Possible to Buy a $500 Car in 2024?

If you’re anything like me, you probably recall hearing your dad’s tales about snagging various cars for unbelievably low prices. In my case, my dad once acquired a highly coveted muscle car in pristine condition for a mere $75, all because it had been tucked away in a barn for some time. That wasn’t the only example as it seemed like a $100 bill would be enough to buy him several cars, some better than others.

Back then, these stories may have seemed almost too good to be true. As time marches on and inflation continues upward, we realize such anecdotes might not have been as far-fetched as they appeared.

These days, it’s becoming increasingly apparent that this generation could soon be telling tales of purchasing cars for $500—a notion that future generations might find ridiculous if not impossible.

About 15 years ago, $500 could have netted you a fairly basic car in decent condition. While it might have lacked amenities like air conditioning, it could still reliably transport you without emptying your wallet.

This idea piqued the interest of the team over at TFL Classics, prompting them to explore the feasibility of acquiring a $500 car in today’s economy. With inflation persistently climbing and the automotive market exhibiting some unusual dynamics, the notion of finding such a bargain might prove more challenging than ever. Heck, the crew even found that some old, high mileage, nonrunning common vehicles were bringing over $500 at auction. Therefore, they’d be looking at a challenge.

In their latest venture, the TFL Classics YouTube channel delves into the reality of purchasing a $500 car. While their hosts managed to uncover a candidate, the prospect of driving it home presents an entirely different challenge. So, what exactly does $500 get you in today’s market? Tune in below to discover the answer.