30,000 used.

Best Three-Row Luxury SUV: Acura MDX

The Acura MDX shares a platform with the Honda Pilot and features a sporty design, a V6 engine, and a nine-speed automatic transmission. For under $30,000 used, you can find the MDX, or stretch your budget for the MDX Sport Hybrid, featuring a three-motor hybrid system inspired by the Acura NSX.

Best Electric Car: Chevrolet Bolt EV

The Chevy Bolt EV marked the arrival of affordable, practical electric cars with a respectable driving range. The 2017 model received an EPA rating of 238 miles, more than enough for the average commute. You can bring home a used Chevy Bolt for less than $20,000—a bargain for anyone looking to adopt an electrified lifestyle.

Best Hybrid: Hyundai Ioniq

The Hyundai Ioniq hybrid is a fuel-efficient powerhouse, with a 55 mpg combined rating for the 2017 model. Every Hyundai includes a 10-year/100,000-mile limited powertrain warranty, making the Ioniq a confidence-inspiring option. Used low-mileage examples are available for well under $20,000.

Best Hybrid SUV: Kia Niro

The Kia Niro blends in with other compact SUVs while offering impressive fuel economy—up to 52 mpg city and 49 mpg highway. Like Hyundai, Kia offers a 10-year/100,000-mile limited powertrain warranty. The Niro is an undeniable value, available for much less than $20,000 used.

Best Luxury Sport Sedan: Alfa Romeo Giulia

The Alfa Romeo Giulia is a fresh take on the compact luxury sedan, offering a striking, elegant design. It competes with the BMW 3 Series and Mercedes-Benz C-Class but stands out with its unique style. You can find a low-mileage Giulia for less than $25,000.

Best Luxury Mid-Size Sedan: Volvo S90

The Volvo S90 is loaded with luxurious touches and excels in safety, earning top crash test ratings. It comes standard with driver-assistive technology. While not as commonly available as other picks, it’s a strong value for under $30,000 used.

Best Luxury Full-Size Sedan: Genesis G90

The Genesis G90, from Hyundai’s luxury marque, offers first-class comfort and performance. Enthusiasts will appreciate the available 5.0-liter V8 engine. If you can budget up to $40,000, you’ll find a used Genesis G90 to call your own.

Best Sports Car: Mazda MX-5 Miata RF

The Mazda MX-5 Miata RF stays true to its original design philosophy: lightweight, balanced, and fun. The RF model features a retractable fastback roof, adding minimal weight while maintaining a near-perfect 50/50 weight distribution. You can find one used for under $25,000.