Is it not possible to sell asset for free and lowest price is $4.99?

I have a vehicle I wanted to post on the UE marketplace for free but during the listing it seems for that category of assets the base is $4.99 and cannot set price lower or am I missing something or doing something wrong?

You can try the Marketplace team here: marketplace-support@unrealengine.com. But lots of devs just host free assets on Google-Drive etc and list them here in Community-Tools instead. (free assets have to be approved by the Marketplace team iirc and it makes more sense for them to host free Plugins rather than Art Assets).