Buying a used car? Here are the models to look for
Honda and Toyota had the most models on Edmunds.com’s annual list, making up nearly half the list with 4 vehicles each.
This post comes from Christine DiGangi at partner site Credit.com.
Honda and Toyota had the most models make Edmunds.com’s Best Used Cars for 2013, filling out nearly half the list with four vehicles each. Ford also placed well, with three of its models making the list.
Edmunds.com, which provides research and car-shopping tools, issues the annual list based on vehicle reliability, safety, value and availability.
Only vehicle model years 2006 to 2011 were eligible.
Here's the full list.
Subcompact Sedan: 2007-2011 Honda Fit.
Compact Sedan: 2006-2011 Hyundai Elantra.
Midsize Sedan: 2007-2011 Ford Fusion.
Large Sedan: 2006-2011 Toyota Avalon.
Coupe: 2006-2011 Honda Accord.
Convertible: 2006-2011 Volvo C70.
Wagon: 2006-2011 Subaru Outback.
Compact SUV/Crossover: 2006-2011 Honda CR-V.
Midsize SUV/Crossover: 2006-2011 Toyota Highlander.
Large SUV/Crossover: 2007-2011 Mazda CX-9.
Minivan/Van: 2006-2011 Honda Odyssey.
Cargo Van: 2006-2011 Dodge/Mercedes-Benz Sprinter.
Compact Truck: 2006-2011 Toyota Tacoma.
Large Truck: 2006-2011 Ford F-150.
Luxury: 2006-2011 Infiniti G35/G37/G25.
Hybrid: 2006-2011 Toyota Prius.
Two-Seat Sports Car: 2006-2011 Chevrolet Corvette.
Performance Car: 2006-2011 Ford Mustang GT.
In a news release, Editor-in-Chief Scott Oldham explained some of the rankings: "There are a lot of popular cars on this list, and that's not a surprise," he said. "Wider availability of a particular vehicle almost always translates to more competitive prices and better value for used car shoppers."
Used-car loans made up 62.3% of outstanding auto loans in the second quarter of 2013, according to Experian Automotive data. The average loan on a used car was $17,913 -- up $480 from the second quarter 2012 -- and the average credit score of consumers with used-car loans was 660, the lowest it’s been since 2007.
A consumer’s credit score impacts the rate he or she will get on an auto loan, and higher scores will likely translate into lower rates (which will reduce loan payments). Credit scores are based on consumer credit history, so it’s important to check your credit reports for potential errors before applying for loans.
Consumers should also have an idea of their credit score before shopping, which can be obtained for free through Credit.com’s Credit Report Card.
More from Credit.com:
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
Saving just a single month of expenses may take longer than you think. See how your savings rate affects how quickly you can build a solid emergency fund.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'