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4 under $400: These cars can be had for lower monthly payment
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4 under $400: These cars can be had for lower monthly payment

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These cars will be discontinued by automakers in 2021 as new models are developed.

The COVID-19 pandemic initially slowed car sales, but now many new-car buyers are making more expensive purchases than ever before, according to sales data from Edmunds.

The average transaction price for a new car in the third quarter of 2020 was slightly above $39,000, with payments averaging just under $570 per month. That’s a price increase of about $2,000 from 2019.

But a monthly payment approaching $600 just isn’t in reach for many shoppers. With this in mind, we sought to find a number of new vehicles that could be had at a more attainable $399 monthly payment. Factoring in today’s average annual percentage rate (4.6%), a popular loan term (72 months) and a lower-than-average down payment amount of $4,000, a vehicle with a manufacturer’s suggested retail price of $29,000 will match that monthly payment target.

Here's a list of vehicles that can be financed for less than $399 a month using the above parameters. Remember that with a little research, you can easily secure a deal for less than MSRP. Note: Sales tax and fees are not included and can vary by location.

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