Top Used Cars Under $20,000
Looking for a solid ride without breaking the bank? We’ve got you covered. Whether you’re a newbie on the road or need something roomy for the family, there are plenty of great used cars under $20,000.
Best Picks for Young Drivers
Young drivers need cars that are safe, reliable, and won’t empty their wallets. Here are some top choices:
| Car Model | Key Features | Price Range |
|---|---|---|
| Chevrolet Colorado | Perfect for adventure lovers, solid safety ratings | $18,000 – $20,000 |
| Mazda 3 | Sporty look, good on gas, cool tech | $15,000 – $19,000 |
| Mazda 6 | Stylish, comfy, and dependable | $17,000 – $20,000 |
| Mazda CX-5 | Compact SUV, top-notch safety, and tech | $18,000 – $20,000 |
| Subaru Outback | All-wheel drive, roomy inside, great safety scores | $16,000 – $20,000 |
These cars have high marks in IIHS crash tests, making them some of the most reliable used cars for young drivers.
Spacious and Comfortable Options
Need more room and comfort? Check out these models:
| Car Model | Key Features | Price Range |
|---|---|---|
| 2019 Honda Accord | Roomy, fun to drive, EX-L and Touring trims | $18,000 – $20,000 |
| 2020 Toyota Camry | All-wheel drive, V6, 4-cylinder, or hybrid options | $19,000 – $20,000 |
The 2019 Honda Accord, a winner of Kelley Blue Book’s 5-Year Cost to Own Award, is known for its spacious interior and smooth ride (Kelley Blue Book). The 2020 Toyota Camry also offers various powertrains and a comfy ride, making it a solid choice under $20,000 (Kelley Blue Book).
For more options, check out our articles on best used cars for young families and best used cars for large families.
Reliable and Efficient Choices
Looking for a dependable ride that won’t break the bank? Check out these two gems under $20,000: the award-winning 2019 Honda Accord and the versatile 2020 Toyota Camry.
Award-Winning 2019 Honda Accord
The 2019 Honda Accord is a no-brainer. It’s got reliability and cost-efficiency written all over it. This model snagged Kelley Blue Book’s 5-Year Cost to Own Award in the midsize category, proving its long-term value (Kelley Blue Book). Spacious, comfy, and smooth on the road, it’s perfect for both daily drives and those epic road trips.
Key Features:
- Engine Options: 1.5L Turbo, 2.0L Turbo
- Fuel Economy: Up to 30 MPG city / 38 MPG highway
- Safety: Honda Sensing suite with adaptive cruise control and lane-keeping assist
- Interior: Roomy cabin with premium materials
- Trims under $20,000: EX-L, Touring
| Feature | Specification |
|---|---|
| Engine | 1.5L Turbo, 2.0L Turbo |
| MPG (City) | Up to 30 |
| MPG (Highway) | Up to 38 |
| Safety | Honda Sensing suite |
Want more options? Check out our list of top 10 used cars for reliability.
Versatile 2020 Toyota Camry
The 2020 Toyota Camry is another solid pick for a reliable and efficient used car. With its all-wheel drive option and a variety of powertrains, including V6, 4-cylinder, and hybrid models, the Camry fits different driving styles. Models like the LE and SE are within a $20,000 budget, offering great value without skimping on features.
Key Features:
- Engine Options: 2.5L 4-cylinder, 3.5L V6, Hybrid
- Fuel Economy: Up to 29 MPG city / 41 MPG highway
- Safety: Toyota Safety Sense-P with pre-collision system and lane departure alert
- Interior: Comfortable seating with user-friendly tech
- Trims under $20,000: LE, SE
| Feature | Specification |
|---|---|
| Engine | 2.5L 4-Cylinder, 3.5L V6 |
| MPG (City) | Up to 29 |
| MPG (Highway) | Up to 41 |
| Safety | Toyota Safety Sense-P |
Looking for more fuel-efficient models? Check out our picks for good used cars for gas mileage.
By considering these reliable and efficient choices, you can find the best used car under $20,000 that fits your needs and budget. For more options, visit our guide on the best used cars under 30k.
Fuel-Efficient Models
Looking for the best used cars under $20,000? Fuel efficiency is often at the top of the list. Two models that really shine in this department are the 2019 Toyota Prius and the 2021 Toyota Corolla.
Eco-Friendly 2019 Toyota Prius
The 2019 Toyota Prius is famous for its stellar gas mileage, reliability, and practicality. It’s a great pick if you want to save on fuel while enjoying a roomy and comfy ride. Some models even come with all-wheel drive (AWD), making it versatile for different driving needs.
| Feature | Specification |
|---|---|
| Combined MPG | Up to 52 |
| Seating Capacity | 5 |
| Cargo Space | 27.4 cu ft |
| Price Range | Under $20,000 |
According to Kelley Blue Book, the 2019 Prius fits well within the $20,000 budget, making it a solid choice for eco-conscious drivers. Its spacious interior and advanced tech features add to its appeal. If you’re looking for more budget-friendly options, check out good used cars under $15,000.
Practical 2021 Toyota Corolla
The 2021 Toyota Corolla is another fantastic option for those wanting a fuel-efficient and reliable used car. Known for its dependability and modern features, it’s perfect for commuters and small families.
| Feature | Specification |
|---|---|
| Combined MPG | Up to 34 |
| Seating Capacity | 5 |
| Safety Features | Toyota Safety Sense 2.0 |
| Connectivity | Apple CarPlay, Android Auto |
| Price Range | Under $20,000 |
Kelley Blue Book notes that the 2021 Corolla comes with a suite of advanced safety features, including Toyota Safety Sense 2.0, which boosts driver and passenger safety. Its modern connectivity options, like Apple CarPlay and Android Auto, make for a pleasant driving experience.
The Corolla’s affordability and practicality make it a strong contender in the used car market. For more options, check out our recommendations for the best used cars for commuting.
Both the 2019 Toyota Prius and the 2021 Toyota Corolla offer excellent fuel efficiency and value, making them top picks for anyone in the market for a reliable and economical used car. For more info on fuel-efficient models, visit our guide on good used cars for gas mileage.
Keeping Your Car’s Value: What You Need to Know
Looking for the best used cars under $20,000? Let’s chat about what keeps a car’s value up. We’ll dive into how fewer new cars on the market have changed things and which types of cars hold their value best.
Fewer New Cars, Higher Prices
COVID-19 threw a wrench in car production worldwide, making new cars harder to come by. This shortage has bumped up the value of used cars. In 2023, cars are worth more compared to 2019, mainly because there aren’t enough new or used cars to go around (iSeeCars).
| Year | Average 5-Year Depreciation Rate |
|---|---|
| 2019 | 50% |
| 2023 | 38.8% |
Which Cars Hold Their Value?
Not all cars lose value at the same rate. Trucks and hybrids are champs at keeping their worth, while electric cars drop in value faster. Knowing this can help you pick a used car that won’t lose its value too quickly.
| Vehicle Type | Average 5-Year Depreciation Rate |
|---|---|
| Trucks | ~30% |
| Hybrids | ~35% |
| Electric Vehicles | ~50% |
Trucks
Trucks are rock stars in holding value. Their toughness and usefulness make them a hot item in the used car market. If you’re eyeing a truck, you’re looking at a solid investment.
Hybrids
Hybrids keep their value better than electric cars, with about a 12% edge after five years (iSeeCars). This can mean thousands more in your pocket. If you want a fuel-efficient car that won’t lose value fast, hybrids are a great pick.
Electric Vehicles
Electric cars, though cool and eco-friendly, lose value quicker. They depreciate around 50% in five years. While they save on gas and are good for the planet, their fast depreciation is something to think about.
Want more tips on used cars? Check out our guides on good used cars under 15,000 and best used cars under 30k.
Depreciation Rates Analysis
Understanding how cars lose value over time is key when you’re hunting for the best used cars under $20,000. Depreciation impacts your car’s long-term worth and can affect your wallet. Let’s break down the average 5-year depreciation trends and see how different types of cars hold up in value.
Average 5-Year Depreciation Trends
Lately, the way cars lose value over five years has shifted. Normally, cars would drop about 50% in value over five years. But thanks to the pandemic slowing new car production and a tight used car market, cars are keeping their value better these days.
According to iSeeCars, the average 5-year depreciation rate for cars sold from November 2022 to October 2023 is 38.8%. That’s a big jump from pre-pandemic times. They looked at over 1.1 million cars and found that depreciation rates were lower across the board compared to 2019.
| Year | Average 5-Year Depreciation Rate |
|---|---|
| 2019 | 50% |
| 2023 | 38.8% |
How Different Cars Hold Their Value
Not all cars lose value the same way. Trucks and hybrids are champs at holding their value, while electric cars tend to drop the most.
- Trucks: Built tough and always in demand, trucks usually keep their value better than most other cars.
- Hybrids: These cars hold their value well, with a nearly 12 percentage point edge over electric cars, meaning they keep thousands more in market value (iSeeCars).
- Electric Vehicles: Even though they’re getting more popular, electric cars lose about half their value over five years.
| Vehicle Type | Average 5-Year Depreciation Rate |
|---|---|
| Trucks | ~30% |
| Hybrids | ~35% |
| Electric Vehicles | ~50% |
These insights can help you make a smart choice when looking for the best used cars under $20,000. If you need more tips, check out our guides on good used cars for under 10,000, good used cars under 15,000, and best used cars under 30k. Knowing how different cars depreciate can help you get the most bang for your buck.
