There may be a time in your life when you need a vehicle but you may not have the funds to buy it new. You might think you’ll have to settle for an unreliable used car but that’s definitely not the case. There are plenty of used cars in Winnipeg under $5,000 that will do the job well and give you the best bang for your buck.
While used cars generally have a bit more wear and tear, if you do your research, you’ll be able find a model that meets your needs and budget. We’ll give you all the details on the pros and cons of buying used, the best used models available today and tips on how to start searching for a used car.
Why buy used?
While having a brand new car is nice, there are many benefits to buying used. Whichever path you choose to take, it’s important to consider your options before making a decision.
Here are the advantages of buying used:
- Lower prices. Since used cars have depreciated over time, they cost less. This gives you, the buyer, the opportunity to pay cash for the purchase or at least make a larger down payment. Since you’ll have less to pay, your monthly payments should be fairly reasonable if you don’t purchase it outright.
- Smaller loan. If you finance your used vehicle, your loan amount and interest will likely be smaller. Depending on the term of your loan, it may also take less time to pay off.
- Insurance is cheaper. Used vehicles have far less value than brand new vehicles which means they’re cheaper to insure. This is a great option for newer drivers who generally pay more for insurance than experienced drivers.
Here are some of the disadvantages of buying used:
- Reliability. Even if you do your research, used cars are still a bit of a gamble. You could be looking at higher maintenance costs depending on how old the vehicle is. Aside from being less reliable than new vehicles, there’s also the risk of buying a lemon from someone who didn’t take proper care of their car. It’s important to do your research and ask the right questions so you can make an informed decision.
- No warranty. If you purchase your used vehicle from a private seller, you’re probably not going to get a warranty with your vehicle which means you’ll be responsible for mechanical issues. However if you purchase from a dealership, they may still offer warranties on used cars.
- Less options. When you buy used, you have less choice when it comes to colour, features and the “extras.” Unlike when you buy new, you can’t customize your vehicle in the same way and it might take you a bit longer to find the right vehicle for you.
What are some of the best used cars in Winnipeg under $5,000?
Shopping for a used car takes patience, time and research. It may seem overwhelming at first but it’s well worth it when you find the right vehicle. We’ll get you started on your search and give you five of the best used cars in Winnipeg that you can find for under $5,000.
1. Toyota Camry: 2002-2006
The Toyota Camry is an excellent choice if you’re looking for a vehicle that’s reasonably priced, has a spacious interior and a decent selection of features. The style is pretty basic but the car feels larger thanks to the tall roof and wide back seat. Models in these years have an upgraded navigation radio option and updated safety features like electronic traction control and side airbags. It’s a great family vehicle!
2. Honda Accord: 2003-2007
The Honda Accord is one of the best-selling sedans of all time. Buyers can feel comfortable in their choice as the Accord has been around for years and remains durable and reliable. One of its greatest features is the fuel economy thanks to the four-cylinder engine. Even though these models are older, you can still get power locks and windows, cruise control and even a sunroof. If it’s something you’re after, many of these models do have modern features.
3. Ford Escape: 2001-2007
The Ford Escape was released when SUVs started becoming popular and it’s evolved from the basic crossover to the Limited version to the hybrid. Escapes do have anti-lock brakes but that’s something you’ll have to look for as you search. For an older vehicle, the Escape’s technology holds up. You can still find heated seats, heated mirrors and leather upholstery in used models.
4. Honda Civic: 2006-2011
2006-2011 Honda Civics are part of the compact car’s eighth generation, proving Honda has stayed reliable over the years. This car has great fuel economy (and a hybrid option), a spacious interior, safety features like anti-lock brakes and traction control as well as a design that still holds up today.
5. Subaru Outback: 2005-2009
This infamous AWD wagon is a great SUV alternative and perfect for navigating Winnipeg’s tricky winter climate. The Subaru Outback is great for hauling cargo in tough road conditions or even just carpooling with your crew. Its spacious interior, smooth handling and integrated roof rails are perfect for the person who’s constantly on the go and likes to travel.
If you want to search for used models, Birchwood Auto’s Inventory is a great place to start.
What should you look for before you buy?
Before you buy a used car in Winnipeg for under $5,000, it’s important to do your research. Here’s a couple of things to do before you buy:
- Read the vehicle history report. You can use the car’s VIN to find the vehicle history report. It’s important to read through this as it outlines any accidents, service records and recalls on the vehicle.
- Look for articles and reviews. It’s a good idea to do some reading on the vehicle you’re interested in. Chances are, people have posted reviews and can provide some insight on the features they love (and the things they aren’t crazy about).
- Parts and maintenance. As you do your research, pay attention to the information about parts and maintenance. If the vehicle has had many part recalls over the years or parts need to be replaced often, it may not be durable over time – and potentially not worth purchasing.
- Mileage. When you’re out shopping, check the car’s odometer. Try to choose a vehicle that hasn’t hit the 200,000 km mark. On average, you should drive around 20,000 km per year so if the kilometre amount doesn’t make sense for the vehicle’s age, it’s best to continue on your search.
Car shopping can be stressful, but it doesn’t have to be. If you need a bad credit car loan, our credit experts can help you through the process. Check out our Car Loan Calculator to figure out your budget and if you think you’re ready to get pre-approved, fill out an application.