Shopping for a used automobile has usually been thought-about a sensible strategy to save by avoiding the steep depreciation prices that go hand in hand with new vehicles.

Nonetheless, a restricted provide of recent vehicles and vans as a result of ongoing chip scarcity prompted demand for used vehicles to skyrocket, pushing costs a lot greater and decreasing the worth of shopping for pre-owned.

Now, though prices have cooled barely, older vehicles are nonetheless wanted and priced accordingly.

To get one of the best bang in your buck, a latest iSeeCars research analyzed greater than 2 million vehicles to see which used fashions are priced the bottom and provide the longest remaining lifespan. The report then ranked these fashions primarily based on the price per remaining mile calculation to find out which used vehicles are one of the best deal.

Within the No. 1 spot, a 10-year-old Chevrolet Impala prices about $9,700 with a median remaining lifespan of just about 120,000 miles.

The Toyota Prius is the following finest deal, with as much as 130,000 miles of drivability left to go for lower than $14,000 — along with considerably decrease gasoline prices.

Different prime contenders — such because the Kia Sedona, Dodge Grand Caravan, Honda Ridgeline and Ford Fusion — included a spread of sedans, SUVs, minivans and a pickup truck.

The typical worth of the 10-year-old vehicles and vans within the prime 10 is simply $11,819, with over 105,000 miles remaining, the report discovered — or greater than 47% left of their lifespan.

“Customers can purchase a 10-year-old automobile that prices considerably lower than 1- to 5-year-old used fashions, but these autos nonetheless have 80,000 or extra miles of life left in them,” stated Karl Brauer, government analyst for iSeeCars.com.

“Some, just like the Toyota Prius, Toyota Avalon and Honda Ridgeline, have greater than 125,000 miles to go.”

Extra from Private Finance:
Rate of interest hikes have made financing a automobile pricier
10 vehicles with the best potential lifespan
Automobile offers are arduous to come back by

Amongst 5-year-old vehicles and vans, the Honda Match topped the listing, costing $18,486, on common, with a remaining lifespan of over 150,000 miles — or virtually 75% of its whole life, adopted by the Civic and Prius.

Total, 5 Toyotas made the highest 10 listing of finest 5-year-old used vehicles for the cash, additionally together with the Camry, Corolla and Avalon.

The report checked out 10-year-old fashions priced between $9,000 and $19,000, with a median remaining lifespan of greater than 100,000 miles, in addition to 5-year-old fashions priced between $18,000 and $26,000 with a median remaining lifespan of greater than 150,000 miles.  

Past the usual recommendation to verify for extra put on and tear, request a automobile historical past report and convey the automobile to a restore store for an inspection, in response to Ivan Drury, director of insights at car-shopping comparability web site Edmunds. He supplied these 5 ideas for anybody out there for a used automobile.

1. Mileage is a delusion: ”Do not be afraid of the 100,000 mileage marker in your odometer,” Drury stated. As a result of sturdiness has improved considerably during the last decade, “100,000 shouldn’t be the mileage threshold it used to be.”

“Used automobile values don’t fall off a cliff at 100,000 miles,” he stated. “As an alternative, they proceed to comply with a really linear discount in worth as much as and previous 100,000, virtually all the best way to 150,000.”

2. Being “primary” has its advantages: Going with broadly fashionable fashions has an added benefit with regards to shopping for a used automobile, Drury stated.

“Shopping for mainstream, high-volume fashions virtually ensures you may be close to a dealership or restore store that’s accustomed to your mannequin and has alternative components available for repairs, translating to simpler and extra inexpensive upkeep,” he suggested.

3. Keep on with what you understand: Equally, shopping for from a model you’ve got had a optimistic expertise with might offer you added reassurance in comparison with buying one thing else which may prevent cash upfront “however stresses you out every time you begin your automobile,” Drury stated.

4. Verify the comps: Try comparables — or older mannequin years of the identical automobile — on marketplaces like Edmunds, CarMax, Fb Market and Craigslist to see which fashions are actually able to going the gap, he stated.

“Even when you’re one thing like a 2015 mannequin 12 months, analysis even older mannequin years of that automobile to see what number of miles others have racked up and their costs for future predictions of worth retention,” Drury suggested.

5. Be prepared to leap on an excellent deal: With demand nonetheless elevated, lower-priced used autos won’t make it various weekends earlier than promoting, so be ready to behave rapidly, he stated.

A five-year-old, $25,000 automobile will solely final 39 days on the lot, on common, in response to information from Edmunds. For a 10-year-old, $12,000 automobile that quantity falls to simply 27 days.

Subscribe to CNBC on YouTube.