According to Edmonds sales data, the COVID-19 pandemic initially delayed car sales, but now many new car buyers are making more expensive purchases than ever before.
Average transaction prices for new cars in the third quarter of 2020 were just above $ 39,000, with monthly average payments of just under $ 570. This is a price increase of about $ 2,000 from 2019.
However, payments approaching $ 600 per month are out of reach for many shoppers. With this in mind, we sought to find many new vehicles that could be obtained for a more achievable $ 399 / month payment.
Taking into account today’s average annual rate (4.6%), popular loan term (72 months), and lower down payment of $ 4,000, vehicles with the manufacturer’s suggested retail price of $ 29,000 are on their monthly payment target. Match.
Using the above parameters, we have compiled a list of vehicles that can be financed for less than $ 399 per month. Keep in mind that with a little research, you can easily secure a deal below the suggested retail price. Prices below include destinations and fees, but do not include sales taxes and fees and may vary from location to location.
2021 Kia Forte
Small sedans are no longer the monotonous, soulless econoboxes of the past. For example, the Kia Forte is a sharp little 4-door with many features and personalities. Redesigned in 2019, Forte has all the convenience and safety features of the latest drivers, as well as a cabin with sporty design aesthetics 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 need a GT turbocharged engine, EX is the best choice. It has almost all the features that Forte offers, but at no cost to your arms and legs. Using the above parameters, your ForteEX payment will be about $ 320 per month.
2021 Honda Insight
Think of Honda Insight as an electrified Civic. The two are very well matched in terms of size, price and equipment, and both have ample passenger and cargo compartments. Insight’s hybrid powertrain is the main differentiator. Not as fast as a straight Civic, but Insight consumes much less fuel. Depending on the trim, Insight earns 48-52 mpg in the EPA composite cycle, and the Civic with turbocharger earns a total of 33-36 mpg. Insights are also a bit new and benefit from next-generation infotainment systems.
Recommended trim: EX ($ 25,765). The EX is a bit more expensive than the base LX and adds features such as Apple CarPlay and Android Auto features, a touchscreen infotainment system, and blind spot monitoring. Payments with InsightEX using our calculations are made for just under $ 350 per month.
2021 KIA K5
The Kia K5 is the latest version of Kia’s midsize sedan, formerly known as Optima. The K5 is famous for its sophisticated and sophisticated sheet metal and almost luxurious cabins. Many interiors are covered with a compelling replica of soft-touch imitation leather or open-pore wood and textured aluminum. The K5 demonstrates strong values with great features such as compatibility with wireless smartphones and ventilated seats that are available at a price that is commensurate with lighter rivals.
Recommended trim: GT-Line ($ 26,355). The mid-tier GT-Line gives the K5 a sporty look and feel, adding the comfort of the desired creature. The pair of optional packages can equip the GT-Line with more merchandise and is one of the only models available in all-wheel drive. Payment using parameters on the K5 GT-Line is approximately $ 355 per month.
2021 Mazda CX-5
The Mazda CX-5 is one of our favorite compact crossovers. The interior is a bit smaller than the major competitors, but the CX-5 complements it with an eye-catching design and interior materials comparable to those found in luxury SUVs. With excellent handling and sharp steering, it is fun to drive. Performance enthusiasts with a flexible budget need to get one of the models with an optional turbocharged engine.
Recommended trim: Touring ($ 28,110). The CX-5 Touring adds many features for the money and opens the door to a budget-friendly but comprehensive priority SV package. Our calculated monthly payment for the CX-5 Touring is just under $ 385 per month.
According to EDMUNDS: The average car payment is now astonishing at $ 570 a month, but shoppers don’t have to spend too much to get a great car. In fact, some of Edmonds’ top sedans and crossovers can be hooked at a much lower cost.
This story was provided to the Associated Press by the automotive website Edmunds. Cameron Rogers is the editor of Edmans news and reviews. Twitter: @_ crogers.
-Edmons Review: 2021 Kia Forte https://edmu.in/38ZW3qm
-Edmons Review: 2021 Honda Insight https://edmu.in/2KfUIBc
-Edmons Review: 2021 Kia K5 https://edmu.in/2IWZ5Ao
-Edmons Review: 2021 Mazda CX-5 https://edmu.in/2UJ01es
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Edmonds: Some of the best cars cost less than $ 399 per month
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