Money Expert Seth Godwin Says He Would Buy One of These 3 Cars If He Had Only $5,000 To Spend

Seth Godwin is a popular financial content creator on TikTok and other platforms. He recently shared a video with a smart take on the kinds of cars you should be looking at if your budget is $5,000. Here’s what he said to buy .

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The Challenge of Buying a Cheap Car

The average used car now costs $25,415, according to Consumer Reports. That alone makes shopping for a car with $5,000 or less challenging.

Shoppers in this price range usually have fewer options to choose from. That often means deciding between a newer car that has something wrong or an older one with hundreds of thousands of miles on the engine.

The bottom line is that it’s difficult to find a good car that will last for under $5,000. But there are still some strong options if you know where to look.

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Godwin Recommends Older Camrys, Corollas and Civics

In his video, Godwin says people in this price range should be looking at Toyota Camrys, Corollas and Honda Civics. He recommends searching for models made between the late 1990s and early 2000s.

Godwin’s reasoning starts with the fact that finding a good car for $5,000 is tough in today’s market. Given this, he says to accept that the vehicle you buy won’t be your dream car. Godwin says all that you really need is something that will get you reliably from point A to point B.

Why Older Civics, Camrys and Corollas Make Great Cars

Godwin recognizes that older cars like these typically have hundreds of thousands of miles on them already. That’s something shoppers try to avoid. But Civics, Camrys and Corollas have a reputation for lasting a very long time with good care and proper maintenance.

Another point in these vehicles’ favor is their popularity. Civics, Camrys and Corollas are some of the most widely owned cars in the country. This means there are a ton of spare parts available for older models. So, if the vehicle you buy has a problem, you may be able to fix it cheaply.

Godwin says these cars can last for 300,000 to 400,000 miles when you take good care of them. That means you can purchase one with even 200,000 miles on it and still use it for years.

Alternative Options for Budget Car Shoppers

Godwin’s advice is solid but may not be right for everyone. Another option is to use your $5,000 as a down payment for a car loan. You would have to make monthly payments on the vehicle. But you’d likely be able to purchase a more modern car.

There’s also the option of saving your $5,000 for now and waiting to buy a car. Maybe you’ve been taking public transportation to work or school. If so, you could continue doing so for another few months while you save up more for a nicer vehicle. But if you need a car quickly and have $5,000 to get it, Godwin’s advice makes a lot of sense.

This article originally appeared on GOBankingRates.com : Money Expert Seth Godwin Says He Would Buy One of These 3 Cars If He Had Only $5,000 To Spend