10 Affordable Used Cars To Buy If You Have a Lot of Debt
Written by
David Nadelle
Edited by
Nicholas Morine
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Despite the funds required to buy and maintain a car, Americans place a high priority on owning a vehicle. As Forbes Advisor reported, 2022 U.S. Census data revealed that 91.7% of U.S. households owned at least one car, and 22.1% of households had three or more.
It’s not that surprising given that most people feel owning a vehicle is a necessity for many reasons. Americans value their independence and freedom, and having a convenient and safe mode of transportation means you don’t have to rely on others to get you where you want to go.
Used Car Prices Are Down
However, for those with a mountain of debt, little free money and weak credit scores, extra considerations and careful decision making is required. Thankfully, used car prices have fallen in 2024, and “The market is experiencing significant growth, driven by the excellent value-for-money proposition that used cars offer compared to new ones,” Technavio reported.
And it’s used cars that you’ll have to restrict yourself to buying if you’re in debt. Buying new when you already owe money to creditors of businesses isn’t an option. Popular radio show/podcast host Dave Ramsey believes you shouldn’t buy a new car unless you have at least a million-dollar net worth.
Ramsey also recommened a few other things when you need to buy a car, but have a heavy financial burden hanging over your head. First, you’ll need to figure out how much money you’ll be able to contribute, given your necessary expenses and debt. “And by money, we mean cold, hard cash — because a car you can afford is a car you can pay for in cash,” the Ramsey Solutions site indicated.
Second, you’ll need to figure out what kind of car you can afford. According to Ramsey, you should never spend more than half your annual income on a depreciating vehicle (and with very few exceptions, they all depreciate).
Here’s a list of 10 used cars to zero in on if you currently have a lot of debt, all of which are around a decade old and can be bought for under $10,000.
1. 2012 Toyota Camry
2. 2012 Honda Accord
The first two entries here are actually four models taken directly from Kelley Blue Book’s recommendations and cars that are generally considered the most reliable on the market. You’ll have to look at older Camry and Accord models, unfortunately, as newer versions are more valuable and will cost you more than $10K. But even 2012 Hondas and Toyotas will hopefully last you a few years — or at least until you’re out of debt and can afford something newer.
3. 2013 Toyota Corolla
4. 2013 Honda Civic
Again, where you have Toyota, Honda is right behind, and vice versa. The Corolla and Civic aren’t the most powerful rides, but you’re not looking for performance, you’re looking for all-around reliable and comfortable rides that you can actually afford.
5. 2013 Subaru Legacy
The once-popular Legacy is slated to be discontinued by Subaru for 2025, but older models provide superb value for money. Standard all-wheel drive makes the Legacy a great vehicle for off-road excursions and foul weather.
6. 2013 Mazda3
Compact cars have their downsides (little power, tight cargo space), but make up for these with sporty handling and great fuel economy. The 2013 Mazda3 is available in a sedan or hatchback body style and a wide variety of trim levels.
7. 2014 Kia Soul
U.S. News & World Report has the Soul at the top of its 2014 most reliable used cars, and J.D. Power gave the spacious vehicle a reliability score of 84/100. A 2025 Soul will cost you around $20,000, so expect to get a good deal on a 10-year-old model.
8. 2013 Honda Fit
Fans of the Fit were saddened when Honda announced it was discontinuing the model due to reduced interest and declining sales. Fortunately, there are still a lot of used Fits kicking around, especially for those looking to save on gas and maintenance costs. Consumer Reports (CR) estimated that you could get a 2010 Fit for as little as $6,100 — and a 2011 model for between $6,775 and $7,325.
9. 2017 Ford Fiesta
2019 was the final year for the Ford Fiesta in the U.S., but you shouldn’t have a hard time finding a model in good condition for under $10,000 (if you look at 2017 models and earlier). They are popular on the used market, however, because they are fun to drive and are considered reliable.
10. 2011 Lexus ES
A luxurious Lexus ES can be had for under $10,000, but you’ll need to go with a 2011 model, per CR. Lexus tops the nonprofit research and advocacy group’s Most Reliable Used Car Brands rankings — and the ES in particular is known for its smooth ride, luxe interior and durability, regardless of model year.
More From GOBankingRates
