Kalea Hall | (TNS) The Detroit News
At a time when average new-vehicle prices near $50,000 are pushing more shoppers to consider the used market, Consumer Reports is releasing brand reliability ratings and “top picks” of pre-owned models for the first time.
The consumer advocacy nonprofit, which is providing used car-specific insights available at ConsumerReports.org/usedcars, on Tuesday released the used-vehicle studies that give the Asian brands higher scores and more spots on the group’s “top picks” list. Among the Detroit Three automakers, only General Motors Co. made the top 10 in the reliability study and had models make the top-picked used vehicle list.
Buyers coming back into the car market after years away often face sticker shock when they see new vehicle prices. That’s led 4 in 10 consumers who looking for a vehicle the past year to only consider used models, according to Consumer Reports, compared with 3 in 10 looking only at new cars.
The average listing price for a new vehicle was $47,307 in July and the average used price was $25,415, according to Cox Automotive. With far fewer new-vehicle offerings under $30,000 today, more customers are evaluating used vehicles. Sixty-eight percent of car buyers consider both new and used vehicles when shopping, according to a 2023 study from Cox Automotive, an automotive services company. That’s up from 55% two years ago.
“There’s a huge opportunity here to help a lot more people than we already are currently find something that’s reliable, safe,” said Alex Knizek, associate director of auto test development for Consumer Reports. “You really shouldn’t have to sacrifice those attributes in a car just because you want to save money buying used.”
Where brands stand
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For its first-ever ranking of used vehicle brands, Consumer Reports focused on the reliability of vehicles from 2014 to 2019, asking its members through surveys about problems they’ve had. The organization received data for more than 150,000 vehicles for this study.
Toyota Motor Corp.’s Lexus and Toyota top the list of 26 brands, as they did in the nonprofit’s Annual Auto Reliability study of new vehicles released in November 2023. Mazda Motor Corp.’s Mazda brand ranked third, followed by Honda Motor Co.’s Acura and Honda brands, GM’s Buick, BMW AG’s BMW …read more
Source:: The Mercury News – Entertainment
