New Study Reveals the Perfect Used Car for the Budget-Minded Shopper

Used cars are generally the best option for most car shoppers, as most folks are on a budget and many used cars are within a family’s budget. But just like with brand-new cars, buying a used car can be a difficult process as there are many factors that car shoppers will have to consider. For budget-minded car shoppers though, there is a new study that points to the best-used car of them all. 

A man holding a wad of cash.
A man holding a wad of cash. | MANAN VATSYAYANA/AFP via Getty Images

The Chevy Impala is the best used car for its price 

According to a study from iSeeCars, a used Chevy Impala is currently the best used car for its price. The researchers got data from over 2 million used cars. It looked at the potential lifespan of each model, as well as the car’s potential remaining lifespan. It also looked at the average price that shoppers paid for the used car. 

With that info in tow, the study then divided the used car’s potential remaining lifespan by the average cost of that used car. The result is the car’s value rating, which is measured by its price per 1,000 miles. Overall, cheap used cars that have the most mileage remaining in their life are the winners, and the Chevy Impala was the winner by a big margin.

The average used Impala costs about $9,706. This is over $3,000 cheaper than the average price of a used car. Despite that low price, the average used Impala still has 111,996 miles in its remaining lifespan.

This gives the Chevy a value rating of $87 per 1,000 miles. This also makes the Impala the only car in the study to have a value rating below $100 per $1,000 miles, as the runner-up, the Toyota Prius, costs $107 per 1,000 miles.

Here are some of the features that are on a used Chevy Impala

Since this study looked at models across many different model years, there are many types of used Impalas on the market right now. The Impalas from the ’60s are classic cars that collectors love to own, but Chevy continued making the Impala all the way up to the 2020 model year.

Chevy killed the car after that model year, so the 2020 Impala is currently the last version that used car shoppers can buy. That version of the Impala is very different from the classic car that many Americans know about, but it’s still a reliable and capable sedan. In fact, even as a new car, the Impala won awards for its value.

The Impala competed in the large car segment, and it came with a lot of features. One of the interesting changes for the 2020 model year was that its standard engine became a 305-hp V6. Earlier model years started with a 197-hp four-cylinder. On the inside, the Impala had a spacious interior that came with features such as an 8-inch touch screen.

However, no two used cars are the same

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How Old Does a Used Car Need to Be Before It’s a Good Deal?

While the Impala has the best value for a used car, it’s important to remember that no two used cars are the same. Since they’re a used car, shoppers won’t be able to customize their car with factory options like they would be able to with a new car. As such, a used car can come with some options, while it may not.

On top of that, one of the main numbers that the iSeeCars study looked at was average remaining lifespan. Some used cars are at the end of their life, so they won’t have much value left, while others may have a lot. That’s why it’s important that used car shoppers check their car’s history first, as well as take the car for a spin.