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Best New Performance Cars for under $50,000 in 2024
You don’t need to spend that much to have fun in a new car, as these sports coupes, hot hatchbacks, and performance sedans prove.
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Standard personal finance advice says to spend no more than 10% of your monthly income on a car payment and less than 20% on combined auto expenses, including gas, insurance and maintenance.
Someone who earns $50,000 a year takes home $4,167 per month before taxes, which allows them to finance a little less than $21,000 at 5.6% interest for 60 months to get a $400 monthly payment and stay in a healthy range.
A down payment and/or trade-in can reduce your loan and increase your price range, but no one of any income level should shop at the top of their budget. Here’s a look at the best cars for both the 10% payment and 20% expenses for someone earning $50,000 a year.
Hyundai Elantra
Nick Musica, founder of Cash for Your Junk Cars, said the Hyundai Elantra “tops the list of affordable models.” He cited its record of reliability, accessible purchase price, fuel efficiency and low maintenance costs.
The 2024 Elantra starts at $21,475 and gets an impressive 36 combined mpg. RepairPal gives it an excellent 4.5 reliability rating and estimates its annual maintenance costs at just $452.
Hyundai Elantra GT
If you’re willing to buy used, the Elantra GT, which Hyundai discontinued in 2020, is “one of the best-looking Hyundai vehicles ever released,” according to Forbes.
But it’s much more than just a pretty face.
“The Hyundai Elantra GT may not be the first name that comes to mind, but it offers a surprising blend of style and dependability,” said Tony Taylor, who has spent 30 years as the owner of A-1 Auto Transport, one of the largest United States-based global auto transport companies. “Its hatchback design provides versatility, and with Hyundai’s commitment to quality, you get a reliable ride without the premium price tag. It’s a bit of a hidden champion in the affordable car category.”
According to Edmunds, you should expect to pay $17,264 for a 2020 model in outstanding condition at a dealership or $13,943 through a private sale.
Kia K5
Although it’s a stylish, powerful vehicle with 290 horsepower and a class-leading 311 pound-feet of torque that can do 0-60 miles per hour in 5.7 seconds, Kia’s midsize sedan is within reach on a $50,000 salary.
“The Kia K5, with its striking design and feature-rich interior, provides excellent value for the money,” said Taylor.
It starts at $25,590, gets a stellar 37 combined mpg and earns an excellent reliability rating of four from RepairPal, which says it costs an average of just $474 per year to maintain.
Mazda CX-5
With a starting MSRP of $29,300, the Mazda CX-5 will probably be at the top of your price range and require a larger down payment, but Taylor calls it “often overlooked but offering a perfect blend of style, performance and affordability.”
It’s earned accolades for safety and aesthetics, and its design punches above its weight, even flirting with luxury.
“Its engaging driving experience and upscale interior make it a standout choice in its segment,” said Taylor.
It gets 26 mpg in the city and 31 on the highway, and RepairPal gives it an excellent 4.5 reliability rating with annual maintenance costs of just $447.
