Anyone who has shopped for a car lately can tell you that price is key. That’s because consumers and drivers alike are watching their wallets as costs across the board seem to be going up, putting a dent in everyone’s wallet. That begs the question: Is it possible to get a great deal on a new car and keep your monthly payment below $500 ?
“The truth is, what makes a car a great buy is more than its sleek and appealing interior and exterior; because for a great ride, a car has to balance between […] these and also be reliable, dependable, safe and easy to maneuver,” said Peter Dubois, general manager with Find by Plate .
GOBankingRates asked a few automotive experts to give their top affordable cars with monthly payments under $500. Here is what made the list.
2024 Dodge Hornet GT AWD
Estimated monthly payment for 36 months: $482
Joyce Gutierrez, automotive expert for 4WheelOnline , suggested the 2024 Dodge Hornet GT AWD, which offers an appealing blend of performance and practicality at an approachable starting price.
“This compact SUV boasts a roomy cabin that comfortably accommodates passengers and cargo alike,” Gutierrez explained. “Inside, drivers will find familiar touches, including the same steering wheel as the Alfa Romeo, adding a touch of luxury to the driving experience.
“Technology takes center stage with a large 10.3-inch infotainment display, providing easy access to navigation, entertainment and vehicle settings,” Gutierrez continued, noting that under the hood the Hornet GT AWD comes loaded with a nine-speed automatic transmission, delivering smooth shifts and responsive acceleration. “The powertrain generates an impressive 295 pound-feet of torque, ensuring ample power for city driving and highway cruising.”
She added, “The Hornet GT AWD offers a respectable mpg rating of 21 city [and] 29 highway for those concerned about fuel efficiency. […] Additionally, including a sports mode allows drivers to enhance the vehicle’s performance characteristics at the touch of a button, providing a more engaging driving experience when desired.”
The 2024 Jeep Compass Sport offers a compelling blend of performance and comfort, making it an attractive option for urban drivers and off-road enthusiasts, according to Gutierrez.
“At its heart lies a potent 200-horsepower turbocharged four-cylinder engine, providing ample power for various driving conditions,” commented Gutierrez. “This powertrain doesn’t compromise on efficiency, with EPA ratings of 24 mpg in the city and an impressive 32 mpg on the highway, ensuring a balance between performance and fuel economy.”
For those seeking adventure beyond paved roads, Gutierrez shared that the Compass Sport comes equipped with all-terrain tires, enhancing its capability to tackle challenging landscapes.
“Inside the cabin, drivers and passengers alike will appreciate the heated leather-trimmed front seats, offering comfort during colder months or long journeys,” Gutierrez said. “The expansive 10.1-inch touchscreen display is the interior’s centerpiece, serving as the hub for infotainment and vehicle controls. This high-resolution screen provides easy access to navigation, media and connectivity features, keeping occupants informed and entertained throughout their travels.”
2024 Ford Escape ST-Line
Estimated monthly payment for 36 months: $417
According to Gutierrez, the 2024 Ford Escape ST-Line stands out with its two hybrid options, catering to environmentally conscious drivers without compromising power.
“The ST-Line’s impressive fuel economy boasts 27 mpg in the city, 33 mpg on the highway and a combined 30 mpg, making it an excellent choice for urban commuters and long-distance travelers,” Gutierrez said.
“Inside, the Escape ST-Line exudes a sporty feel with its flat-bottom steering wheel and faux-leather seating surfaces,” she continued. “The Premium Technology package elevates the driving experience, featuring a state-of-the-art 10-speaker B&O Play audio system that delivers crisp, immersive sound throughout the cabin.”
Gutierrez stated that safety is a top priority in the 2024 Escape ST-Line.
“The SOS Post-Crash Alert System provides peace of mind by automatically alerting emergency services in the event of an accident,” Gutierrez said. “The Safety Canopy® System also offers enhanced passenger protection with its side-curtain airbags that deploy in certain side-impact collisions or rollover events.”
2024 Chevrolet Silverado 1500
Estimated monthly payment for 36 months: $409
Gutierrez shared that the 2024 Chevrolet Silverado 1500 is an impressive vehicle in a long line of notable autos, particularly due to “…its versatile lineup of multiple powertrains, catering to various driver needs.
“At the core of this range is the robust 310-horsepower 2.7-liter four-cylinder ‘TurboMax’ engine, which offers a compelling mix of power and efficiency,” said Gutierrez, who also noted that this option is cheaper and quicker than some V-8 counterparts, making it an attractive choice for budget-conscious buyers who don’t want to compromise performance.
If you are looking for a driving experience that is a little more rough and rugged, Gutierrez pointed out that the “…Silverado offers a 2.0-inch lift option paired with rugged tires to enhance its off-road capabilities. This configuration doesn’t just look the part; it delivers genuine trail-ready performance.
“When it comes to utility, the Silverado 1500 doesn’t disappoint,” added Gutierrez. “With a max towing capacity of 13,300 pounds, it can easily tackle heavy-duty tasks. However, the truck’s prowess isn’t limited to raw power. Fuel efficiency is also a strong suit, with EPA estimates of up to 23 mpg in the city and an impressive 33 mpg on the highway for certain configurations.”
She continued, “Inside the cabin, Chevrolet has elevated the Silverado’s interior with premium touches like open-pore wood trim, adding a touch of sophistication to this capable workhorse. This attention to detail ensures that the 2024 Silverado 1500 delivers not just in terms of performance and capability but also in comfort and style.”
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