Retirees who live on a fixed income might be worried about the costs of owning a car.
In addition to the car itself, you can also be on the hook for gas, repair and maintenance costs, insurance, and more. Reducing the amount of fuel you burn can make it easier to manage costs.
Check out these fuel-efficient cars that can help you reduce money stress by cutting down on the cost of gas.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
The Legacy is a good option for retirees needing a car that sits lower to the ground and is easy to get in and out of.
The Subaru Legacy has a starting manufacturer’s suggested retail price (MSRP) of $24,895.
The car also sips fuel to help you keep more money in your wallet. You get 35 miles per gallon on the highway and 27 miles per gallon in the city.
Consider the Kia Forte if you’re looking for an affordable car with great gas mileage. After all, the Forte’s MSRP of $19,790 for its cheapest model makes it one of the few vehicles on the market starting under $20,000.
The Forte LX, the model’s cheapest option, gets an estimated 30 city miles per gallon and 41 highway miles per gallon.
SUVs typically get lower gas mileage than sedans, but there are still some good fuel-efficient options that might fall within your budget.
The Ford Escape is a smaller SUV, so it’s easier to get into and out of than other larger SUVs.
The Ford Escape Active model with a 1.5L EcoBoost can get 34 miles per gallon on the highway and 27 miles per gallon in the city. The 2.5L hybrid engine can get you up to 36 miles per gallon on the highway and 42 miles per gallon in the city.
Don't let home repairs drain your bank account
Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more. Not being able to make repairs could leave you in a bad situation — but a home warranty could protect you against surprise expenses.
Whether you’re a brand-new homeowner or you’ve owned your home for years, a plan from Choice Home Warranty could pick up the slack where homeowner’s insurance falls short.
If a covered system in your home breaks down, you can call their hotline 24/7 for assistance to get it repaired. They have a network of over 15,000 technicians that can assist you, making sure any issue can be taken care of swiftly — without breaking the bank.
Not sure if it’s for you? Rest easy: they were named one of the "Best Home Warranty Companies" by US News 360 Reviews and were awarded Best Company's 2020 Consumer's Choice Award. For a limited time, you can get your first month free when you sign up for a Single Payment home warranty plan.
The Volkswagen Jetta is another sedan that’s easy to access for seniors with mobility issues. And the car is stylish to boot.
Check out a Jetta with an estimated 42 miles per gallon on the highway and 29 miles per gallon in the city. It has a starting MSRP of $21,345.
If you don’t want to compromise on luxury, the Lexus ES can be an excellent fuel-efficient option. It has an MSRP of $43,190, which might put it closer to the top end of the options on this list when it comes to cost.
But the ES also can save you on gas. For example, the ES 250 also gets an estimated 25 miles per gallon in the city or 34 miles per gallon on the highway, helping you save some money on gas when you buy this luxury car.
One of the best-selling cars in 2022 was the Toyota Camry. Retirees looking for a dependable car with a good reputation might want to consider the Camry, which has a starting MSRP of $26,420.
The comfortable-to-drive Camry also gets 28 miles per gallon in the city and 39 miles per gallon on the highway.
The Chevy Trailblazer might be a great option for retirees, as the small SUV gives drivers plenty of visibility.
The Trailblazer is estimated to get 29 miles per gallon in the city or 33 miles per gallon on the highway. The starting MSRP is $23,100.
Another of the best-selling cars in 2022 was the Honda Civic, which is easy to maneuver for drivers young and old.
You can get a Honda Civic from your local dealer with an MSRP of $23,950. The car gets 31 miles per gallon in the city and 40 miles per gallon on the highway.
BMW 5 Series
Retirees who want a luxury sedan might consider the BMW 5 Series.
Models start at $57,900, which could be at the top end of your budget for a new vehicle. But you might be able to save some cash with the car’s estimated 27 miles per gallon in the city or 35 miles per gallon on the highway.
The Hyundai Elantra is a budget-friendly sedan, making it a good option for someone who is on a fixed income after they retire.
You can grab an Elantra for a starting price of $20,950. It will get you 33 miles per gallon in the city and 42 miles per gallon on the highway.
The Kia Soul is another crossover SUV option for those on a budget.
The Soul gets an estimated 27 miles per gallon in the city and 33 miles per gallon on the highway. It has an MSRP of $19,990.
Retirees who want to feel younger might like the sporty design of the Nissan Maxima.
The Maxima has an MSRP starting at $38,340. It can get an estimated 20 miles per gallon in the city and 30 miles per gallon on the highway.
Volvo has a reputation for safety, which is why retirees might want to consider it despite the $57,700 starting price for an S90.
The sedan can reach an estimated 22 miles per gallon in the city and 31 miles per gallon during highway driving.
The Toyota Venza is another great option if you want an SUV crossover that gives you some extra visibility, thanks to its higher driver position than what you find in a typical sedan.
The Venza comes with a starting MSRP of $34,920 for the LE base model. You can get an estimated 40 miles per gallon in the city or 37 miles per gallon on the highway thanks to its hybrid engine.
Check out the Acura Integra if you’re looking for a sporty sedan.
The Integra has a starting base price of $31,500 and includes a fuel-efficient engine that can get 30 miles per gallon in the city and 37 miles per gallon on the highway.
Purchasing a fuel-efficient car can help you save money on gas. But don’t stop there in your pursuit of lower car costs.
Shopping around and comparing quotes on auto insurance can also help you to lower your car costs. Every penny you save can help you stay within your budget in this era of inflation.
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