With used-car prices falling and the quality of late-model cars improving, buyers are now getting a lot more bang for their buck.
Recent redesigns, especially in the midsize- and compact-sedan segments, have left the used-car market full of vehicles that were on the cutting edge several years ago, but at lower prices now.
Those cars have helped to create "some of the best product we've seen in the industry in years" said Alec Gutierrez, an analyst for Kelley Blue Book. "These vehicles are significantly improved over the models they are replacing."
"If the new-car prices are out of your budget and you're looking to buy used to save a few dollars, used cars the past few years are really good products," said Richard Arca, used car analyst at Edmunds.com. "If you take a look now, the manufacturers made huge strides in improving their product" in the past few years.
To make the deal even sweeter, used-car prices are down 6 percent from their peak in May 2011. The average price for a used car at auction was $11,031 in June, according to Manheim, an auction company, and experts don't expect prices to rise soon.
"Prices will continue to soften at a faster rate," Arca said.
"Now is definitely as good a time as any" to buy a used car, Gutierrez said.
Analysts said the quality of used cars has been instrumental in keeping the entire auto sales business afloat.
"Nearly every vehicle in the industry has so significantly improved that it's helped to shore up the industry," Gutierrez said.
Here are some of the top used cars that have been dramatically redesigned over the past few years:
2011 Hyundai Sonata
Replacing the fifth- generation Sonata introduced in 2005, the '11 was introduced to rave reviews. Kelley Blue Book called the stylish mid-sized sedan a "towering home run" in its review. The redesign brought an entirely new look to the car, along with value, quality and a world-class powertrain.
2011 Kia Optima
The previous iteration of the Optima, a bland, boring car with few attractive features, was replaced by this heavy-hitter. Packed with amenities, this mid-sized sedan comes with improved styling over older models and new (at the time) tech features, including Bluetooth connectivity, an iPhone audio input and a glove box that will keep drinks cool.
2012 Ford Focus
This compact got a new look in 2012, but also packs more quality, features and options. Also available as a 5-door hatchback for the first time, the Focus boasts a stronger unit-body structure and a completely retuned suspension. Premium comfort features include MyFord Touch infotainment and standard dual-zone climate control.
2011 Chevrolet Cruze
The Cruze marked the beginning of Chevy's turnaround, and for good reason. While not technically a redesign, the Cruze replaced the Cobalt in Chevy's lineup. The compact has an impressive 36 mpg, and the price to back it up. Superficially, the car is attractive inside and out.
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