Used Car Price Correction Offers A Respite

Used cars experienced one of the largest price declines in history in June of 2023, after pandemic highs catapulted them through the roof. Supply chains are now allowing new vehicle production to get back to normal, and used cars are resuming their spot as a Dave Ramsey, sensible-shoes solution to get from A-to-B.

There is a wide variety of choice when it comes to buying used. Whether you scour Craigslist for a deal on an older vehicle, or whether you decide to buy a certified pre-owned (CPO) car from a dealership with a warranty, it important to consider all of the variables. Here’s a look at some top used car choices to consider.

Toyota’s 2019 Corolla shed its sleepy reputation by sliding onto Toyota’s new global architecture, adopting a 168-horsepower 2.0-liter four-cylinder and an unusually clever CVT that uses a fixed first gear for snappier launches. That drivetrain, paired with a lower center of gravity and a multilink rear suspension, gives the little Toyota real composure while still returning a thrifty 36-mpg EPA combined rating. Inside, soft-touch materials, an 8-inch touchscreen with Apple CarPlay, and Toyota Safety Sense 2.0—adaptive cruise control, lane-keeping assist, and automatic emergency braking—come standard, making this compact the silver bullet of reliability and economy, even if its rear seat and cargo bay remain snug. Low mileage examples can handily be found under $20,000. Toyota runner-up options include “Large” and “Medium” size in the form of the Sequioa and the Highlander SUV.

If a small SUV is on the list, the 2018 Mazda CX-5 is hard to overlook. Mazda retuned its 187-horsepower 2.5-liter four-cylinder with cylinder deactivation for better fuel economy and paired it with a quick-shifting six-speed automatic that underscores the CX-5’s crisp steering and supple ride. Features include a stacked cabin—with rich materials, a leather-wrapped wheel even on the base Sport, and an intuitive rotary-controlled 7-inch display—as well as standard safety features including blind-spot monitoring and rear cross-traffic alert. Add the option of all-wheel drive and 26–28 mpg combined efficiency, and this compact crossover still feels more premium than it costs. Low mileage examples can be found under $20,000.

For drivers who still love a midsize sedan, the 2018 Mazda6 proves family cars can be soulful, the Mazda6 being the last hurrah for the midsize Mazda sedan in America. A thorough refresh brought a whisper-quiet cabin, available 227-horsepower turbo 2.5-liter engine, and chassis tweaks that sharpened responses without sacrificing ride comfort. Even the base naturally aspirated engine gained cylinder deactivation, while upper Grand Touring Reserve and Signature trims wrapped Nappa leather and real wood around an 8-inch touchscreen and head-up display. The result is a sedan whose steering feel, body control, and upscale interior rival entry-luxury brands while maintaining 26–29 mpg combined economy. Low mileage examples can handily be found under $20,000.

The 2019 Honda Accord reminds everyone why it remains a perennial favorite. Whether ordered with the eager 192-horsepower 1.5-liter turbo, the potent 252-horsepower 2.0-liter turbo, or the frugal hybrid, every Accord delivers a chassis that is both athletic and composed. A cavernous 17-cubic-foot trunk, roomy back seat, and a cabin finished with intuitive 7- or 8-inch touchscreens mean practicality never feels like penance. Standard Honda Sensing brings adaptive cruise control, lane-keeping assist, and automated emergency braking to every trim, while highway fuel economy of 35–38 mpg in observed shows the Accord’s efficiency keeps pace with its fun-to-drive ethos. Low mileage examples can handily be found under $20,000.

The 2020 Chevrolet Equinox rounds out the list by proving that mainstream crossovers can still offer choice and value. Chevy pairs the Equinox’s spacious cabin with two turbocharged options: a 170-horsepower 1.5-liter that prioritizes 24-28 mpg combined, and a smoother, stronger 2.0-liter for drivers who want extra punch. For 2020, automated emergency braking with pedestrian detection, lane-keeping assist, and automatic high-beam headlamps became standard, and every model features a 7-inch infotainment screen with Apple CarPlay, Android Auto, and on-board Wi-Fi. Low mileage examples can handily be found under $18,000.

Make sure you carefully consider all vehicle types before buying, and all the possible financing options. It may be easiest to search the information you need beforehand online, then go check out the vehicle you want in person once you’ve done a bit of homework. If you decide you want to try to save some money, you might try to find a used car direct from its owner on used car websites instead of buying from a dealership.

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