If you are on a tight budget or this is your first automobile purchase, you may want to consider a used or a cheap car. Although they may fall short of providing every convenience you might want in a car, their functional styling and competent performance make up for this shortcoming. If you are on a tight budget, we have compiled a list of the most affordable vehicles currently available.
Furthermore, these vehicles give a comfortable ride, great gas mileage, and a satisfactory driving experience. These inexpensive automobiles have an eye-catching external appearance and several cutting-edge features. In a market where vehicle costs are over the roof, these new cars for sale are among the most reasonably priced options with starting MSRPs below $20,000. Continue reading to discover some of the most affordable vehicles in the market in 2023.
2023 Nissan Versa
Starting Base Price: $15,730
For 2023, Nissan gives the Versa a makeover, and with it comes a little price hike. Because of the low profits from making subcompact automobiles, several other automakers have ceased production completely in favor of larger, more expensive vehicles. Not Nissan, which keeps improving the least expensive vehicle it sells.
In addition, the Nissan Versa comes with a comprehensive range of standard amenities, including keyless entry, AEB, and lane departure warnings. Nevertheless, Versa's low price comes at a cost. Its cramped inside isn't as well equipped as that of many rivals, and several desirable extras, including adaptive cruise control and a WiFi hotspot, are only available on higher trim levels. Yet, both CarPlay and Android Auto are standard even on the base variant.
Pros
- Good pricing
- Decent crash test results
- Impressive unibody design
- Advanced driver assistance systems
- Carplay and android auto are standard features
Cons
- Tight rear seat
2023 Mitsubishi Mirage
Starting Base Price: $16,245
The 2023 Mitsubishi Mirage is one of the most affordable and fuel-efficient compact automobiles on the market. There are some cutting-edge features compared to other used cars, such as a backup camera and a color touchscreen, although the former is now required by law and the latter is essential for the former's utility. The tiny hatchback's small weight is a major selling point for the Mirage.
Although the Mirage's 1.2-liter three-cylinder engine isn't very technologically advanced, it still manages to offer upwards of 40 mpg thanks to its similarly small size and the car's less-than-impressive brakes and suspension. If you want a solid sedan that delivers practically everything from its attractive appearance to its respectable power, the Mitsubishi Mirage is your best option.
Pros
- One of the cheapest new automobiles
- Large cargo capacity
- Great efficiency in gas use
- Excellent warranty
Cons
- Sluggish acceleration
- Rough engine
- Low-quality log cabin
2023 Kia Rio
Starting Base Price: $16,750
While it may not be the flashiest vehicle, the Kia Rio offers excellent value for the money. The 2023 Kia Rio is a carryover of the current generation. The standard continuously variable transmission (CVT) and 120-horsepower, 1.6-liter four-cylinder engine under the hood contribute to an excellent 36-mpg combined rating.
All trims of the Rio come standard with an 8-inch touchscreen multimedia display that includes a rearview camera and wireless support for Android Auto and Apple CarPlay, but buyers will have to pay for the top-tier S model to get autonomous emergency braking.
What’s more, you can get this five-seater in sedan or hatchback form, and either is a good option if you're looking for something affordable, dependable, and easy on the eyes and the wallet. However, ensure that you use our Kia VIN decoder to know more about the vehicle you intend to purchase.
Pros
- Calm ride
- Several options for safety features
- Beautiful interior
Cons
- Little storage space
- Weak acceleration
2023 Kia Forte LX Sedan
Starting Base Price: $19,490
Kia has always made some of the most affordably priced new automobiles, and in recent years, the company has worked to improve the quality of its offerings without sacrificing their low prices. While it starts at a low price, the Kia Forte is loaded with technologies like Apple CarPlay and Android Auto. The Kia Forte, revised for 2022, offers an attractive exterior design and excellent value.
The standard engine is adequate for commuting in urban areas, but the continuously variable gearbox it comes with leaves much to be desired. The 200-horsepower turbocharged 4-cylinder is an available upgrade that gives the vehicle a lot more peppy performance. The Forte may be one of the least-priced cars available in the United States, but it offers the same comfortable ride as much more pricey vehicles.
Pros
- Affordable and exhilarating Forte GT class
- Superior gas efficiency
- iPhone integration and Android Auto are included in the base model.
Cons
- Slow base engine speed
- The available dual-clutch transmission is clumsy in city traffic
2023 Hyundai Venue
Starting Base Price: $19,500
The Hyundai Venue is not the fastest or most feature-rich vehicle in its class, but it offers the best fuel efficiency and is the least expensive. The Venue's design prioritizes passenger comfort above luggage capacity, resulting in narrow aisles and comfortable legroom in both seats. The basic infotainment system has a responsive touchscreen with wireless support for both Apple CarPlay and Android Auto.
Also, all versions come with 8-inch touchscreen displays which are compatible with Apple CarPlay and Android Auto, and standard high-tech safety systems like automated emergency braking with pedestrian recognition, lane departure notice with steering assist, and a driver attention monitor. These features are also available as wireless options in the SE and SEL mid-range and base models.
All Venue models are powered by a four-cylinder engine mated to a continuously variable transmission. The Venue gets a bigger 4.2-inch instrument cluster and a standard rear occupant warning system for 2023. Most importantly, use the Hyundai VIN decoder to know more about the vehicle’s history before making the purchase.
Pros
- Most affordable sport utility vehicle available
Cons
- 4-star safety rating
- 121 horsepower
- Front-wheel-drive only
- Limited trunk space
2023 Subaru Impreza
Starting Base Price: $19,795
There's no denying that the Impreza is a great value among compact cars. Sedan and five-door hatchback body styles are also available for the 2023 Subaru Impreza, with the sedan being the more affordable option. All-wheel drive is standard on all models and is powered by a 2.0-liter four-cylinder engine rated at 152 horsepower; the optional continuously variable transmission achieves 32 mpg on the highway.
The standard Impreza has a 6.5-inch central touchscreen that is compatible with Apple CarPlay and Android Auto. All-wheel-drive models with a continuously variable transmission (CVT) come standard with several useful safety and driver-assist features, including Subaru's driver-help suite, which includes a rear seat reminder, automated emergency braking, pedestrian recognition, lane departure warning, and lane departure steering assist, among other features.
Pros
- Spacious and cozy interior
- AWD. available
- Excellent safety ratings
- Manual transmission is available.
Cons
- Fuel Economy Is Below Average.
- Slow Acceleration
- Outdated Technology
- Lacklustre Engine
2023 Nissan Sentra
Starting Base Price: $19,950
Though it faces stiff competition in a crowded segment and doesn't stand out as much as other alternatives, the Nissan Sentra is attractive thanks to its affordable pricing and high-quality cabin. Although not particularly spectacular, the Sentra's 149-horsepower four-cylinder engine gets the job done in most scenarios.
A 4-cylinder engine producing 149 horsepower is the only choice for Sentra's powertrain. While it possesses respectable acceleration at low speeds, it struggles at higher velocities and creates a great deal of noise in the process. Inside, Nissan did a fantastic job designing the Sentra, and there is plenty of space for passengers in both rows. The cabin looks and feels more luxurious than the price tag implies, and some decent technological conveniences come as standard.
Pros
- Sleek exterior
- Excellent seating and a stylish interior design.
- Decent crash tests
Cons
- Hybrid engines are not available
- Boring maneuverability and steering
2023 Kia Soul
Starting Market Price: $19,890
The 2023 Kia Soul is an exciting new addition to the subcompact SUV market. In a sea of rounded crossovers, the Soul stands out with its distinctive boxy design, and its agile handling makes it a joy to drive on even the most mundane of commutes. The Soul's base pricing is very affordable considering its extensive capabilities and features.
Kia's quirky, practical Soul hatchback receives a host of updates for 2023, including a revised front and rear fascia, and new 17- or 18-inch alloy wheels. Also, the vehicle features an array of standard safety and driver-support technologies including automated emergency braking, lane departure steering assist, driver attention alert, lane departure warning, and a rear passenger alert.
Furthermore, all trims are powered by a 2.0-liter inline-four engine mated to a continuously variable transmission. Apple CarPlay and Android Auto are standard on the LX's 8-inch touchscreen (higher variants receive a 10.25-inch touchscreen). Although the Soul doesn't provide all-wheel drive, it does come with an excellent warranty that lasts for ten years and 100,000 miles.
Pros
- Distinctive exterior style
- Sufficient space for both people and cargo
- Good warranty
Cons
- Comparable vehicles have more luxurious cabins.
- Limited engine options
- Breeze sound audible at motorway speeds
2023 Volkswagen Jetta
Starting Base Price: $20,415
Among compact cars, the VW Jetta stands out for its comfortable cabin, excellent gas mileage, and exciting driving experience. It has a nice balance between ride and performance, precise steering, and a calm interior. It's a good deal all around. There are five available VW Jetta trims, and each one seats five people. The SE Automatic is the most common trim level, with the 1.5L I4 Turbo engine and Front Wheel Drive.
Also, the Jetta provides a no-frills value proposition thanks to its spacious trunk and extensive standard equipment including wi-fi and Voice Text. This a compelling offer that should appeal to many shoppers on a tighter budget who nevertheless prioritize safety and comfort. A combined 29 city/highway MPG is expected from this Jetta.
Pros
- Smooth driving
- Many Industry-Standard Features
- Large trunk
- GLI is exciting to drive.
Cons
- The cabin's plastics appear inferior
- Major competitors offer greater safety ratings and more standard driver-assist systems
2023 Hyundai Elantra
Starting Base Price: $20,500
With its striking appearance, the 2023 Hyundai Elantra commands attention and shines from the rest of the competition. For the 2021 model year, Hyundai revamped the Elantra with a more refined motor and a bigger cabin, and the 2023 model returns mostly untouched, good news for frugal car buyers. Elantra is a four-door sedan that comes standard with a 2.0-liter four-cylinder engine and a competent continuously variable transmission (CVT) at the base SE level.
What’s more, the Hyundai Elantra's 37 mpg combined fuel economy and other standard amenities like wireless Apple CarPlay and Android Auto connectivity, automated emergency braking with pedestrian recognition, blind spot monitoring, and lane-centering steering make it a great value. The Elantra is a great deal for those who aren't put off by the sedan's rudimentary cabin.
Pros
- Quite roomy for a vehicle of its kind
- Sharp, attention-grabbing design
- An extensive list of safety functionalities
- Superior warranty in the industry
Cons
- Several harsh interior plastics
- The base engine is only barely acceptable
- Difficult automatic CVT transmission
2023 Toyota Corolla
Starting Base Price: $21,550
The Toyota Corolla, the company's best-selling sedan model, is proof that quality low-cost transportation can be achieved. One of the best and most trustworthy sedans on the market, this model has sold millions worldwide thanks to its stylish exterior and dependable mechanical performance. The Corolla has a low starting price, a long lifespan, and great fuel efficiency, all of which help keep costs down.
To sum it up, the Corolla is a well-rounded vehicle that drives well, is very functional, and has a sporty appearance. But, the pricier GR models are the only ones you should consider if you want a true hot hatch. With a 1.8-liter four-cylinder hybrid engine producing 138 horsepower and mated to a six-speed IMT transmission, the Toyota Corolla is a formidable automobile. The base pricing of the Corolla is an extremely alluring deal for what you get.
Pros
- Exceptional comfort and versatility for an everyday driver.
- Available AWD
- More hybrid options, and overall superior fuel economy.
Cons
- Low-cargo capacity, less polish than other rivals
2023 Mazda 3
Starting Base Price: $22,550
If you're looking for a reliable and inexpensive vehicle, don't assume that you have to settle for anything dull or out of style. The Mazda3 is one of the most reasonably priced vehicles on the market without sacrificing style, thanks to its sleek appearance and upmarket inside.
But, rivals have been closing the gap in recent years, so the interior upgrades Mazda made aren't as noticeable as they once were. It's a stylish and athletic vehicle, but the cost soon escalates for the higher specification levels. The Mazda 3 is a wonderful choice if you value style but not as much as the competition, as its gas mileage is on the low end of the scale. Ensure that you check the VIN number before buying the car.
Pros
- Distinctive external design
- Lovely furnishings inside
- Superb maneuverability
- Available AWD
Cons
- Limited space in the rear seats
- Poor mileage improvement
Prices of the cheapest new cars
| Car model | Starting Price |
| 2023 Nissan Versa | $15,730 |
| 2023 Mitsubishi Mirage | $16,245 |
| 2023 Kia Rio | $16,750 |
| 2023 Kia Forte LX Sedan | $19,490 |
| 2023 Hyundai Venue | $19,500 |
| 2023 Subaru Impreza | $19,795 |
| 2023 Nissan Sentra | $19,950 |
| 2023 Kia Soul | $19,890 |
| 2023 Volkswagen Jetta | $20,415 |
| 2023 Hyundai Elantra | $20,500 |
| 2023 Toyota Corolla | $21,550 |
| 2023 Mazda 3 | $22,550 |
How We Ranked These Vehicles
We ranked these affordable automobiles according to their base MSRP. Besides these primary concerns, we also think about things like convenience, pricing, economy, performance, practicality, and technology.
Frequently Asked Questions
The Ford F-Series was the best-selling car and truck in the United States for the 41st year and 46 years in a row consecutively despite having its lowest sales year since 2012.
The months of October, November, and December are generally reliable options. In the auto industry, sales targets are often broken down into annual, quarterly, and monthly targets. After a slow start, progress is made toward all three objectives by the year's end.
Although the price of used cars has probably peaked, that of new cars is anticipated to stay high. Used vehicle costs are predicted to drop by around 10% in 2023, while new-vehicle prices will fall by 2.5% to 5%.
The costs of living, including taxes and auto insurance, vary from state to state, although some states, such as New Hampshire, Oregon, Florida, Ohio, Wisconsin, North Carolina, and Missouri, are generally good options. Mathematically, New Hampshire is the best state to buy a car in if you're looking to save the most money.
The Chevy Spark was the least expensive car on the market for many years, but its recent discontinuation has made way for a new contender. More information about the vehicle is available on the Chevrolet Official Website. The Nissan Versa will be the year's least expensive new car, with prices beginning at less than $16,000. However, if you intend to opt for the Chevy Spark, make sure you get the vehicle’s history with our Chevrolet VIN decoder.
