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It may be difficult to find any experienced driver who doesn’t regret — at least a little — a vehicle purchase they’ve made. After all, things can pop up once you’ve been driving for a while that make you want to ditch a vehicle.
As drivers approach retirement age, they may be thinking about buying a vehicle that’ll serve them well for the lifestyle they’re pursuing after their working years. But those purchases can come with regrets.
“I’ve seen retirees buy big SUVs thinking they’ll finally have time for road trips, only to realize they’re burning through savings faster than they’re burning gas,” said Taylor Kovar, certified financial planner (CFP) and CEO of 11 Financial. “Between higher insurance, maintenance and fuel costs, that dream ride can turn into an expensive driveway ornament.”
Here’s a look at five SUVs that experts said retirees may regret buying before retirement.
Nissan Armada
According to Chris Pyle, an auto expert with JustAnswer, retirees might regret buying a Nissan Armada before retirement. He said the interior is designed poorly — there’s a lot of room inside, but it feels like there’s not because things are laid out poorly. The fuel efficiency may also not be great.
GMC Yukon
Pyle also said drivers may regret buying a GMC Yukon before retirement. First, it’s a more expensive option and may quickly depreciate in value. Plus, it can be pretty expensive to insure and may not have great fuel efficiency retirees are seeking.
Volkswagen Touareg
“Clients liked the handling and durability, but overall regretted the purchase,” said Marguerita Cheng, CFP and CEO of Blue Ocean Global Wealth. “They ended up going Lexus for the future because of the technology features and better reliability.”
Land Rovers
According to Cheng, retirees and other clients were disappointed in their Land Rovers. She pointed to two main reasons: High maintenance costs and a lack of reliability.
Toyota Land Cruiser
Cheng said retirees may regret buying a Land Cruiser. She said it’s a gas guzzler and can be difficult to handle.