One Of The Worst Cars For Retirees Is A Chevrolet Model With Poor Reliability

Retirement means living on a fixed income, so when you spend your money, you want to make sure you get what you paid for, certainly when it comes to cars. While Chevrolet is one of a handful of car brands that cost the least over time, retirees should skip out on buying themselves a Camaro. The updated take on the classic muscle car might be appealing to some retirees as a dream vehicle until the costs start adding up to fix and keep the Camaro on the road, straining the budget of most seniors in retirement. Even the latest 2024 Camaro has a retail price range of $32,495 to $54,895, according to Car and Driver, making it not the cheapest vehicle for retirees to drive off the lot.

Repair Pal gives the Chevy Camaro a reliability rating of 3.5 out of 5 stars, with an annual average repair cost of $585, ranking it at 21 out of 24 in reliability among midsize vehicles. GOBankingRates interviewed a baby boomer who put the Camaro down as one of the worst cars to buy in retirement, not only because of engine failure and problems with the ignition switch key getting trapped, but also due to the low seating that forces passengers to hunch down, which could create back pain for a number of retirees.

While it is recommended to sell any additional cars before retirement to save money, you still might need a reliable form of personal transportation as a retiree. RetireGuide found that seniors 65 and older spent an annual average of $7,160 on transportation in 2021, with vehicle purchases ranging between $1,396 and $2,777 and other expenses amounting to $2,707 each year. So what makes the ideal car for drivers in retirement, to get the most bang for their buck on the road?

Along with accessibility and visibility, seniors should look for a car with low maintenance costs, adjustable steering, and advanced safety features. Helpfully, auto manufacturers are starting to roll out new features in vehicles specifically designed for older drivers, emphasizing safety as a top priority. Along with comfort and safety, resale value might be top of mind for retirees as well, as you may want to upgrade your vehicle at some point in the near future. For that, plenty of cars fit the bill. If you are set on owning a Chevy, consider the 2023 Silverado HD, which retains 67.8% of its resale value after five years of ownership, according to MotorTrend, making it a great investment for retirees to consider purchasing in their golden years.