Drive Past These 5 Used Cars That Can Become Money Pits Immediately
Buying a used car can significantly lower your upfront investment. However, these cost savings can quickly dwindle due to high repairs and maintenance costs. Auto experts told us these five used cars that can turn into money pits within a year.
1. Honda Odyssey
Used Honda Odysseys can quickly become a money pit. For example, the 2020 model has12 recalls, according to Consumer Reports, including unexpected airbag deployment, failing fuel pumps, faulty rearview cameras and unlatching seat belts. Additionally, Honda Odyssey vehicles over 10 years old have a 22% chance of needing a major repair, as per CarEdge. Not only can these repairs be expensive, but they can also pose safety risks.
“Interestingly enough, the Odyssey, which is one of the most reliable vehicles, could be a money pit depending on if the eco mode is acting up,” said Melanie Musson, auto industry expert with AutoInsurance.org. “The eco mode, designed to improve fuel economy, can cause major engine issues; in a worst-case scenario, the engine could require a total rebuild.”
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2. Land Rover Range Rover
Land Rover Range Rovers can seem like a great used car; however, when you take a deeper dive, the problems start to add up. Just recently, Cars.com reported Land Rover recalled certain 2014 through 2017 Range Rover models due to suspension arm detachment. Similarly, certain 2023 through 2026 Range Rovers were recalled due to sunroof trim detachment. Outside of these recalls, Range Rovers are known for engine oil leaks and rearview camera malfunctions.
“It’s really tempting to buy a used Range Rover because it seems like an affordable way to get a popular luxury car,” said Musson. “There’s a reason you can buy used models so much more cheaply than new and that’s unreliability. A used Range Rover is likely to have suspension problems at some point, which will likely cost $3,000 or more to repair.”
3. Kia Soul
The Kia Soul is an affordable, compact SUV. Despite its small size, it can still incur thousands of dollars in repair costs. Older models, particularly those from 2012 through 2016, typically have more issues, reported by CoPilot. The 2012 model is known for faulty safety features and body integrity issues, while the 2013 model has more serious problems, such as engine failure. An engine replacement can cost upwards of $6,000, based on group wisdom from Reddit.
“The 2014-2019 Soul model years are prone to major engine problems that could result in engine failure,” said Musson. “One sign of an impending engine problem is excessive oil consumption, which can be hard to detect during a test drive. Pay attention to how the engine smells after you drive. If it smells like something is burning, that could be a sign that the oil is being burned.”
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4. BMW 5 Series
The sporty look of the BMW 5 Series can be tempting when shopping for a used vehicle. However, this car is known for oil leaks, cooling system failures and turbo repairs. Even minor repairs can cost nearly double those for an American-made brand because of BMW's German origin. Competition BMW says that replacing a thermostat can cost $500, while a water pump replacement can cost more than $1,500. The 2005 through 2010 models are notorious on Reddit's BMW subreddits for problems, so steer clear of those years.
5. Ford Focus
The Ford Focus, particularly the 2012 through 2019 model years, has known transmission issues, going by CoPilot. The PowerShift transmission commonly jerks or hesitates, leading to premature failure. Mister Transmission prices an average transmission repair for the Focus between $3,000 and $7,000. Replacing a transmission in the first few years of ownership can wipe out your entire cost savings from buying used.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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