Get the most bang for the buck. That's any buyer's goal. It's true regardless of how much money they have to spend and whether we're talking about cars, houses, or stocks.

You don't need a ton of money to scoop up some attractively valued stocks that can give you plenty of bang for the buck. Have $500? Here are two absurdly cheap stocks long-term investors should buy right now.

1. Bank of America

Half of that initial $500 would allow you to pick up eight shares of Bank of America (BAC -1.77%) and have money left over. Buying the bank stock would put you in good company: Warren Buffett recently added to Berkshire Hathaway's already substantial position in BofA.

Buffett almost certainly likes Bank of America's current valuation. The stock is near its cheapest level in years with shares trading below 8 times forward earnings.  

That bargain price is primarily the result of the banking crisis. Several regional banks in the U.S. failed, while a big Swiss bank was acquired because of its problems. But Bank of America is widely viewed as "too big to fail." Even if the company experienced financial problems, many suspect the U.S. government would step in if necessary to help BofA.

Such a scenario seems highly unlikely. Bank of America has a solid balance sheet. It delivered better-than-expected revenue and earnings growth in the first quarter of 2023. 

The company also appears to be well positioned for the future. BofA continues to lead the banking industry in technological innovation. Last year, Javelin Strategy and Research ranked Bank of America as "Best in Class" in online and mobile banking. Global Finance also named the company as the "Best Consumer Digital Bank" in the U.S. 

2. Enterprise Products Partners

Consider using most of the rest of your $500 to buy 10 shares of Enterprise Products Partners (EPD -0.67%). Although it's not a Buffett favorite like Bank of America, Enterprise looks like a great pick right now.

For one thing, the midstream energy stock is dirt cheap. Enterprise's shares trade at only 10 times forward earnings. That's near the low end of the stock's valuation range over the last two decades. 

Enterprise Products Partners also offers an especially juicy dividend. Its dividend yield currently tops 7.5%. And that ultra-high dividend yield is about as safe as they come. The company has increased its distribution for 24 consecutive years and is likely to extend that streak. 

Oil and gas price fluctuations don't impact Enterprise. The company charges the same amount for transporting liquids through its pipelines regardless of what the commodity prices are.

Enterprise is also conservatively managed. Its leverage ratio in 2022 was only 2.9 times adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The company has a solid investment-grade BBB+/Baa1 credit rating. Even better, management has plenty of skin in the game by owning nearly one-third of Enterprise's common units.

But will the transition from fossil fuels to renewable energy sources hurt Enterprise? Not anytime soon. The demand for natural gas and liquified natural gas, in particular, is likely to grow in the years to come. 

Indeed, Enterprise Products co-CEO Jim Teague said in the company's Q1 conference call that "it's hard for us to be too constructive on natural gas." Teague added, "A wide gas-to-crude spread gives U.S. petrochemicals a structural feedstock advantage that, in our view, is permanent."