For a $500 monthly car payment in 2019, you're looking at a well-equipped compact sedan, a base-model midsize sedan, or a lightly used SUV, assuming a 60-month loan term, a good credit score (around 700), and a 10% down payment. The total loan amount would typically be in the $25,000 to $28,000 range. The key is to focus on models known for strong resale value and reliability to get the most car for your money.
Your monthly payment is determined by the vehicle's total cost, your down payment, the loan's interest rate (APR), and the loan term. A longer loan term (e.g., 72 months) lowers the monthly payment but increases the total interest paid. It's crucial to get pre-approved for a loan from a bank or credit union before shopping to know your exact budget.
Here are some specific 2019 models that fit this budget, with estimated starting prices and key features that made them compelling choices.
| 2019 Model | Estimated Starting Price (New) | Key Feature / Rationale |
|---|
| Honda Civic Sedan | $23,500 | Excellent resale value, fuel-efficient, spacious interior. |
| Toyota Corolla SE | $22,500 | Renowned reliability, standard Toyota Safety Sense™. |
| Hyundai Elantra SEL | $21,500 | Strong warranty, generous standard features for the price. |
| Kia Forte EX | $21,000 | Upscale interior tech for the class, great warranty. |
| Mazda3 Sedan | $22,500 | Superior driving dynamics and premium interior feel. |
| Ford Escape SE | $26,000 (lightly used) | Practical SUV space, widely available on the used market. |
| Chevrolet Equinox LT | $25,500 (lightly used) | Comfortable ride, good fuel economy for an SUV. |
| Nissan Rogue SV | $26,500 (lightly used) | Spacious and comfortable, popular family crossover. |
| Jeep Cherokee Latitude | $27,000 (lightly used) | Off-road capability in a mainstream SUV. |
| Honda CR-V EX | $28,000 (used, low miles) | Top-rated compact SUV for reliability and practicality. |
Remember, your out-the-door price includes taxes and fees, which will affect the final loan amount. Always negotiate the final price of the car first before discussing financing terms.
