With some models going for less than $200/month, it pays to trade in that old clunker for a safer and more-reliable new car For those entering the workforce with a fresh diploma in hand, it’s vital to obtain a car that befits an up and coming mover and/or shaker and, most importantly, can take them to and from their places of employment safely and reliably.
Moving up is an ideal time for young professionals to scrap the old college clunker for a brand-new model with a full warranty and the latest safety features. Fortunately, the range of models in today’s new-car market is so broad, those entering a new-car dealer’s showroom for the first time can choose from an ample selection of affordable makes and models that can stir the soul and be kind to the pocketbook, as well as transport an owner from the proverbial Point A to Point B.
How affordable? The personal finance website GOBankingRates in Los Angeles recently compiled an admirable list of 30 cars from the 2015 model year that can be purchased and financed for less than $300 a month. Actually, among the 30 cars on the list, most can be had for a monthly outlay of less than $250, with a few — including the Nissan Versa, Chevrolet Spark and Mitsubishi Mirage, coming in with payments less than $200. That’s a new car for what is essentially the cost of stopping at Starbucks every day on the way to work.
These models run the gamut from the small and economical (like the Toyota Yaris, Kia Rio and Ford Fiesta) to the expressive (Dodge Dart, Kia Soul and Fiat 500) and the downright aggressive (Jeep Renegade, Nissan Frontier and Hyundai Veloster). The selection even includes a fuel-saving gas/electric-powered hybrid car, the Toyota Prius c.
Of course one doesn’t have to be a recent graduate to appreciate a new car at an affordable price, so each of these models possesses broad appeal for the budget minded of all ages.
“The truth is, you don’t have to choose between a gigantic monthly payment and a junker when buying a car,” said Casey Bond, managing editor of GOBankingRates. “Our research shows that some of the most popular new cars this year can also be some of the most affordable — as long as you keep your credit high and choose a loan term length that works well with your budget.”
We’re featuring GOBankingRates list of the most affordable new cars for 2015 in the accompanying box, along with each model’s projected monthly payment, based on a fiveyear loan at 3.44 percent interest with 20 percent of a base model’s MSRP as a down payment.
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30 new cars for less than $300/month
Nissan Versa subcompact: $174/month
Chevrolet Spark micro-compact: $178/month
Mitsubishi Mirage subcompact: $189/month
Smart Fortwo micro-compact: $193/month
Ford Fiesta subcompact: $203/month
Kia Rio subcompact: $203/month
Nissan Versa Note: subcompact: $206/month
Chevrolet Sonic subcompact: $207/month
Hyundai Accent subcompact: $214/month
Toyota Yaris subcompact: $216/month
Kia Soul compact wagon: $221/month
Honda Fit subcompact: $227/month
Kia Forte compact: $231/month
Chevrolet Cruze compact: $235/month
Dodge Dart compact: $239/month
Nissan Sentra compact: $239/month
Jeep Patriot crossover SUV: $243/month
Toyota Corolla compact: $246/month
Fiat 500 subcompact: $249/month
Ford Focus compact: $250/month
Hyundai Elantra compact: $251/month
Hyundai Veloster sports coupe: $262/month
Jeep Renegade crossover SUV: $262/month
Honda Civic compact: $266/month
Nissan Frontier midsize pickup: $269/month
Kia Forte Koup compact: $270/month
Hyundai Elantra GT compact: $273/month
Toyota Prius c subcompact hybrid: $284/month
Kia Forte5 compact: $286/month
Volkswagen Jetta: compact: $300/month
Source: GOBankingRates. Monthly payments are based on a five-year loan at 3.44 percent interest with 20 percent of the transaction prices (not including license and other fees) down.