$50K Salary? Here Are the 6 Best Cars To Buy
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.
Check Out: 8 Affordable Used Cars That Have Engines Just as Good as New
Read Next: Start Growing Your Net Worth With Smarter Tracking
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 2026 Elantra starts at $23,870 and gets an impressive 35 combined mpg. It has an excellent reliability rating, which will save drivers on maintenance costs.
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 $27,490, gets a stellar 30-31 combined mpg and earns an excellent reliability rating from RepairPal.
Mazda CX-5
With a starting MSRP of $29,990, 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 24-28 combined mpg in the city and is noted for its dependability.
Toyota Corolla Cross Hybrid
The Toyota Corolla lands at or near the top of many lists about reliable, affordable cars, but a $50,000 salary gives you the option to invest in an upgrade that will pay you back over time.
Musica recommended the Corolla Cross Hybrid, which, with a starting MSRP of $29,395, joins the Mazda CX-5 at the farther reaches of a realistic budget.
But with fuel economy of 42 combined mpg, it pays dividends at the gas pump better than any other car on the list.
Honda Civic SI
The Honda Civic is famous for its affordability, reliability and longevity, but with a big enough down payment and a decent trade-in, a $50,000 salary can buy you an upgrade to the Civic SI, which is Musica’s final recommendation.
It starts at $30,995, which is about $5,000 more than the base Civic’s MSRP. But that extra cash buys you a 200-horsepower, 1.5-liter turbocharged engine, six-speed manual transmission and limited-slip differential, which combine for power and control with which the original simply can’t compete.
However, you don’t forfeit any of that legendary Honda reliability, and you still get 37 mpg on the highway and 27 in the city. If that’s out of reach, Musica recommended the Civic Hatchback, which is $1,000 more than the sedan but has five doors.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: