Most Affordable New Cars for New Graduates
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 five-year loan at 3.44 percent interest with 20 percent of a base model’s MSRP as a down payment.