Honda and Toyota had the most models make Edmunds.com’s Best Used Cars for 2013, filling out nearly half the list with four vehicles each. Ford also placed well, with three of its models making the list.
Edmunds.com, a site that provides research and car-shopping tools, issues the annual list based on vehicle reliability, safety, value and availability. Only vehicle model years 2006 to 2011 were eligible.
In a news release, Editor-in-Chief Scott Oldham explained some of the rankings:
"There are a lot of popular cars on this list, and that's not a surprise," he said. "Wider availability of a particular vehicle almost always translates to more competitive prices and better value for used car shoppers."
Used car loans made up 62.3% of outstanding auto loans in the second quarter of 2013, according to Experian Automotive data. The average loan on a used car was $17,913 — up $480 from the second quarter 2012 — and the average credit score of consumers with used loans was 660, the lowest it’s been since 2007.
A consumer’s credit score impacts the rate he or she will get on an auto loan, and higher scores will likely translate into more favorable rates. Credit scores are based on consumer credit history, so it’s important to check your credit reports for potential errors before applying for loans. Consumers should also have an idea of their credit score before shopping, which can be obtained for free through Credit.com’s Credit Report Card.
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