6 New Cars With Payments That Cost Less Than $500 Per Month

As we mentioned this summer, sub-$500 new car payments are becoming few and far between. In fact, during Q2 of 2026, the monthly new car payments hit a record $777. Yet with a little time — and a little math — we've managed to turn up six vehicles that fit the bill.

Of course, a big enough down payment can bring almost any car's monthly payments below $500, so we tried to be more realistic. What we've done is assume the average Q2 down payment of $5,815, the average APR of 7%, no trade-in, and a loan term of 72 months. The actual average length of a new car loan is 70.4 months, but we've rounded that up to fit into typical automaker loan calculators. This fits with the trend for longer and longer loans, too. Nor are we taking into account taxes and other incidentals.

Here's an example: If you're looking for an electric vehicle that meets our criteria, the 2027 Kia EV3 – which starts at just $31,385 including its $1,495 destination fee — is available for a relatively affordable $436 per month. And you still get a fair amount of range, since entry-level FWD EV3 has EPA ratings that include a range of 221 miles at 127 MPGe city/103 MPGe highway/115 MPGe combined. For comparison, if you absolutely must drive a Tesla, the least expensive one, the RWD Model 3, would set you back $555 per month (based on its MSRP of $36,990 and $1,390 destination charge. Its EPA numbers combine a 321-mile range with an efficiency line of 147/130/139.

Right off the bat, we'll tell you that the 2026 Nissan Frontier has the cheapest monthly payments of any body-on-frame pickup. But with an MSRP of $34,265, and a destination charge of $1,775, it comes in at $515 per month — a bit over our ceiling.

If you don't mind a truck with unibody construction instead, the 2026 Ford Maverick undercuts the Frontier in price and size. Plus, both of the Maverick's powertrains can fit under our budget. A Maverick XL with all-wheel drive and Ford's 2.5-liter hybrid engine opens at $30,365, although you have to add $1,845 in destination charges and a $695 acquisition fee. The total of $32,905, though, translates into a monthly payment of $462. You can also step up to the Maverick XLT to enjoy AWD and the 2.0-liter EcoBoost mill — priced at $33,185 with its fees — for only $5 more each month.

Bumping right up against our monetary maximum is the 2026 Hyundai Santa Cruz SE. Refreshed last year to be truckier on the outside and classier on the inside, the Santa Cruz is stickered from $29,750 in its entry trim. Yet you don't have to stop there. You can opt for the SEL to really take advantage of its premium interior. The cabin features heated leatherette front seats and a 12.3-inch touchscreen while customers pay $31,400. In other words, even adding $1,500 for all-wheel drive and $1,600 for freight keeps your payments to $489 monthly. For what it's worth, the Maverick and the Santa Cruz — and the Frontier, for that matter — are recommended by Consumer Reports as well.

You bet, and we've got one of each for your consideration — including the best-selling sedan in the country. That would be the 2026 Toyota Camry, which is having yet another strong year. Its sales have jumped 11.2% through the first nine months of the year, and the car's impressive affordability is a great advantage. You can get into the Camry SE, a trim up from the base model, for $32,100 in its FWD configuration and for $33,625 with AWD. Even taking into account the cars' destination costs of $1,295, your monthly payments are $470 and $496, respectively.

Meanwhile, the Honda CR-V was your first-half sales champion among light-duty vehicles, and it just set a new sales record for the third quarter. Honda has sold 110,730 CR-Vs through September, up 16.6% versus Q3 2025. Nor is it a coincidence that the CR-V is joining the Camry on today's list, since it's also plenty affordable. Remember, average new car prices rose above $50,000 again this summer, but the all-wheel-drive 2026 CR-V LX has an MSRP of $33,020 and a destination charge of $1,550 for total outlay of $34,570. Spreading out that cost over six years breaks down the expense to 72 monthly payments of $490 each.

Finally, we couldn't resist testing one of the auto industry's most famous theories — that Miata is always the answer. Well, chalk up another benefit for the world's favorite roadster. Backed by a price of $32,045 — reflecting an MSRP of $30,730 and a $1,315 destination fee — the monthly payments for a 2026 Mazda MX-5 Miata can be a mere $447.