The market's been rallying for months, but there are still some bargains to be had. Camping World Holdings (NYSE:CWH) and Sirius XM Holdings (NASDAQ:SIRI) are two stocks that are still cheap despite delivering strong returns over the years.

If you think you need a lot of dough to buy into these dynamic names, you might want to think again. You don't need a lot of money to make a big difference on Wall Street. Sirius XM trades in the single digits, and you can buy fractional shares to maximize your position in Camping World. Let's go over why I think these are two cheap stocks that long-term investors should buy now with their next $500 to put into the market. 

A camper looking outside her RV.

Image source: Getty Images.

Camping World 

The open road has never been as inviting as it is right now. Recreational vehicle sales have been surging in the wake of the pandemic. A home on wheels is naturally a safer and more convenient way to travel. The rapid acceleration of flexible workforces, making it easier to work from home, makes RVs not just a reward of retirement.

Camping World is the top dog in RVs and camping gear. It's perpetually growing its reach by snapping up small indies looking to cash out. Revenue rose 11% last year, stepping on the gas with a 37% increase through the first half of this year. The bottom line is growing even faster. 

The stock is nearly a 12-bagger since bottoming out in March of last year, like so many stocks did in the wake of the COVID-19 calamity. You don't typically see companies that have popped 12-fold wind up on lists of cheap stocks, but it fits for Camping World. It's trading for less than six times trailing earnings. Last month, it doubled its dividend. Yes, Camping World has been one of the market's biggest winners, but it's trading at 5.7 times earnings and yielding just over 5% right now. 

Katy Perry on the air for Sirius XM.

Katy Perry on Sirius XM. Image source: Sirius XM Holdings.

Sirius XM Holdings

Sirius XM doesn't pack a single-digit earnings multiple, and it's not yielding north of 5%. But the country's lone provider of satellite radio has come a long way since its days as a speculative penny stock. 

Trading at 20 times this year's earnings with a 1% yield, Sirius XM is surprisingly cheap for an investment that has delivered positive shareholder returns in 11 of the past 12 years. Despite all of the options that we have in cars for audio entertainment these days, the simplicity and quality of satellite radio continues to resonate. Sirius XM was serving the ears of a record 31.4 million self-pay subscribers by the end of June.

The company earns its cheap stripes as a result of a penchant for buying back shares. It had to pump out a lot of stock a dozen years ago in the process of acquiring rival XM and then striking deals just to stay afloat. Now that it's generating gobs of dough (targeting roughly $1.7 billion in free cash flow this year), it's been aggressively nibbling away at its share count. Sirius XM's outstanding shares have been reduced by 40% since peaking in 2012, making it one of the more reliable and financially prudent media stocks around. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.