Used Car Prices Are Dropping Even More — Here Are Perfect Options for Retirees

The cost of everything seems to be continually on the rise — but maybe not the used car market (finally). Last month alone, the prices of used cars fell 2.3%, making the annual drop a total of 10.9% compared to the previous year.

That's still 16.9% higher than rates before the pandemic, but it's the lowest prices have been since the high peak in February 2022. Purchasing a new vehicle is only 0.2% lower than last month — but is it worth the cost of buying new? Probably not, especially if you're planning your retirement.

Preparing for changing vehicle needs is an important part of planning a stress-free retirement , so take a look at the 13 best makes and models for retirees looking to spend less than $30,000 on a car.

Find Out: 8 must-do things before 60 for a stress-free retirement

1. Kia Soul

Courtesy of Kia

The Kia Soul can be a good choice if you’re looking for a compact SUV. Its spacious interior will appeal to many retirees who still want to take long road trips.

2. Toyota Camry

Courtesy of Toyota

The Toyota Camry remains one of the most popular cars for drivers who are looking for a vehicle with a long history of reliability. It also has a reputation for being fuel-efficient.

3. Chrysler Pacifica

Courtesy of Chrysler

The Chrysler Pacifica is a minivan that might appeal to retirees who want a higher seating position, or extra space to transport items for volunteer work or have fun with the grandkids.

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4. Subaru Forester

Courtesy of Subaru

The Forester gets good gas mileage, which can help trim your fuel costs. That is especially important if your retirement budget is tight.

5. Hyundai Sonata

Courtesy of Hyundai

The Hyundai Sonata is a great alternative to the Honda Accord and Toyota Camry. It also features driver-assist technology and other great features retirees might appreciate.

6. Buick Encore

Courtesy of Buick

The Buick Encore gives retirees the benefits of a crossover SUV with more luxury-type finishes. The Encore also offers great safety features.

7. Honda CR-V

Courtesy of Honda

The Honda CR-V is an easy vehicle to get into and out of. It also lets you see the road better since you are sitting higher than in a sedan.

8. Chevrolet Bolt

Courtesy of Chevrolet

The Chevrolet Bolt is a good option now that you’ve ditched your daily commute and are likely doing more local driving as a retiree. For example, the 2024 Bolt gets 259 miles of range on a charge.

9. Mazda 6

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Mazda 6 has a reputation for handling well on different kinds of roads and is also known for its reliability. The car’s interior has been described as “near luxury.”

10. Toyota Avalon Hybrid

Courtesy of Toyota

Add the Toyota Avalon Hybrid to your shopping list if you aren’t ready to jump into an electric vehicle. The 2024 version of this sedan gets a combined 44 miles per gallon.

11. Nissan Rogue

Courtesy of Nissan

The Nissan Rogue includes zero-gravity seats that help reduce fatigue if you plan on taking road trips when you retire. The Rogue’s extra ride height also can help you see better.

12. Chevrolet Impala

Courtesy of Car & Driver

The Chevrolet Impala is no longer being produced, but used models are still desirable for retirees. The Impala has safety features like forward collision alert and lane-departure warning.

One way to cut the cost of an Impala or any other used car is to save on car insurance by shopping around for the best policy.

Bottom line

Used cars are a good option for retirees on a fixed income or those who decide to retire early and don’t have a considerable nest egg.

So, consider one of the vehicles on this list that offers essential features for retirees at a price that will not bust their budget.

Money tips that can work for everyone

No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.

Focus on paying off your debt . Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.

Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.

Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).