It isn’t impossible to find a car under $1,400 if you’re looking to buy a vehicle with your stimulus check. But it’s not necessarily a good idea. At that price, you’ll find a lot of vehicles with a lot of problems. It can turn a bargain into a money pit.
Kelley Blue Book wants to help you find a cheap car you can afford. So if you are looking for a good used car or the cheapest new car, this quick guide can help.
According to the White House, more than 85 percent of Americans will get an economic stimulus payment of at least $1,400. The final amount could be higher for many people with dependents.
And, since the federal government designed the stimulus to rev up the economy, they want you to spend it quickly.
So even if you do your homework carefully and find a reliable cheap car, finding a used one with the features you need at $1,400 can be challenging.
But you can do it. Here’s how.
RELATED STORIES: How to Buy a Used Car in 10 Steps
There are no new cars available for under $14,000 in the United States. There is — believe it or not — often a dogfight for the title of the cheapest car. That belt changes hands from month to month based on manufacturer incentives.
Still, for most of the last year, it’s been passed back and forth between the Chevy Spark (MSRP $14,395) and the Mitsubishi Mirage (MSRP $14,295). If you’re debating between the two, we will point you toward the Mirage’s 10-year/100,000-mile powertrain warranty.
But your stimulus check budget isn’t going to buy you either car outright. What it will do is buy you seven months’ worth of lease payments on either one.
If your credit qualifies you for a lease deal, though, you’re not limited to these two.
Check out these cars available for less than $200 per month in attractive lease deals:
If your credit doesn’t qualify you for the best lease deals, or you’d rather own a used car outright than commit to making payments on a new one, you still have options under $5,000.
Our experts have picked out a few of their favorite options in each category:
Of course, you may find that the best answer for your particular circumstances is to hunt down an inexpensive used car that fits your preferences.
If that’s the best route for you, Kelley Blue Book has millions of used car listings from which to choose.
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