CAMBRIDGE, Mass., Jan. 24, 2024 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today released its 2024 Best Used Car Awards. Referencing an expansive set of pricing and availability data, consumer trends, and experience test driving over a thousand cars, CarGurus’ panel of expert reviewers has identified the best used cars in 11 categories, including the best family car; city car; large, small, and midsize SUV; and the best overall used car, recognized with the CarGurus Used Car of the Year Award.
The awards come in time for shoppers to prepare for the best time to buy a used car in 2024, according to CarGurus research. An analysis of national weekly average price and inventory data for the past seven years, accounting for pre- and post-COVID market shifts, revealed that buying a used car during the week of February 12 could, on average, amount to a 2.8% savings compared to the average week - with access to over 6% more listings. Based on the current average used car listing price of $28,731, consumers have the potential to save approximately $800 on a purchase during this time.
“With many shoppers feeling the pinch of higher interest rates and new car prices remaining 30% above pre-pandemic levels, all eyes will be on used cars as a more cost-effective alternative to finding a great deal this winter,” shares Matt Smith, CarGurus Deputy Editor. “Now in its sixth year, the CarGurus Best Used Car Awards aim to help consumers pinpoint their ideal car match with added confidence.”
A preview of the 2024 CarGurus Best Used Car Award winners include:
- CarGurus 2024 Used Car of the Year: Honda Accord (Tenth Generation). “In addition to being named the best city car, the tenth-generation Honda Accord is a fantastic all-around vehicle. Few vehicles combine the Accord's impressive performance and efficiency with its level of practicality, build quality, and safety,” explains Smith. Current average listing price: $23,1062.
- Best Midsize Crossover/SUV: Hyundai Santa Fe (Fourth Generation). Sold between 2019 and 2023, the fourth-generation Hyundai Santa Fe delivers an outstanding combination of tech, safety features, and value. “It helps that the Santa Fe is a good-looking vehicle, too; although it hasn’t adopted many of the current auto marketplace’s design trends, it doesn’t look boring or outdated,” Smith adds. Current average listing price: $26,2292.
- Best Large Pickup Truck: Ford F-150 (Fourteenth Generation). Introduced for the 2021 model year, this latest F-150 builds on more than seven decades of truck-building experience. Shoppers can find a Ford F-150 for any need, thanks to multiple body styles, multiple powertrain options, and enough trim levels to make a head spin. According to Smith, “CarGurus reviewers have been impressed by how the F-150 combines its noteworthy capability with smart design, great technology, and an outstanding suite of safety features.” Current average listing price: $48,2242.
- Best Luxury Sedan: Audi A4 (Fifth Generation). According to Smith, “Although it’s received only a minor facelift since arriving for the 2016 model year, the fifth-generation Audi A4 is nonetheless one of the best-looking sedans on the market. This luxury sedan has aged incredibly well, offering as impressive a driving experience as it did eight years ago. Earlier examples can be equipped with front-wheel drive (FWD), but later A4 models include Audi’s famous Quattro all-wheel-drive (AWD) system as standard equipment.” Current average listing price: $25,5682.
- Best Family Car: First Generation Kia Telluride. Since arriving for the 2020 model year, the Kia Telluride has become a popular choice among shoppers and reviewers, alike. The super-sized midsize crossover SUV was one of the first of its kind; comfortable enough for daily driving duties while also large and capable enough to seat up to eight adults. Current average listing price: $36,2412.
- Best Sports Car: Porsche 911 (992; Eighth Generation). According to Smith, “The Porsche 911 is a quintessential sports car in every way—it’s instantly recognizable, offers limited practicality, and drives as if it were engineered solely for performance. The 992-Series Porsche 911 has been on sale since the 2019 model year and is offered in a wide range of trim levels, from rear-wheel-drive convertibles to all-wheel-drive coupes, and with powertrains that evolve from ‘fast’ to ‘how is this legal?’.” Current average listing price: $197,1772.
The full list of CarGurus Used Car Award winners can be found here. Categories include the best small crossover/SUV, best midsize crossover/SUV, best family car, best city car, best large SUV, best luxury crossover/SUV, best small pickup truck, best large pickup truck, best sports car, and CarGurus Used Car of the Year Award.
Methodology:
CarGurus Used Car Award nominees were selected from car models at least two years old and originally for sale in the U.S. Nominees were shortlisted on criteria including availability and search interest on CarGurus. CarGurus’ expert team of vehicle reviewers evaluated each vehicle, after which the accumulated data was analyzed to determine this year’s winners. Of note: Due to the limited variety of electric vehicle (EV) models on the market two years ago, this segment has been excluded this year. CarGurus expects to feature its first-ever Used Car Awards EV category in 2025.
About CarGurus
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.S. and the U.K., CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks, and registered trademarks are the property of their respective owners.
1 Similarweb: Traffic Insights, Q3 2023, U.S.
2Source: CarGurus listings data as of 1/15/2024
Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com
