Some of the best cars cost less than $399 per month
The COVID-19 pandemic initially slowed car sales, but now many new-car buyers are making more expensive purchases than ever before, according to sales data from Edmunds.
The average transaction price for a new car in the third quarter of 2020 was slightly above $39,000, with payments averaging just under $570 per month. That’s a price increase of about $2,000 from 2019.
But a monthly payment approaching $600 just isn’t in reach for many shoppers. With this in mind, we sought to find a number of new vehicles that could be had at a more attainable $399 monthly payment.
Factoring in today’s average annual percentage rate (4.6%), a
From left: The 2021 Honda Insight, the Kia 2021 Forte, the 2021 Kia K5 GT and the 2021 Mazda CX-5.
popular loan term (72 months) and a lower-than-average down payment amount of $4,000, a vehicle with a manufacturer’s suggested retail price of $29,000 will match that monthly payment target.
We’ve compiled a list of vehicles that can be financed for less than $399 a month using the above parameters. Remember that with a little research,
you can easily secure a deal for less than MSRP. Note that while we will include destination and handling charges in the prices below, sales tax and fees are not included and can vary by location.
2021 Kia Forte
Small sedans are no longer the drab, soulless econoboxes of yesteryear. The Kia Forte, for example,
is a sharp little four-door with lots of features and personality. Redesigned for 2019, the Forte has all the latest driver conveniences and safety features, as well as a cabin with a sporty design aesthetic and high-quality materials. The base engine gets the job done, but buyers looking for a sportier edge should check out the GT model, which features a more powerful engine and unique transmission options.
RECOMMENDED TRIM » EX ($24,055). Unless you want the GT’s turbocharged engine, the EX is the way to go. It has almost every feature the Forte offers, yet it doesn’t cost an arm and a leg. Using the parameters above, payments on a Forte EX will be roughly $320 per month.