What is the Least Expensive New Car On the Market?

April 25, 2022

What is the Least Expensive New Car On the Market?

Today, many prospective car buyers are on a tight budget. If you’re one of them, don’t worry. You can still get a great car without breaking the bank. However, you do have to put in some research and effort. 

Remember too that your goal shouldn’t be just to find the least expensive new car. Instead, it should be to find the highest quality car, one that is right for your needs, at the most reasonable price you can afford. Here, you can find information on some nice, affordable cars. Just make sure you balance price with other factors to make the best buying decision possible.

Affordable Option #1: The 2022 Nissan Sentra

The 2022 Nissan Sentra may not be the least expensive new car on the market, but it’s still very reasonably priced. It has a base price of only $20,635. Aside from that, it’s also super safe. It comes with electronic stability control, rear parking sensors, lane departure warning, and a variety of airbags. You won’t find anything super fancy here, but if you want a good, basic car at an affordable price, this one is a great choice.

Affordable Option #2: The 2022 Chevrolet Spark LS

2022 has brought a lot of nice affordable cars. However, the Chevrolet Spark LS is definitely one of the nicest. It’s priced at a low $15,695. Even better, it can help you save a lot of money on gas. It gets a combined 33 miles per gallon (MPG) on average, which means you’ll have to fuel up a lot less often. It also has an impressive amount of technology for the price. Drivers will enjoy:

  • Bluetooth streaming audio
  • Apple CarPlay
  • Smartphone connectivity 

Affordable Option #3: The 2022 Hyundai Venue

The Hyundai Venue might not be the cheapest brand new car, but it does feature a reasonable base price of only $20,245. Plus, it’s a subcompact, which means you can enjoy easy driving, easy parking, and an easy, efficient experience all around. This particular model also packs a lot of power and is good at reaching high speeds quickly.

Affordable Option #4: The 2022 Kia Rio LX

Another super affordable choice is the Kia Rio LX, which has a base price of only $17,275. It’s got a great four cylinder engine, and it’s amazing on gas too. In fact, you’ll enjoy a combined 36 MPG. Of course, you do miss out on a few features when you opt for lower priced models. In this case, you won’t get automatic emergency braking, but don’t worry too much. Six airbags, electronic stability control, and hill start assist control are included.  

Affordable Option #5: The 2022 Subaru Impreza

“Impreza” sounds an awful lot like “impressive,” which makes it a fitting name for this great car. Priced at a cool $19,790, it may be a little more expensive than some of the others on this list, but it’s well worth the price. It’s the cheapest way to enjoy all-wheel drive, and it’s great for zipping down the highways thanks to its approximate 31 MPG for highway driving. It also includes a helpful rear vision camera and EyeSight Driver Assist technology.

Affordable Option #6: The 2022 Mitsubishi Mirage ES

Another reasonably-priced choice for 2022 is the Mitsubishi Mirage ES. It comes in at $16,990. And, while it may look super compact, it can seat up to five people at once. The one downside is that it’s not the speediest car available. If you can live with that,you’ll enjoy a great little car with some awesome safety features. These include:

  • Forward Collision Mitigation
  • A Reinforced Impact Safety Evolution body
  • 7 airbags
  • A rearview camera system

Affordable Option #7: The 2022 Nissan Versa S

Yet another Nissan makes its way onto this list. Coming in at $17,625, the Nissan Versa S is smooth, stylish, and loaded with excellent features. Sit back and enjoy the ride with built-in cruise control, a 7-inch touchscreen display, Siri Eyes Free technology, and Bluetooth streaming audio. There’s also room for up to five, so you can bring your friends and family along for the fun.

Affordable Option #8: The 2022 Volkswagen Jetta

If you’re into Volkswagens but always thought they were too expensive, think again. The Volkswagen Jetta has a starting MSRP of only $21,360. It’s also quite good on fuel, especially on the highway, where it gets an estimated 40 MPG. The city mileage isn’t quite as great at an estimated 29 MPG, but the roomy interior makes up for that. Some drivers have complained that it’s not the most aesthetically pleasing car, but that’s best left to personal opinion. So, why not take a look or even a test drive and decide for yourself?

Affordable Option #9: The Toyota Corolla

Rounding out our list is the latest Toyota Corolla. This has long been a popular car, and the 2022 model makes it easy to see why. No matter where you drive, you’re sure to get great gas mileage. It gets around 38 MPG for highway driving and 30 MPG for city driving. Plus, plenty of great features come standard, such as built-in WiFi and Apple CarPlay. Unfortunately, there isn’t much room for cargo, but at an MSRP of $21,450, it’s a tough car to beat.

Least Expensive New Car

Don’t Be Afraid to Haggle

Some people make the mistake of thinking that the dealer’s word is law. That’s not always true. Often, you can negotiate a much lower price than the sticker price. You can also negotiate for better priced upgrades or have the dealer strike some of the extra fees they often throw in. 

The key is to do your research ahead of time. If you ask for a price that’s ridiculously low, you’re likely to get laughed off the lot. Instead, ask for a price that’s closer to the invoice price, meaning the price the dealer paid for the car, than to the manufacturer’s suggested retail price (MSRP).

Remain cool, calm, and collected while you negotiate. Be respectful and try to present an air of confidence and knowledge. You might just walk away with an amazing deal, especially if you stick to cars that are already reasonably priced to begin with.

Compare Dealerships

Every dealership is not the same. So, spend some time comparing your options. If there’s a particular car you’re interested in, talk with each dealer who sells it. You might find that one is more willing to budge in terms of price than the other. Or, one dealership might be running a special sale or promotion that could help you save. In other words, don’t just buy from the first dealership that has your dream vehicle. Remember, there are plenty of other dealerships that can sell the car to you, and perhaps at a better price. Make it your mission to find the one that will offer you the best service, the best warranty, and the best all-around deal.

Be Careful About Financing

If you’re like most people, you probably won’t buy your new car outright, no matter how affordable it is. In that case, you’ll need financing. You may want to finance through your bank or credit union or through the dealership. Either choice can work, but proceed with caution. Make sure you understand the interest rate, whether or not it’s reasonable based on your credit, and that you compare as many financing options as possible. Without research and careful consideration, it’s easy to get roped into a “great deal” that actually costs you a lot more over time.

Consider A Trade-In Deal

If you already own a car and you’re willing to part with it, be sure to ask the dealer about trade-in possibilities. Many dealerships will allow you to hand over your old car and use its value toward the purchase of a new one. How much trade-in value you can get will vary based on a variety of factors. These include the vehicle’s age, condition, and more. 

Generally, the newer your vehicle and the better its condition, the more you can save on your new car. Again, though, don’t just accept the first offer you receive. See how much trade-in credit you can get from each potential dealership. Some may offer a lot more than others.

The Bottom Line

If you’re made it this far, congratulations. You’re armed with a lot of great information, not just about the least expensive new car options, but about how you can save on any vehicle purchase. As long as you make an effort to see the “big picture” of every offer and you put these tips to use, you can drive off the lot in an awesome car and feel good about the price you paid. So, get to work. The affordably priced car you’ve been dreaming of is waiting.