Buying a new vehicle is one of the biggest purchases many Americans make. And with current average car prices exceeding $40,000, it can be tempting to just look at the price to save money. But a cheap car is not necessarily a bargain. A cheap car can come with costs that accumulate over your years of ownership, such as higher fuel costs, expensive repairs, and expensive insurance.
While you shouldn’t buy the cheapest car to save money, it’s also not fiscally wise for most people to spend the extra money on a luxury vehicle with all the features. the most recents. Instead, research which vehicles available on the market offer the most value for what they offer. This will mean money saved down the road and a better overall ownership experience.
Although a classic sedan doesn’t have as much space as an SUV or midsize sedan can offer, it is a reliable and classic option for drivers of all ages. The top three category winners are ranked based on their prize and combined high ratings among experts. The Chevrolet Impala wins the gold medal for affordable sedans and large cars. It ranks first in JD Power’s 2022 Reliability Study and holds a near-perfect Kelley Blue Book (KBB) score. It is best known for its comfortable ride and large trunk. Close behind, the Avalon and Chrysler 300 both receive high marks from Consumer Reports and earn special recognition for their spacious interiors.
|Sedans at the best value for money||Price|
The best midsize cars
A slight improvement in size and space over a sedan – a mid-size car offers more trunk space and more legroom for passenger and driver. Premium mid-size vehicles strike a balance between space and ease of driving by offering a spacious interior and an overall size that remains manageable. Winner in this category, the Sonata ranks first with JD Power and is recognized for its exceptional fuel efficiency. For its midrange price, the Camry offers driver assistance and excellent technology options. And the cheapest on the list, the Legacy holds high safety ratings and great resale value.
|Mid-size cars at the best value for money||Price|
|The Subaru Legacy||$22,995|
The best midsize SUVs
A mid-size SUV offers the best of both worlds when it comes to durability while not being too big to handle. Scoring these vehicles proved more difficult, although all received high marks according to Kelley Blue Book, the Santa Fe beat the rest for its gas mileage and advanced technology. The Outback followed closely with its available roof and cargo options and comfortable ride. Finally, the Murano ranked for its safety rating and powerful engine.
|Mid-size SUVs at the best value||Price|
|Hyundai Santa Fe||$27,200|
The minivan is no longer just the perfect car for parents. Modern minivans have the latest technology packages and extra space. Choosing the best minivan for your money takes into account aspects such as space, reliability and safety. The Sienna dominates the road when it comes to premium minivans. JD Power ranks it among the best minivans and it has excellent fuel economy. The Carnival and Odyssey follow closely in scores for handling and practicality of their powertrain, respectively.
|Minivans at the best value for money||Price|
|Dodge Grand Caravan||$29,025|
Best hybrids and electric vehicles
The green vehicle landscape has grown significantly over the past few years in terms of accessibility and affordability. Discover the best options and consider a green car loan to finance with additional discounts. While hybrid vehicles can be more expensive, the cost per trip can save you money in the long run. Our first place winner, the Insight, offers an easy ride and high mileage per gallon. Next, the RAV4 holds a perfect Consumer Reports score with more room than other category winners. Finally, the cheapest option, the Kona, has a powerful turbo engine and a fun design.
|Hybrids and electric vehicles at the best value for money||Price|
|Toyota RAV4 Premier||$38,800|
Compact cars are widely known for their easy travel and top notch parking privileges. But the best compact cars on the market also offer good fuel economy and extra legroom. The winners in this category won based on their reliability scores and ease of driving. JD Power rates the Corolla as the most reliable compact option – with KBB and Consumer Reports giving near perfect marks. Similar priced, the Elantra offers an additional turbocharged engine and a hands-on driving experience. The cheapest winner, the Impreza, gets an advanced infotainment system and quick steering.
|Compact cars at the best value for money||Price|
Best SUVs and Suburbans
While larger SUVs come at a higher price, you get what you pay for. The winners of the best large vehicles can accommodate up to eight passengers and are built with the latest technology. So while this vehicle segment tends to be more expensive, you can still get good value for money with a more expensive option. Despite being the most expensive, the Expedition ranks high according to Kelley Blue Book and has a towing capacity of 6,000 pounds. Then, known for its spacious interior and extreme towing capacity, the Tahoe is an excellent choice for drivers looking to spend less money. Finally, the Yukon ranks high according to JD Power and allows for a variety of trim upgrades.
|Best Value SUVs and Suburbans||Price|
According to information collected by JD Power in its 2022 U.S. Reliability Study, Genesis brand vehicles ranked first among premium vehicles, while Kia took first place among brands. General public. Although most drivers have an affinity with one brand over another regardless of reliability, this ranking is scored based on problems per 100 vehicles. Land Rover and Ram topped the list with more than 250 issues per vehicle – two of the least reliable brands on the market according to JD Power.
|Top Brands||Price scale|
|KIA||$17,490 to $52,590|
|Buick||$25,595 to $43,995|
|hyundai||$20,200 to $48,740|
|Toyota||$19,925 to $53,050|
Vehicle rankings were based on a combination of industry report results and vehicle price. This gives an accurate idea of the value each vehicle holds based on industry standards and price-to-purchase ratio.
Specifically, the cars are rated on a three-point scale from JD Power’s 2022 U.S. Vehicle Reliability Study. This study aimed to determine which vehicles over the past year had the longest lifespan for drivers. Although not every vehicle ranked in the top five was a winner in this report, it was used as an important determining factor.
With JD Power, Kelley Blue Book’s expert rating based on a five-point scale was added to the calculation. Finally, Consumer Reports’ five-point scale rating vehicle reliability was added. These combined factors were then scored along with each vehicle’s price, choosing the top five vehicles for each style.
The bottom line
The value of the vehicle is based on a series of factors. Are there constant trips to the mechanic or poor gas mileage? While questions like these are important in determining which vehicle is right for you (color, make and model included), the best way to choose your car is based on how much you spend and the cost per trip. Take advantage of the scores above when it comes time to buy your next vehicle.