If you’re planning to retire this year or within the next five years, you’re likely considering whether to keep your current vehicle or invest in a new one. The ideal Budget-Friendly Cars for retirement should be reasonably priced, safe to drive, and reliable enough to meet your needs as you transition into this new phase of life.
GOBankingRates has reviewed car recommendations from leading authorities in the auto industry to identify the best options for retirees. Here are six cars that promise affordability and reliability throughout your retirement.
Honda CR-V
Starting price: $30,850
The 2024 Honda CR-V has been recognized as a Top Safety Pick for Small SUVs by the IIHS-HLDI. Key safety features that earned the Honda CR-V high marks include small overlap front crashworthiness, good headlights, and excellent seat belt reminders.
According to Consumer Reports, small SUVs like the Honda CR-V appeal to retirees due to their large car doors and chair-height access, which make it easy to get in and out of the vehicle. While Car and Driver noted that the Honda CR-V might lack the excitement of more thrilling cars, this aspect could be a positive for retirees looking for a spacious, fuel-efficient vehicle.
Subaru Forester
Starting price: $28,440
Similar to the Honda CR-V, the 2024 Subaru Forester is a small SUV that is easy for retirees to enter and exit. The Zebra has named the Subaru Forester their top pick for cars that are easy to get in and out of. Additionally, the Subaru Mobility Assist Program offers a reimbursement of up to $1,000 for necessary modifications, making it adaptable to specific needs.
Inside, the Forester provides ample storage, supportive seats, and all-wheel drive, ensuring better control in bad weather. Retirees looking for a slightly less expensive model can consider the 2019-2023 Forester models, which range from $17,000 to $32,000 according to Kelley Blue Book (KBB).
Kia Soul
Starting price: $21,565
Despite its youthful appearance, the average age of a Kia Soul owner is around 60. The 2024 Kia Soul offers plenty of interior space with comfortable front and rear seats. Its raised height makes it easy for retirees to get in and out of the car.
If the starting price is a bit steep, used models from 2018-2019 are available for $11,000 to $13,000, according to KBB. This affordability, combined with its practical features, makes the Kia Soul an excellent choice for retirees.
Honda Accord
Starting price: $28,990
For those who prefer a midsize sedan, the 2024 Honda Accord is a solid option. It offers easy entry and exit, a spacious interior, and budget-friendly gas mileage. According to U.S. News & World Report, the Accord delivers 37 MPG on the highway and 29 MPG in the city.
The 2024 Honda Accord is also one of IIHS-HLDI’s Top Safety Picks for Midsize Cars, performing well in crash and safety tests. These features make the Accord a reliable and economical choice for retirees.
Hyundai Palisade
Starting price: $38,045
The 2024 Hyundai Palisade is on the higher end of the price spectrum, but it offers significant value for its cost. Recognized as a Top Safety Pick for Midsize SUVs by IIHS-HLDI, the Palisade comes with advanced safety features like automated emergency braking and pedestrian detection.
Additional features such as a massaging driver’s seat and easy entry and exit enhance the comfort and convenience of this vehicle. These attributes make the Hyundai Palisade a worthwhile investment for retirees who can afford a higher price point.
Toyota Camry
Starting price: $27,515
The 2024 Toyota Camry is a midsize car that combines comfort, affordability, and reliability. According to KBB, it offers a choice between a V6 engine and a four-cylinder, with all-wheel drive available on the latter.
Safety is a priority for the Camry, which includes Toyota Safety Sense 2.5+ technology. Features like a pre-collision system with pedestrian detection, automatic high beams, and lane departure alert with steering assist ensure a secure driving experience.
Hyundai IONIQ 5
Starting price: $43,175
For retirees interested in electric vehicles (EVs), the 2024 Hyundai IONIQ 5 is a top pick. This small SUV, recognized as a Top Safety Pick, is easy to enter and exit and charges quickly. Although it costs more than the 2024 Hyundai IONIQ 6, the IONIQ 5 offers advanced safety technology in its base SE Standard trim, including automatic emergency braking and blind-spot monitoring.
These features ensure that retirees won’t have to spend extra to stay safe on the road.
Conclusion
Choosing the right vehicle for retirement involves balancing affordability, safety, and reliability. The Honda CR-V, Subaru Forester, Kia Soul, Honda Accord, Hyundai Palisade, Toyota Camry, and Hyundai IONIQ 5 are all excellent choices that cater to these needs. Whether you prefer a small SUV, a midsize sedan, or an electric vehicle, these options promise to serve you well throughout your retirement without breaking the bank.
