Best Cars for Middle-Class Americans
This year, 38% of overall Americans surveyed by GOBankingRates said they plan on buying a car. Middle-class Americans working to reach this financial milestone will be in the market for affordable vehicles and may wonder which cars are the most budget-friendly.
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To help Americans choose an affordable car, GOBankingRates analyzed some of the top 2023 and 2024 vehicles to determine the best cars for the middle class. The barometer for middle-class median income, $75,149, was used by GOBankingRates and sourced from the 2022 American Community Survey. The Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey determined the range of monthly car payments, as it states Americans making the middle-class income set by GOBankingRates have a mean income before taxes of $83,894 and spend approximately 6% of their annual income on vehicle purchases and finance charges.
In alphabetical order, here are the best cars for middle-class Americans.
2023 Kia Rio
Starting MSRP: $17,690
Very good credit score
Monthly payment: $372
Minimum salary needed: $44,640
Good credit score
Monthly payment: $408
Minimum salary needed: $48,960
Fair credit score
Monthly payment: $455
Minimum salary needed: $54,600
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2023 Mazda MX-5 Miata
Starting MSRP: $28,985
Very good credit score
Monthly payment: $606
Minimum salary needed: $72,720
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2024 Honda Accord
Starting MSRP: $27,895
Very good credit score
Monthly payment: $584
Minimum salary needed: $70,080
2024 Honda Civic — Compact
Starting MSRP: $23,950
Very good credit score
Monthly payment: $502
Minimum salary needed: $60,240
Good credit score
Monthly payment: $550
Minimum salary needed: $66,000
Fair credit score
Monthly payment: $614
Minimum salary needed: $73,680
2024 Honda Civic — Hatchback and Sedan
Starting MSRP: $24,950
Very good credit score
Monthly payment: $502
Minimum salary needed: $60,240
Good credit score
Monthly payment: $550
Minimum salary needed: $66,000
Fair credit score
Monthly payment: $614
Minimum salary needed: $73,680
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2024 Hyundai Elantra
Starting MSRP: $21,475
Very good credit score
Monthly payment: $450
Minimum salary needed: $54,000
Good credit score
Monthly payment: $494
Minimum salary needed: $59,280
Fair credit score
Monthly payment: $551
Minimum salary needed: $66,120
2024 Hyundai Sonata
Starting MSRP: $27,500
Very good credit score
Monthly payment: $575
Minimum salary needed: $69,000
2024 Kia Forte
Starting MSRP: $19,990
Very good credit score
Monthly payment: $420
Minimum salary needed: $50,400
Good credit score
Monthly payment: $460
Minimum salary needed: $55,200
Fair credit score
Monthly payment: $513
Minimum salary needed: $61,560
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2024 Kia K5
Starting MSRP: $25,590
Very good credit score
Monthly payment: $536
Minimum salary needed: $64,320
Good credit score
Monthly payment: $587
Minimum salary needed: $70,440
2024 Kia Niro
Starting MSRP: $26,940
Very good credit score
Monthly payment: $564
Minimum salary needed: $67,680
Good credit score
Monthly payment: $618
Minimum salary needed: $74,160
2024 Kia Soul
Starting MSRP: $20,190
Very good credit score
Monthly payment: $424
Minimum salary needed: $50,880
Good credit score
Monthly payment: $465
Minimum salary needed: $55,800
Fair credit score
Monthly payment: $518
Minimum salary needed: $62,160
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2024 Mitsubishi Mirage G4
Starting MSRP: $17,795
Very good credit score
Monthly payment: $374
Minimum salary needed: $44,880
Good credit score
Monthly payment: $410
Minimum salary needed: $49,200
Fair credit score
Monthly payment: $458
Minimum salary needed: $54,960
2024 Nissan Versa
Starting MSRP: $16,390
Very good credit score
Monthly payment: $345
Minimum salary needed: $41,400
Good credit score
Monthly payment: $378
Minimum salary needed: $45,360
Fair credit score
Monthly payment: $422
Minimum salary needed: $50,640
2024 Subaru Impreza
Starting MSRP: $22,995
Very good credit score
Monthly payment: $482
Minimum salary needed: $57,840
Good credit score
Monthly payment: $528
Minimum salary needed: $63,360
Fair credit score
Monthly payment: $590
Minimum salary needed: $70,800
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2024 Toyota Camry
Starting MSRP: $26,420
Very good credit score
Monthly payment: $553
Minimum salary needed: $66,360
Good credit score
Monthly payment: $606
Minimum salary needed: $72,720
2024 Toyota Corolla
Starting MSRP: $22,050
Very good credit score
Monthly payment: $462
Minimum salary needed: $55,440
Good credit score
Monthly payment: $507
Minimum salary needed: $60,840
Fair credit score
Monthly payment: $566
Minimum salary needed: $67,920
2024 Toyota Corolla — Hatchback
Starting MSRP: $23,505
Very good credit score
Monthly payment: $493
Minimum salary needed: $59,160
Good credit score
Monthly payment: $540
Minimum salary needed: $64,800
Fair credit score
Monthly payment: $603
Minimum salary needed: $72,360
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2024 Toyota GR86
Starting MSRP: $28,400
Very good credit score
Monthly payment: $594
Minimum salary needed: $71,280
2024 Toyota Prius Prime
Starting MSRP: $27,950
Very good credit score
Monthly payment: $585
Minimum salary needed: $70,200
Methodology: GOBankingRates analyzed 60 of the top 2023 and 2024 cars in this study to determine the Best Cars for the Middle Class. GOBankingRates determined the Middle-Class income by sourcing the Pew Research Center’s definition of “two-thirds to double” the income of a given area. With that definition GOBankingRates decided to use the median income from the 2022 American Community Survey ($75,149) as a barometer for U.S. Middle Class income. The range of monthly car payments was determined based on the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey, which states that Americans (that make the middle class income we set above) have a mean income before taxes of $83,894, and spend $4,677 on vehicle purchases (net outlay) plus $343 on vehicle finance charges; thus, middle class Americans spend approximately 6% of their annual income on vehicle purchases and finance charges; this served as the low-end of the price range and 10% on the high end (assuming 50% of income spent on necessities, with housing costing a maximum of 30%, vehicles 10% and then 10% for other necessities). Individual vehicle websites were sourced from their starting MSRPs, and CarMAX’s car payment calculator was used to determine monthly payments with fair credit, good credit and very good credit. The salaries analyzed was just $75,149 salary before taxes; so as long as annual car payments came in under 10% of the middle-class income they were included in the final ranking. Payments were based on no down payment and 60-month finance terms. All data was compiled and is up to date as of February 8, 2024.
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This article originally appeared on GOBankingRates.com: Best Cars for Middle-Class Americans
