35 Cars You Can Own for Under $300 a Month
Car shopping can be a stressful endeavor, especially if you're not entirely sure what you want, and if you're on a tight budget.
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Dealerships can be overwhelming and pushy, and car shopping sites may not always disclose hidden fees up front. However, there are a surprising variety of cars available if you're on a budget, and some of them much newer than you might think. Other manufacturers make sturdy cars that hold up well over time.
A recent GOBankingRates study uncovered a number of options for new cars that can be yours for less than $300 a month, depending on your credit. These cars assumed five year loans with a 25% down payment, and don't include estimated tax, title, tags or other fees.
2022 Kia Rio LX
Starting MSRP: $20,998
Monthly car payment for excellent credit: $292
The Rio has 120 horsepower, but only comes in a variable automatic. It's not a fast car, but a solid and dependable car. It's also not the quickest car on the block, but it's sturdy and gets 33 mpg in the city and 41 on the highway.
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2022 Chevrolet Spark Activ
Starting MSRP: $20,998
Monthly car payment for excellent credit: $292
This Chevrolet is a small hatchback better for local driving than long trips. It's not fast and it doesn't earn great mpg-about 29 mpg with the manual transmission model for city driving and 37 with the automatic on the highway.
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2017 Chrysler 300 Limited
Starting MSRP: $20,998
Monthly car payment for excellent credit: $292
The Chrysler 300 Limited is a car that looks and drives a lot like a luxury vehicle. It's got a decent 3.6-liter V-6 engine capable of 292 horsepower in this model. As you might suspect, it doesn't get great gas mileage because it's a sizable car. About 19 mpg city and 30 highway.
2015 Subaru Outback Premium
Starting MSRP: $20,998
Monthly car payment for excellent credit: $292
Subarus have long been coveted for their durability without being too bulky. The 2015 Outback Premium has a combined 28 mpg mileage, which Autoweek calls quite good considering it's a 3,600-pound AWD wagon.
2017 Chevrolet Malibu LS
Starting MSRP: $20,998
Monthly car payment for excellent credit: $292
The 2017 Chevrolet Malibu is a five-seat mid-size sedan that gets a combined 30 mpg. It features a nine-speed automatic transmission and a standard 160 horsepower engine.
2017 Mitsubishi Outlander ES
Starting MSRP: $20,998
Monthly car payment for excellent credit: $292
The 2017 Mitsubishi Outlander is a seven-seat SUV with 27 combined mpg. It's got a 2.4-liter four-cylinder engine with 166 horsepower, and a continuously variable automatic transmission.
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2022 Kia Soul LX
Starting MSRP: $20,998
Monthly car payment for excellent credit: $292
The front-wheel-drive Kia Soul is a five-seat compact hatchback with a 31 combined mpg. It drives with standard 147-horsepower, on a 2.0-liter four-cylinder engine with a continuously variable automatic transmission.
2020 Kia Forte LXS
Starting MSRP: $19,998
Monthly car payment for excellent credit: $273
The Kia Forte LXS is a five-seat compact sedan with a 31 combined mpg. It drives on a 147-horsepower, 2.0-liter four-cylinder engine with either a six-speed manual transmission or a continuously variable automatic transmission.
2022 Nissan Versa S
Starting MSRP: $19,998
Monthly car payment for excellent credit: $273
The Nissan Versa S is a Five-seat subcompact sedan with front-wheel drive and 30 combined mpg. It runs on an 122-horsepower, four-cylinder engine with continually variable transmission or manual transmission. It also has automatic emergency braking.
2022 Kia Rio S
Starting MSRP: $19,998
Monthly car payment for excellent credit: $273
The Kia Rio is a front-wheel-drive, five-seat subcompact sedan with 36 combined mpg. It runs on a 120-horsepower, 1.6-liter four-cylinder engine and has front-wheel drive.
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2020 Nissan Rogue S
Starting MSRP: $19,998
Monthly car payment for excellent credit: $273
The Nissan Rogue S is a five-seat SUV with front-wheel drive and 28 combined mpg. It runs on a 141-horsepower, two-liter four-cylinder engine and continuously variable automatic transmission.
2019 Buick Encore Preferred
Starting MSRP: $19,998
Monthly car payment for excellent credit: $273
The Buick Encore is a five-seat subcompact SUV with a 27 combined mpg good for city, country and highway driving. Front wheel drive is standard. It runs on a standard 138-horsepower, 1.4-liter, four-cylinder engine with a six-speed automatic transmission.
2022 Hyundai Accent SE
Starting MSRP: $19,998
Monthly car payment for excellent credit: $273
The Hyundai Accent SE is a five-seat sedan with a 36 combined mpg. It runs on a standard 120-horsepower, 1.6-liter, four-cylinder engine with a continuously variable automatic transmission. Front-wheel drive is standard.
2021 Kia Rio LX
Starting MSRP: $19,998
Monthly car payment for excellent credit: $273
The Kia Rio LX is a five-seat sedan with front wheel drive and a 36 combined mpg. It runs on a 120-horsepower, 1.6-liter four-cylinder engine with a continuously variable automatic transmission.
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2019 Nissan Versa S
Starting MSRP: $19,998
Monthly car payment for excellent credit: $273
The Nissan Versa S is a five-seat Sedan, with a 30 combined mpg. It runs on a 109-horsepower,1.6-liter four-cylinder engine and comes standard with a five-speed manual transmission, though manual transmission is an option.
2015 Jeep Renegade Latitude
Starting MSRP: $19,998
Monthly car payment for excellent credit: $272
The Jeep Renegade Latitude is a subcompact SUV with a combined 24 mpg. It runs on a four-cylinder engine with 184 horsepower.
2018 Kia Soul
Starting MSRP: $18,998
Monthly car payment for excellent credit: $254
The Kia Soul is a 5-seat hatchback with a 27 combined mpg and front-wheel drive. This model offers a choice of three four-cylinder engines, and also manual or automatic transmission. Additional features included a smart key with push-button start and automatic emergency braking.
2017 Ford Escape SE
Starting MSRP: $18,998
Monthly car payment for excellent credit: $254
The Ford Escape SE is a five-seat SUV with front wheel drive and a 24 combined mpg. It runs on a 245-horsepower, turbocharged 2.0-liter four-cylinder EcoBoost engine that offers better acceleration than earlier models. It also features forward collision warning with automatic emergency braking.
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2016 Kia Optima EX
Starting MSRP: $18,998
Monthly car payment for excellent credit: $254
The Kia Optima Ex is a five-seat sedan with front wheel drive and a 28 combined mpg. It runs on a 178-horsepower, turbocharged 1.6-liter four-cylinder and a seven-speed, dual-clutch automatic transmission.
2022 Mitsubishi Mirage G4 ES
Starting MSRP: $18,998
Monthly car payment for excellent credit: $254
The Mitsubishi Mirage G4 ES is a five-seat sedan with front wheel drive and an excellent 35 combined mpg. The sedan runs on a 78-horsepower, 1.2-liter three-cylinder engine with a five-speed manual or continuously variable automatic transmission.
2016 Toyota Corolla S Plus
Starting MSRP: $18,998
Monthly car payment for excellent credit: $254
The Toyota Corolla S Plus is a sedan with a six-speed automatic 1.8-liter four-cylinder engine that gives 132 horsepower.
2017 Volkswagen Beetle S
Starting MSRP: $18,998
Monthly car payment for excellent credit: $254
The Volkswagen Beetle S is a four-seat hatchback with front-wheel drive and a 28 combined mpg. The Volkswagen makes up in style what it lacks in power, though its power isn't bad, with a 1.8-liter, turbocharged four-cylinder that runs on 170 horsepower and 184 pounds-feet of torque.
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2018 Ford EcoSport S
Starting MSRP: $18,998
Monthly car payment for excellent credit: $254 :
The Ford EcoSport S is a five-seater SUV with front-wheel drive and a 28 combined mpg. It's good for hauling but not so much for speed, with a 123-horsepower, turbocharged three-cylinder engine.
2022 Chevrolet Spark LS
Starting MSRP: $17,998
Monthly car payment for excellent credit: $234
The Chevrolet Spark LS is a four-seater hatchback with front wheel drive and 33 combined mpg, and a great price for a 2022 car.
2017 Kia Optima LX
Starting MSRP: $17,998
Monthly car payment for excellent credit: $234
The Kia Optima LX is a five-seat sedan with front-wheel drive and a 29 combined mpg. It runs on a 178-horsepower, turbocharged 1.6-liter four-cylinder with a seven-speed, dual-clutch automatic transmission.
2017 Hyundai Elantra Value Edition
Starting MSRP: $17,998
Monthly car payment for excellent credit: $234
The Hyundai Elantra Value Edition comes with a six-speed automatic transmission and runs on a 147 horsepower, 2.0-liter, four-cylinder engine. Additional features include blind-spot detection with lane-change assist, and push-button start.
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2019 Ford Fusion S
Starting MSRP: $17,998
Monthly car payment for excellent credit: $234
The Ford Fusion S is a five-seat sedan with front wheel drive and a 25 combined mpg. It runs on a 175-horsepower, 2.5-liter, four-cylinder engine.
2015 Honda Accord LX
Starting MSRP: $17,998
Monthly car payment for excellent credit: $234
THe 2015 Honda Accord LX24 is another of Honda's reliable sedans with 24 city mpg and 34 highway. The front-wheel drive car has 185 horsepower and a 2.4-liter four-cylinder engine.
2020 Mitsubishi Mirage G4 SE
Starting MSRP: $17,998
Monthly car payment for excellent credit: $234
The Mitsubishi Mirage G4 SE 35 is a five-seat sedan with front wheel drive and a 35 combined mpg. It runs on a 78-horsepower, 1.2-liter three-cylinder engine and a five-speed manual or continuously variable automatic transmission.
2015 Audi A3 Premium
Starting MSRP: $16,998
Monthly car payment for excellent credit: $215
The Audi A3 Premium five-seat sedan has front wheel drive and a 27 combined mpg. It runs on a turbocharged four-cylinder engine with standard dual-clutch automatic transmission.
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2013 Ford Fusion Energi Titanium
Starting MSRP: $16,998
Monthly car payment for excellent credit: $215
The Ford Fusion Energi Titanum is a five-seat sedan with front wheel drive and 38 combined mpg. It's the first hybrid vehicle on this list, which has a travel range of 21 miles on electric power with a combined total range of around 620 miles. The Energi plug-in's battery can be charged by a 240- or 120-volt power source.
2018 Hyundai Accent
Starting MSRP: $16,998
Monthly car payment for excellent credit: $215
The Hyundai Accent is a five-seat sedan with front wheel drive and a 31 combined mpg. It runs on a 1.6-liter 130 horsepower engine.
2018 Mitsubishi Mirage
Starting MSRP: $16,998
Monthly car payment for excellent credit: $215
The Mitsubishi Mirage is a five-seat hatchback with front wheel drive and a 36 combined mpg. It runs on a 1.2-liter three-cylinder engine with five-speed manual transmission standard, though automatic transmission is an option.
2018 Chevrolet Spark
Starting MSRP: $16,998
Monthly car payment for excellent credit: $215
The Chevrolet Spark is a four-seat hatchback with front wheel drive and a 33 combined mpg. It's a great car for city driving, and one of the cheapest cars on this list.
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2018 Nissan Versa Sedan
Starting MSRP: $16,998
Monthly car payment for excellent credit: $215
The Nissa Versa Sedan is a five-seat sedan with front wheel drive and a 30 combined mpg. It runs on a 1.6-liter four-cylinder engine with manual or automatic transmission.
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Joel Anderson contributed to the reporting for this article.
Methodology: GOBankingRates determined the best vehicles you can own for a $300-a-month car payment or less by first making these assumptions: Five-year loan (60 months) and 25 percent down payment, excluding estimated tax, title, tags and other fees. Monthly payments based on a 5.5% APR for excellent credit and sourced from CarMax calculator. All information is up-to-date as-of May 31, 2023.
This article originally appeared on GOBankingRates.com: 35 Cars You Can Own for Under $300 a Month
