CarGurus Unveils the Best Used Cars for 2024, Preparing Shoppers for the Ideal Time to Buy (2024)

CarGurus Unveils the Best Used Cars for 2024, Preparing Shoppers for the Ideal Time to Buy (1)

Informed by a team of expert reviewers and backed by data, CarGurus shares the best options for used car shoppers across categories, including best family car, city car, SUV, and more

News provided by

CarGurus, Inc.

Jan 24, 2024, 9:00 AMET

CAMBRIDGE, Mass., Jan. 24, 2024 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today released its 2024 Best Used Car Awards. Referencing an expansive set of pricing and availability data, consumer trends, and experience test driving over a thousand cars, CarGurus’ panel of expert reviewers has identified the best used cars in 11 categories, including the best family car; city car; large, small, and midsize SUV; and the best overall used car, recognized with the CarGurus Used Car of the Year Award.

The awards come in time for shoppers to prepare for the best time to buy a used car in 2024, according to CarGurus research. An analysis of national weekly average price and inventory data for the past seven years, accounting for pre- and post-COVID market shifts, revealed that buying a used car during the week of February 12 could, on average, amount to a 2.8% savings compared to the average week - with access to over 6% more listings. Based on the current average used car listing price of $28,731, consumers have the potential to save approximately $800 on a purchase during this time.

“With many shoppers feeling the pinch of higher interest rates and new car prices remaining 30% above pre-pandemic levels, all eyes will be on used cars as a more cost-effective alternative to finding a great deal this winter,” shares Matt Smith, CarGurus Deputy Editor. “Now in its sixth year, the CarGurus Best Used Car Awards aim to help consumers pinpoint their ideal car match with added confidence.”

A preview of the 2024 CarGurus Best Used Car Award winners include:

  • CarGurus 2024 Used Car of the Year: Honda Accord (Tenth Generation). “In addition to being named the best city car, the tenth-generation Honda Accord is a fantastic all-around vehicle. Few vehicles combine the Accord's impressive performance and efficiency with its level of practicality, build quality, and safety,” explains Smith. Current average listing price: $23,1062.
  • Best Midsize Crossover/SUV: Hyundai Santa Fe (Fourth Generation). Sold between 2019 and 2023, the fourth-generation Hyundai Santa Fe delivers an outstanding combination of tech, safety features, and value. “It helps that the Santa Fe is a good-looking vehicle, too; although it hasn’t adopted many of the current auto marketplace’s design trends, it doesn’t look boring or outdated,” Smith adds. Current average listing price: $26,2292.
  • Best Large Pickup Truck: Ford F-150 (Fourteenth Generation). Introduced for the 2021 model year, this latest F-150 builds on more than seven decades of truck-building experience. Shoppers can find a Ford F-150 for any need, thanks to multiple body styles, multiple powertrain options, and enough trim levels to make a head spin. According to Smith, “CarGurus reviewers have been impressed by how the F-150 combines itsnoteworthy capability with smart design, great technology, and anoutstanding suite of safety features.” Current average listing price: $48,2242.
  • Best Luxury Sedan: Audi A4 (Fifth Generation). According to Smith, “Although it’s received only a minor facelift since arriving for the 2016 model year, the fifth-generation Audi A4 is nonetheless one of the best-looking sedans on the market. This luxury sedan has aged incredibly well, offering as impressive a driving experience as it did eight years ago. Earlier examples can be equipped with front-wheel drive (FWD), but later A4 models include Audi’s famous Quattro all-wheel-drive (AWD) system as standard equipment.” Current average listing price: $25,5682.
  • Best Family Car: First Generation Kia Telluride. Since arriving for the 2020 model year, the Kia Telluride has become a popular choice among shoppers and reviewers, alike. The super-sized midsize crossover SUV was one of the first of its kind; comfortable enough for daily driving duties while also large and capable enough to seat up to eight adults. Current average listing price: $36,2412.
  • Best Sports Car: Porsche 911 (992; Eighth Generation). According to Smith,The Porsche 911 is a quintessential sports car in every way—it’s instantly recognizable, offers limited practicality, and drives as if it were engineered solely for performance. The 992-Series Porsche 911 has been on sale since the 2019 model year and is offered in a wide range of trim levels, from rear-wheel-drive convertibles to all-wheel-drive coupes, and with powertrains that evolve from ‘fast’ to ‘how is this legal?’.” Current average listing price: $197,1772.

The full list of CarGurus Used Car Award winners can be found here. Categories include the best small crossover/SUV, best midsize crossover/SUV, best family car, best city car, best large SUV, best luxury crossover/SUV, best small pickup truck, best large pickup truck, best sports car, and CarGurus Used Car of the Year Award.

Methodology:

CarGurus Used Car Award nominees were selected from car models at least two years old and originally for sale in the U.S. Nominees were shortlisted on criteria including availability and search interest on CarGurus. CarGurus’ expert team of vehicle reviewers evaluated each vehicle, after which the accumulated data was analyzed to determine this year’s winners. Of note: Due to the limited variety of electric vehicle (EV) models on the market two years ago, this segment has been excluded this year. CarGurus expects to feature its first-ever Used Car Awards EV category in 2025.

About CarGurus

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1

CarGurus also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.S. and the U.K., CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks, and registered trademarks are the property of their respective owners.

1 Similarweb: Traffic Insights, Q3 2023, U.S.
2Source: CarGurus listings data as of 1/15/2024

Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com

CarGurus Unveils the Best Used Cars for 2024, Preparing Shoppers for the Ideal Time to Buy (2)
CarGurus Unveils the Best Used Cars for 2024, Preparing Shoppers for the Ideal Time to Buy (3)

CarGurus Unveils the Best Used Cars for 2024, Preparing Shoppers for the Ideal Time to Buy (4)

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CarGurus Unveils the Best Used Cars for 2024, Preparing Shoppers for the Ideal Time to Buy (2024)

FAQs

Will used car prices go down 2024? ›

At the end of 2023, the average price of a used car was $28,371, 4.4% less than the average a year earlier⁵. New and used car prices continued to fall in the first quarter of 2024. Industry experts predict that used car prices could decrease by as much as 14% on average by the end of 20246.

What mileage is the best time to buy a car? ›

Typically, a vehicle with 75,000 – 100,000 miles on the odometer is a good deal, but with recent advances in vehicle technology, cars with over 100,000 miles can help drivers save and last for many years to come on Toms River roads. Learn more about what affects the mileage on a pre-owned car with Honda Universe below.

How many miles is too many when shopping for a used car? ›

There's no rule to how many miles on a used car is too much, but by attempting to stick to the 12,000 miles per year rule is a great place to start. Find out how old the car is, multiple the number of years by 12,000, and if the number on the odometer is significantly higher than that, some concern might be warranted.

What day of the year is best to buy a used car? ›

Typically, the best holidays to buy a car are Christmas Eve, New Year's Eve, Memorial Day, and Black Friday.
  • New Year's Eve and Christmas Eve. If you can, hold out until New Year's Eve to buy a car. ...
  • Memorial Day Weekend. ...
  • Black Friday. ...
  • Labor Day. ...
  • Fourth of July. ...
  • Presidents Day.
Aug 22, 2024

Will 2024 be a good year to buy a car? ›

Experts say that 2024 will be the best year to purchase a new car since 2019. As interest rates slowly drop throughout the remainder of the year, payments will become more manageable. Don't overlook manufacturer rate promotions, as they can save you thousands of dollars.

Will used car prices drop in 2025? ›

Used vehicle prices are expected to fall by 0.7% in 2024 from 2023. In 2025, prices are projected to rise by 2.5% from 2024. Used retail sales are projected to rise by 3.2% to 19.6 million in 2024 from 19 million in 2023.

Is it better to get an older car with less miles or a newer car with more miles? ›

If reliability and safety are paramount, a newer car with moderate mileage might be the ideal choice. This ensures access to the latest safety features and improved fuel efficiency while minimizing the risks associated with aging components.

What is the best mileage for a second-hand car? ›

The best age vs the best mileage for used cars

A reasonably good mileage on a used car should be about 15,000 km—20,000 km per year. For example, a three-year-old car should have used around 45,000 km to 65,000 km, and a five-year-old should have used around 75,000 km to 100,000 km.

What's the best mileage to buy a used car? ›

The average car gets in 10,000 to 12,000 miles per year, so used cars with an annual average lower than that can be considered as having good mileage.

How many owners is too many for a used car? ›

If a car is less than five years old and has more than 3-4 owners, you should definitely consider that as a red flag and avoid that car. Moreover, multiple owners of a single-car make paperwork and maintenance status much more difficult.

Why is it bad to buy a used car with high mileage? ›

Although a car's parts might be longer-lived these days, mileage can be a key indicator of used-vehicle health. At higher mileage, it's more likely parts will need repair or replacement—some of those components, if not properly maintained by an earlier owner, can be expensive and difficult to fix.

What is the best age and mileage for a used car? ›

So, for a four-year-old car, you might reasonably expect it to have around 58,000 miles. We suggest you consider a 4- to 6-year-old vehicle with less than 50,000 miles.

What not to say to a car salesman? ›

5 Things to Never Tell a Car Salesman If You Want the Best Deal
  • 'I love this car. ' ...
  • 'I'm a doctor at University Hospital. ' ...
  • 'I'm looking for monthly payments of no more than $300.' ...
  • 'How much will I get for my trade-in?' ...
  • 'I'll be paying with cash,' or 'I've already secured financing.'
Aug 19, 2019

What is the cheapest month to buy a car? ›

In addition to certain times of the week or holidays, some months are better to buy or lease new vehicles or purchase used cars than other months. In general, May, October, November and December are the best months to visit the car dealership.

What is the slowest month for used car sales? ›

New and Used Cars

Auto sales traditionally drop to their lowest levels of the year from January through early March. Traditionally, the holiday season—when consumers make large expenditures of disposable income elsewhere—contributed to making this a slow time of year for auto sales.

What is the forecast for automotive sales in 2025? ›

Over 94 million light vehicles are expected to be sold globally in 2025 according to the light vehicle sales forecast by S&P Global.

What year will car prices go down? ›

Prices on new cars are expected to drop in 2024 as the industry moves beyond the supply-chain issues that pushed up auto prices during the pandemic, which will gradually ease the prices on used vehicles as well. That's welcome news for car shoppers who have faced record-high prices over the past couple of years.

Are used car prices going to keep rising? ›

From December 2023 to January 2024, the CPI for new cars fell by 0.04%. The CPI for used vehicles fell more dramatically, 3.4%. During this one month, the overall CPI increased 0.3%. It seems that vehicle prices will continue to hold steady, or even decline slightly, in the coming months of 2024.

Is the end of June a good time to buy a car? ›

In recent years, carmakers have begun releasing new models ahead of the traditional fall schedule—sometimes as early as June—to beat their competitors to market. To make room for those incoming models, manufacturers offer enticing rebates and dealers cut prices on the outgoing models.

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