4 Cars That’ll Lose You Thousands of Dollars in Retirement
Written by
J. Arky
Edited by
Jenna Klaverweiden
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Buying your dream car might be in your retirement plans, but just make sure you pick the right one that’s not going to drain your savings or put stress on your fixed-income budget. Retirees need something reliable, as well as affordable, but many vehicles can miss those marks.
Here are four cars that actually cost retirees thousands of dollars and should be avoided.
Range Rover
According to Alan Gelfand, owner of German Car Depot, the Range Rover is arguably one of the most recognizable brands to be plagued by expensive repairs. And it depreciates quickly, losing $40,000 or more in value within the first five to eight years on the road.
“Once owners decide to part with their beloved Rover, they are often in for a shock when they receive a repair quote,” Gelfand said. “Typically, fixes for Range Rovers can range from $3,000 to $7,000 for issues such as failed air suspension, electrical problems and a cooling system that is notorious for leaking.”
Chevrolet Trailblazer
Melanie Musson, auto industry expert with AutoInsurance.org, shared that at first glance, a Trailblazer may seem like a solid retirement vehicle, but it’s one of the fastest-depreciating American-made vehicles.
“It’ll lose half of its original value over the first five years,” Musson said. “The engine can be noisy, and sometimes the noise is due to vibrations that need to be addressed, which could cost $400.”
Mercedes-Benz GL/GLS-Class SUVs
“These full-size utilities are popular with retirees because they are roomy and they provide a comfortable ride,” Gelfand said. “But they also contain advanced air ride systems, tightly packed twin-turbocharged engines and complex all-wheel drive systems.”
In Gelfand’s experience, when things go wrong with a GLS, it often happens in batches and can cost upward of $6,000 to repair. “However, the average cost to fix these common problems is more in the range of $2,500 to $6,000,” Gelfand explained.
Jeep Wrangler
Musson admitted that the Wrangler overall holds its value fairly well, making these rides highly sought-after vehicles. But she cautioned how these Jeeps can be money pits, particularly for retirees.
“The rugged and expensive components aren’t very durable,” Musson explained. “So, if you have a Wrangler as your retirement car, you’re probably going to have regular, expensive repairs, especially as it approaches 10 years old.”
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