CARS.COM'S FIRST-EVER AFFORDABILITY REPORT PROVIDES GUIDANCE FOR VALUE-CONSCIOUS BUYERS
Kia, Chevy and Ford Offer Most Affordable New Cars for 2023; Chevy Leads for Trade-In Value
1 in 4 Shoppers Expect to Spend Less Than
Is More Than Double That
"The compounding effects of inventory shortages, economic uncertainty and industry challenges have made value one of the most sought-after features in a vehicle," said
The Cars.com Affordability Report empowers car shoppers with data-driven insights about comparative vehicle pricing, the trade-in market and financing trends, and it uncovers a potential disconnect between consumer expectations and current market conditions. More than 70 currently available vehicles were evaluated by model, trim, features, fuel efficiency or a minimum range requirement for EVs and compared against the median price for each category. The following topped the list of best value cars for 2023:
Top Cars by Segment | |||
Competitive Category | Median Category Price | BEST VALUE Model/Trim | Median Price |
Small Car | 2023 Kia Rio S with | ||
Small SUV | 2023 Chevy Trailblazer LS | ||
Small Pickup Truck | 2023 Ford Maverick XL with | ||
EV/Plug-in Hybrid | 2023 Chevy Bolt EV 1LT |
A
"A growing preference for larger, costlier vehicles is driving shoppers to lean on a combination of long-term savings, flexible financing terms and the trade-in market to bridge the gap between the right car and the right price," said Ulitskaya. "Many who typically purchase new models are taking a fresh look at the used-car marketplace, which is sustaining the demand for trade-in inventory."
Trading In
The Affordability Report also provides insights that help consumers understand how they can afford to pay for a car and the value of trading in a vehicle. As used-car prices spiked amid the inventory shortage, trade-in values followed suit, hitting record highs by mid-2022 before leveling out.
Approximately
The top three 2018 models with the best trade-in value include:
Vehicles With Best Trade-in Value as Percent of New Purchase Price | |
Chevrolet Bolt EV | 62 % |
Honda HR-V | 59 % |
Toyota Prius Prime | 57 % |
Saving Up and Paying Out
Two-thirds of current shoppers aim to save between three and 12 months for a vehicle, most planning to accumulate
Gone are the days of super low rates. Typically strong credit earns a better rate, however — even those with very good credit — are now routinely receiving financing offers with double-digit interest rates, and those with non prime and subprime credit profiles are seeing rates between
In 2022,
Fuel Prices: Tanks and No Tanks
Though gas prices have since settled from the headline-grabbing highs of 2022, affordability in the form of fuel expense remains a major consideration for shoppers and a key component in the Affordability Report's analysis. Aside from the top-ranked EVs and plug-in hybrids, which all had calculated first-year fuel costs between
For more information on the 2023 Cars.com Affordability Report, including a deeper dive into the data and methodology, visit
1 Cars.com Consumer Survey; 1,027 responses;
2 Cars.com Consumer Survey In-Market Shoppers; 992 responses;
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