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Buying the car of your dreams may be in your retirement plans, but just make sure you choose the right car that won’t drain your savings or put a strain on your fixed income budget. Retirees need something reliable as well as affordable, but many vehicles may miss those marks.
Here are four cars that are actually costing retirees thousands of dollars and should be avoided.
range rover
According to Alan Gelfand, owner of German Car DepotThe Range Rover is certainly one of the most recognizable brands prone to expensive repairs. And its value depreciates rapidly, losing $40,000 or more in value within the first five to eight years on the road.
“Once owners have decided to part with their beloved Rover, they are often shocked when they receive a repair offer,” Gelfand said. “Typically, fixes for Range Rovers can range from $3,000 to $7,000 for issues like failing air suspension, electrical problems and a cooling system notorious for leaks.”
chevrolet trailblazer
Melanie Musson, auto industry expert AutoInsurance.orgshared that at first glance, the Trailblazer may seem like a solid retirement vehicle, but it is one of the fastest depreciating American-made vehicles.
“It will lose half its original value in the first five years,” Musson said. “The engine can be noisy, and sometimes the noise is caused by vibration that needs to be addressed, which can cost $400.”
Mercedes-Benz GL/GLS-Class SUV
“These full-size facilities are popular with retirees because they are spacious and offer a comfortable ride,” Gelfand said. “But they also include advanced air ride systems, tightly packed twin-turbocharged engines and complex all-wheel drive systems.”
In Gelfand’s experience, when things go wrong with the GLS, it often happens in batches and can cost more than $6,000 to repair. “However, the average cost to fix these common problems is between $2,500 to $6,000,” Gelfand said.
jeep wrangler
Musson acknowledged that the Wrangler holds its value quite well overall, making these rides highly sought-after vehicles. But he cautioned how these jeeps can become money-making pits, especially for retirees.
“Hard and expensive components are not very durable,” Musson explained. “So, if you have a Wrangler as your retirement car, you’ll probably have to get regular, expensive repairs done, especially when it gets to be 10 years old.”