Advices About Autos
With the automotive industry in turmoil and consumers guarding every dime, there’s never been a more nerve-wracking time to buy a car. A vehicle is typically the second-largest investment an American family makes – and with economic uncertainty growing daily and borrowing more difficult than ever, those who need a new car now know it’s vital to make a good investment decision.
With that harsh reality in mind, U.S. News & World Report has announced its first annual Best Cars for the Money awards. The awards consider three key factors in determining the value of every car on the market:
First is the collective opinion of the automotive press on the relative merits of each car. Our team of editors regularly reads hundreds of published car reviews, generating numerical scores that reflect each reviewer’s opinion of each car and plugging those into a formula that generates an overall score for the car, then ranking it against its competition. Those rankings are updated often, to provide a constantly evolving perspective on the best car at each price point and vehicle type.
But the Best Cars for the Money awards go further, not just looking for good cars, but for great investments.
That’s why the second factor considered is the target price consumers should expect to pay for the car (not just what the manufacturer says it costs), which is calculated for us by Intellichoice, an industry leader in determining new car values.
Finally, the awards consider the five-year cost of owning the car — factoring in everything from fuel economy to depreciation — because a cheap car may cost you more in the long run than if you spend a little more upfront for a reliable set of wheels.
The full list of winners is available here.
Some of the calls were close – the Honda Odyssey narrowly lost out to the Toyota Sienna, for instance, as the Best Minivan for the Money.
Others were not close. The Honda Fit ran away from the field with the Best Subcompact Car for the Money award.
We’ve noted the close finishes as well, with our list of other Top Picks for the Money.
And if you’re shopping, keep in mind that prices are low, and constantly shifting, in this depressed car market. Research the best car deals available in this market before you make a decision. In fact, many of our award winners are available at significant discounts today.
