Across the board, the average cost of used cars has ebbed in recent months, but compact, fuel efficient models are still in high demand. A recent report by Kelley Blue\u00a0Book found that there is a negligible different between buying a new compact car and a vehicle\u00a0that is about 1 year old. The average price difference between a new 2013 model and a used vehicle from 2012 is about $2,500, which works out to around $30 per month on a five-year loan.<\/p>\n
“Used compacts have been in high demand with fuel prices nearly $3.42 per gallon nationally, and values have held strong as a result,” said Alec Gutierrez, senior market analyst of automotive insights for KBB. “A consumer looking to save at least $100 or more per month on a used car would need to consider a model-year 2009 or older, which likely would have 50,000 miles or more on the odometer.”<\/p>\n
That’s not to\u00a0say that an older used model is not worth the money, as many vehicles made before 2009 are still reliable, fuel efficient and fun to drive. Choosing an older compact car over a newer used model or a brand new vehicle may mean the ride is a bit more worn in, but the purchase price could be hundred or even thousands of dollars lower than the other options, and drivers can still save at the pump in an older car.\u00a0<\/p>\n