08/27/2024 | Press release | Distributed by Public on 08/27/2024 04:24
COLCHESTER, CT - Four in ten (40 percent) Americans who were in the market for a vehicle in the past year were only considering used vehicles, compared to three in ten (31 percent) who were only considering new and 24 percent who were considering both, according to a June 2024 nationally representative multi-mode American Experiences Surveyby Consumer Reports (CR) of 2,032 U.S. adults. To better serve used car buyers, CR, the nonprofit research, testing, and advocacy organization, is expanding its trusted ratings and recommendations beyond new autos to include fresh used car-specific insights available at ConsumerReports.org/usedcars.
"With the historically high price of new autos these days, more and more people are naturally looking to the pre-owned market in search of a better value," said Alex Knizek, associate director of auto test development for Consumer Reports. "But buyers shouldn't have to sacrifice safety, reliability, or fuel economy to stay within their budget. The trusted reviews and resources now available on CR.org will help used car shoppers make the smartest choice for their needs, much like we've done to inform new car buyers for decades."
The newly updated ConsumerReports.org/usedcarspage includes used car buying advice, recommendations, listings, and more to help people find and purchase the best pre-owned car available. The page also includes additional content to help them through their ownership journey, including ratings of tires, batteries, insurance companies, and-if they need it-repair shops.
As part of the initiative, CR is revealing its first-ever used car brand reliability analysis. Additionally, CR is revealing its inaugural 10 Top Picks in Used Cars list.
Who Makes the Most Reliable Used Cars?
Consumer Reports' first-ever brand ranking for used cars is based on the reliability of 5-to 10-year-old cars as informed by CR's exclusive Annual Auto Surveys. Every year, CR asks its members about problems they've had with their vehicles in the previous 12 months. For this analysis, CR focused on the problems reported on cars from the 2014 to 2019 model years, from a survey sample of more than 150,000 vehicles. The data shows that buyers can limit costly repairs, reduce their risks of experiencing problems, and get more life out of their vehicles over the long term by focusing on certain brands over others.
Lexus and Toyota top the list of 26 brands, with a commanding advantage over third-ranked Mazda. All three brands have had consistent average or better reliability ratings over the years. Acura and Honda also landed near the top of the list. At the other end of the spectrum, Tesla, Dodge, and Chrysler hold the 24th, 25th, and 26th positions in the ranking, respectively.
"Brands like Lexus and Toyota have a history of conservative redesigns, incrementally improving their entire product line, rather than introducing many all-new systems," says Steven Elek, Consumer Reports' program leader for auto data analytics. "Our data consistently shows over time that new cars from those brands are reliable when new and they continue to be reliable as they age."
Lower-ranking brands tend to have much less consistent reliability across their model lines. For example, only the 2018 and 2019 Chevrolet Equinox have above-average reliability among the six years that generation was offered, but the entire 2014 to 2019 Chevrolet Silverado generation proved to have below-average reliability. "This is why it's best to check the reliability ratings for each model year when buying a used car," says Elek. "Making assumptions can prove both costly and inconvenient."
Toyota and Mazda Models Account for Half of CR's 10 Top Picks in Used Cars
For decades, CR has named its 10 Top Picks among new cars, spotlighting the cars, SUVs, and trucks that shine brightest in the organization's extensive road tests and exclusive member surveys. CR is now applying similar selection rigor to pre-owned models in releasing its first-ever 10 Top Used Car Picks.
All of the top picks are valued under $20,000, earned CR's Recommendation when tested as new, are rated above-average for reliability, and come standard with electronic stability control, ensuring that each model promises the best overall ownership experience.
"Although prices have come down from their pandemic highs, the average cost of a used car is nearly $30,000. That's why we placed a big emphasis on value in selecting these 10 vehicles, looking for the hidden gems that offered the right blend of reliability, performance, and safety at the most budget-friendly prices," Knizek said.
Rather than cherry-picking single model years, CR studied cars from a generation perspective - meaning the years a single design was offered - to identify smart choices. CR then narrowed the field by targeting specific price categories. Within the price range, Top Picks are based on the newest model year that makes the cut because they tend to have fewer miles and more life left.
"Car shoppers who can't find the exact model year as one of our Top Picks should check if there's a reliable model within the same generation. They'll find much the same quality, possibly even cheaper, by considering older versions of the same car. They may even find a particularly good deal on a newer model," Knizek added.
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