Discover the best models and how to finance the purchase.
8 Best Cheap Used Cars Under $5,000
Peugeot, Seat, Volvo and many other reference brands. There are cheap used car options with excellent quality that are real finds.
The Smart ForTwo was launched in 1994 and started selling in Portugal in 2003. It immediately caught the eye due to its unmistakable bodywork and its agility to move around town.
The Smart ForTwo is indeed one of the most practical used cars in urban areas. Its reduced dimensions without compromising comfort allow easy movement and parking, and the fact that the engine is manufactured by Mercedes makes it a reliable car. So even units with many kilometers continue to operate safely and stably.
In addition, the consumption is very attractive for the pockets, ranging from 4 to 5 liters of fuel every 100 kilometers. Its iconic design is also one of the reasons why it is one of the most common used cars in major European cities.
The Renault Clio has been the brand’s most iconic model since 1990. It continues to be the best-selling car in Portugal, establishing itself as one of the best in its segment. The success of Renault Clio is linked to the fact that it is very economical and well equipped. Cruise control or automatic climate control are some of the systems fitted to these models.
Thus, the second-hand Renault Clio can be well equipped, comfortable and with relatively low fuel consumption, around 5.7 liters per 100 kilometres. There are 2010 versions equipped with a 1.5 diesel engine, 70 horsepower, for less than 5000 euros.
The Seat Ibiza started production in 1984 and was designed by Seat in collaboration with other well-known brands such as Italdesign, Karmann and Porsche. Since then, the production of this model has gone through five different generations, without interruption.
Therefore, the Seat Ibiza could not fail to occupy a place in this list of the 8 best cheap used cars up to 5000 euros, first of all for its sporty design, with space to comfortably accommodate passengers and even carry luggage.
The mechanics are reliable, solid and affordable, in line with another brand in the group, Audi. This is a very complete used car, with some 2010 versions having outputs of around 75 hp and an enticing fuel consumption of just 4 liters per 100 kilometres.
It is true that aesthetics is a subjective notion, but the Peugeot 207 continues to arouse the admiration of many drivers, with dynamic and modern lines. Moreover, it is an easy car to find on the second-hand market, as it was one of the best-selling models in its segment. The driving experience is pleasant, thanks to good suspension work.
It preceded the Model 206, which received 5 stars for safety from EuroNCAP, which, from the outset, attests to its robustness and reliability. In addition, consumption levels are impressive, of the order of 4 liters of fuel per 100 kilometers, with engines of 70 hp and 1400 displacements.
The Renault Twingo was born in 1993 to revolutionize the compact segment and quickly became a success in Europe. Small on the outside and big on the inside, it was designed with the mission of becoming the brand’s least expensive car, eliminating everything superfluous, but with an innovative design.
The iconic lines of the Renault Twingo have made it a cult model in some countries. It’s a gracefully curvaceous little city car with round headlights, with a surprisingly comfortable and airy interior.
The Renault Twingo offers a pleasant urban driving experience, with an average consumption of 5 liters per 100 kilometres. The engine with a power of 58 hp and a displacement of 1149 offers good utility performance around town, being one of the most practical and economical options for those looking for an inexpensive used car.
At a time when Germany was organizing the 1974 FIFA World Cup, another event made this year a milestone for the country: the launch of the Volkswagen Golf. This model met with immediate success and quickly won over drivers all over the world.
The Volkswagen Golf is known for its durability and reliability, even with reports from drivers who found only a first failure in this model at 400,000 kilometres. In addition, it offers a well-designed and functional interior.
It is possible to find models from 2006 with safe performance, with petrol engines of 1,400 displacement and 75 hp, or TDi of 100 hp and 1,900 displacement. In terms of consumption, it is among the most economical, with an average consumption of 5 liters of fuel every 100 kilometres.
The Volvo S60 is an option to always keep in mind when looking for cheap used cars up to 5000 euros. Launched in 2000, it excelled in terms of safety and comfort – at the time, ahead of its main competitors.
It has reliable and efficient motors, fast and precise steering and effective braking. It is possible to find versions with 2.5 L and 163 hp engines, with an average consumption of 6 liters per 100 kilometers.
Some 2010 models also feature a braking system with ventilated front discs and rear discs, and the exceptionally well-built chassis is responsible for cornering stability and ride comfort.
The decision to produce the Toyota Aygo was taken jointly in 2001 by Toyota and the PSA Peugeot-Citroën group to guarantee affordable prices. The result was an immediate success.
The Toyota Aygo stands out as a young and modern city car, which makes it a nimble and nimble used car for daily commuting. Moreover, it attracts attention mainly due to the design of the minimalist control panel.
In terms of performance, drivers can count on an average consumption of just 4 liters per 100 kilometers, and it is possible to find 68 hp and 998 displacement engines. For those who appreciate design, Toyota Aygo offers different combinations, both in terms of the exterior and the interior itself.
How to finance the purchase of cheap used cars?
After choosing the cheap used car model, you need to pay attention to the payment method. These are the main means of financing the purchase.
1. Car loan
O car loan is the most used financing solution for the purchase of used cars in Portugal. In this modality, it is a financial entity that lends the amount to acquire the vehicle, subject to the payment of monthly installments with interest.
If your banking situation is healthy, accessing a car loan is quick and easy, and it is not necessary to pay a deposit, the car loan being 100% financed. To interest rate lower compared to a personal loan and it is possible to have reduced monthly payments, because you can pay over an extended period, up to 120 months. The car immediately belongs to the buyer.
However, as this involves interest, the consumer will always pay more than the cost of the used car. You should also consider that auto credit also involves other additional expenses, such as opening fees and others that must be included in the contract. Finally, there is the concern of having a debt incurred during the period when the car loan is running.
2. Personal credit
O personal credit it is not as competitive as a car loan, but it can still be considered as a means of financing the purchase of cheap used cars. This modality is similar to the previous one, with the difference that the purpose for which the credit is intended is not specified.
Credit is easy to get if you have no default history and financing is also 100%. The deadlines are extended and the buyer owns the car from the moment of purchase. However, the interest rate is higher compared to auto credit, and there are also personal credit opening fees, among others, depending on the financial entity making the loan.
In conclusion, knowing the different ways to finance the purchase of used cars, it now remains to choose the one that best suits your profile. The main factors involved in the choice are the amount of interest rates, maintenance expenses and the question of vehicle ownership. Evaluate what is most important to you and what you can live without, and make the right decision.
This Personal Finance article is the result of a partnership between Compare now with Dinheiro Vivo, with weekly publication