Finding the right car for you when you are on a tight budget can be challenging, so getting a full picture of what’s on offer across different carmakers and styles is crucial. Buying a new car as opposed to a pre-owned one brings many benefits: they’re less likely to break down, they have the most up-to-date safety features, many come with a factory warranty, and you may even get free roadside assistance with your purchase.

The average price of a new car is $48,759, but of course, there are models on the much cheaper end of the spectrum. We’ve compiled a complete guide to the cheapest new cars in 2024 and some of the most frequently asked questions from new car buyers. 

The Cheapest Cars in 2024

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1. Kia Forte

Kia Forte
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One of the cheapest new cars on the market in 2024 is the Kia Forte. Though essential in features, this vehicle has everything from point A to point B. The Forte has impressive fuel economy, with its 2.0-liter I-4 producing a 147 hp engine. Higher up on the Kia Forte feature ladder is the Forte GT, which provides many features at a far lower price than other manufacturers.

Price: From $19,990

2. Nissan Versa

Nissan Versa
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The Nissan Versa offers a handsome style and a fuel-efficient powertrain, making it the perfect vehicle for value-focused consumers. Plus, the car is packed with features that make the Versa SR stand out from the competition. The interior is roomier than most vehicles in the same class. It offers features for drivers and passengers, such as heated front seats, automatic climate control, and a wireless charging pad.

Price: From $16,390

3. GM - Chevrolet Trailblazer

GM - Chevrolet Trailblazer
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GM-owned Chevrolet offers one of the cheapest new SUVs available on the market with its stylish and compact Trailblazer. The LT model offers a 137-horsepower engine equipped with the option to upgrade to a four-wheel drive and nine-speed automatic transmission. The car’s interior is spacious and functional and comes standard with an 11.0-inch touchscreen infotainment system, Apple CarPlay, and Android Auto integration.

Price: From $24,395

4. Volkswagen Jetta

Volkswagen Jetta
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As one of the most affordable compact sedans, the Volkswagen Jetta features agile handling features, making the most of its 158-horsepower turbocharged inline-four engine. Standard features of the Jetta include a six-speed manual, with an eight-speed automatic transmission available as an upgrade. Additional features include heated power exterior windows, cloth upholstery, and many safety features, such as Collision Warning and Autonomous Emergency Breaking. Upon testing, the Jetta boasts an impressive 42 mpg during fuel economy testing.

Price: From $21,435

5. Mazda 3

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The Mazda 3 offers an impressive collection of features in a base car, such as a 2.5-liter naturally aspirated inline-four mill with 191 horsepower. Don't let the car fool you; the engine has enough juice to get you moving with quick acceleration. Mazda uses premium materials for the interior's high-end design, which features a 10.25-inch touchscreen with wireless smartphone integration and many upgraded features.

Price: From $24,170

6. Honda Civic Sedan

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The 2024 Honda Civic Sedan has advanced from previous-generation models, offering the same excellence in driving while bringing drivers substantial value. Though the best Honda features are saved for higher-end models, the Civic Sedan offers the best bang for your buck with a 2.0-liter naturally aspirated four-cylinder, 158 horsepower engine, providing 40 mpg on the highway, and interior features including Apple Play compatibility, 7-inch color touch screen, cloth seats, and push button start.

Price: From $23,950

7. Subaru Impreza

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The Subaru Impreza has a personality that trumps all other affordable vehicles in 2024. Though this vehicle may lack beauty compared to similar cars, its all-wheel drive handles are excellent, and the engine may not be sporty, but the 152 horsepower provides enough to get up and go safely to where you need to be. Standard features for drivers looking for an affordable vehicle love include premium interior materials, an 11.6-inch touchscreen control panel, a STARLINK Multimedia system, and keyless access with push button start.

Price: From $22,995

8. Toyota Corolla

Toyota Corolla
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The Toyota Corolla is available in sedan or hatchback body styles, featuring a combination of safety features and impressive interior space. This vehicle is powered by a 169 horsepower 2.0 liter I-4 and CVT combo, making it noticeably faster than other comparable compact cars. Along with its all-wheel drive, high-end features, and spacious interior, the Corolla is reliable and looks good while remaining affordable.

Price: From $22,050

9. Hyundai Elantra

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The Hyundai Elantra is one of the best vehicles for getting the most out of your money. This vehicle offered a spacious interior and excellent fuel mileage and was a 2022 IIHS Top Safety Pick. Each year, this model gets better and better. The base Hyundai Elantra model is powered by a 2.0-liter inline-four producing 147 horsepower and is packed with many features many of its competitors don't include in base models, such as solar glass, six-way adjustable seating, and blind-spot collision warning.

Price: From $21,625

10. Mitsubishi Mirage

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The Mitsubishi Mirage is another affordable vehicle available in 2024. Its subcompact design and low base price make it a desirable car for budget-minded shoppers. Though the Mirage's base model doesn't come with lavish features, there are affordable upgrades, such as the $165 "Welcome Package," which adds some more desirable features, such as carpeted floor mats and a touch-up paint pen. Additional affordable package upgrades are available, allowing buyers to customize the features in their Mirage without breaking the bank.

Price: From $16,695

Frequently Asked Questions

Is 2024 a good time to buy a car?

Since the pandemic, 2024 might be the best year to purchase a new vehicle, and now might be the best time to upgrade your older vehicle model to a new model. Everything from affordability to lower interest rates makes financial forecasters believe this will be an excellent year to purchase a new vehicle.

What is the cheapest brand-new car in 2024?

Grey Nissan Versa 2024

The 2024 Nissan Versa is the cheapest model vehicle, with a starting price as low as $16,130.

Will new vehicle prices drop in 2024?

The cost of new cars has been steadily increasing since 2018, but it is believed that the prices of new vehicles will drop in 2024. Below is a chart with the average cost of a new car by year and the percentage of change from the previous year:

Year Average New Vehicle Cost Percentage Change from Previous Year
2018 $37,577
2019 $38,948 3.6% increase
2020 $41,152 5.7% increase
2021 $47,077 14.3% increase
2022 $49,507 5.2% increase
2023 $48,008 3.0% decrease
2024 (Expected) $45,283 5.7% decrease

Why are new cars cheaper in the USA?

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There are several reasons why new vehicles are cheaper in the United States, including the following:

  • Lower taxes and tariffs
  • Mass production capabilities
  • Lower quality compared to foreign vehicles
  • Focus on simplicity in manufacturing
  • There is less focus on advanced technology compared to foreign manufacturers

What is the most important rule when buying a car?

Dark Blue Toyota

The most important rule to consider when purchasing a new vehicle is affordability. Ask yourself, “Can I afford the vehicle, including monthly payments, cost of gas, insurance premiums, and maintenance?” Weighing these options will help you determine your overall car purchasing budget and whether now is the right time to purchase a new car.

When buying a vehicle, what research should you do?

Woman with keys by the car

Before heading to the dealership, there are several things you should research about the make and model of the vehicle you are interested in purchasing. Things to research should include the following:

  • Included features
  • Safety ratings
  • Fuel ratings
  • Pricing and rebates
  • Financing and interest rates
  • Additional costs, fees, and upgrades
  • Sales tax rates
  • Costs of registration, license plate, and document fees
  • Insurance costs
  • Reviews

Can you talk a car salesperson down on price?

Though new cars sitting on a dealership’s lot have an MSRP sticker, you may be able to negotiate with the car salesperson to get a lower price. If you make an offer, a good salesperson will most likely consider it, especially if the vehicle has been on the lot for several weeks. In which case, a reasonable offer lower than the sticker price may be accepted to move the vehicle.

How do I buy a car directly from the manufacturer in the USA?

Hyundai Accent Stunning Rear View of the New 2018

If interested, there is a way to purchase a vehicle directly from an American manufacturer. Visit the automaker’s website, search for the car, features, and configurations you want, and then place your order. There will be no flexibility in the price; what you see online is what you will pay for the car. Additionally, purchasing the vehicle directly from the manufacturer requires a reservation/order fee, which varies by manufacturer.

Once the order has been placed, you only have to wait for it to be delivered.

What will the interest rate be on a car in 2024?

Auto loan rates are finally coming back down, and though it is still not guaranteed, 2024 is expected to have one of the lowest interest rates compared to the previous year. Below is a chart showing the slow increase in interest rates between 2022 and 2023, with the forecast rate at the end of 2024 on a 60-month loan:

2022 Q1 4.52%
2022 Q2 4.85%
2022 Q3 5.5%
2022 Q4 6.55%
2023 Q1 6.9%
2023 Q2 7%
2023 Q3 7.5%
2023 Q4 7.7%
Prediction by the end of 2024 7%

Where is the best place in the US to buy a new car?

Several states provide many benefits to car buyers looking to save money on fees and sales tax. The following states are the best to purchase a new vehicle because they do not have a statewide sales tax, have generally low unexpected fees, and/or affordable insurance rates:

  • Alaska
  • Montana
  • Oregon
  • Delaware
  • New Hampshire
  • Iowa

Which states don't allow manufacturers to offer direct sales of cars?

Direct selling of vehicles occurs when the manufacturer sells a car directly to the consumer without using a dealership or third-party salesperson. States that have banned the direct sale of vehicles include the following:

Map U.S. states that have banned the direct sale  of vehicles
  • Alabama
  • South Carolina
  • New Mexico
  • West Virginia
  • Kansas
  • Louisana
  • Texas
  • Wisconsin
  • Nebraska
  • Iowa
  • Oklahoma
  • Connecticut
  • Arkansas

Why do car dealers not want you to pay cash?

Dealerships receive a commission for financing vehicle purchases, and some dealerships offer in-house financing. If you were to pay cash, the dealership would miss out on the commission and money earned from financing interest.

What time of year are new cars cheapest?

Though the best time to buy a new car with higher rebates, incentives, and additional discounts is during August and September, the later months of the year are also good because dealerships tend to offer discounts on vehicles to make way for next year's models.

Dealerships offer discounts throughout the year, and below, we have compiled a chart of various discounts on this year's models and next year's models by month according to

Month Discount for Current Models Discounts for Next Year’s Models
January 7% 2%
February 7% 2%
March 7% 2%
April 7% 2%
May 7% 3%
June 7% 3%
July 8% 4%
August 8% 3%
September 9% 4%
October 9% 4%
November 9% 5%
December 10% 6%

Where do unsold new cars go in the US?

Unsold vehicles tend to stay at the dealership until someone buys them. Sometimes, the unsold new cars are sold at a discounted price or kept at the dealership as service loan vehicles.

What cars have the best rebate offers?

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Several manufacturers offer rebates when purchasing one of their vehicles. We have compiled a list of some of the best rebates available for 2024 vehicles:

Vehicle Make and Model Rebate Amount
Audi A8 & Audi S8 $10,000
Jeep Grand Cherokee L $8,000
Kia EV6 Electric $7,500
Jeep Grand Cherokee $7,500
Chevrolet Blazer EV $7,500
Lexus RZ Electric $7,500
Audi A6 $6,000
GMC Sierra 1500 $5,350
Kia EV9 Electric $5,000
Kia Niro EV Electric $5,000
Audi A5 Sportback $3,000
Audi Q5 e Plug-In Kybrid $3,000
Audi A3, A5, S3, S5, S5 Sportback, SQ5, and SQ5 Sportback $3,000
Chevrolet Silverado 1500 $2,750
Hyundai Tucson Hybrid $2,500
Hyundai Santa Cruz $2,500
GMC Terrain $2,500
Audi S4, Q5 Sportback, Q3, A4 and Q5 $2,000
Jeep Wrangler 4xe Plug-In Hybrid $2,000
Jeep Wrangler $2,000
Chevrolet Blazer $2,000
Buick Enclave $1,750
Nissan Frontier $1,500
Hyundai Palisade $1,500
Chrysler Pacifica $1,500
Chevrolet Equinox $1,500
Audi Q7 and SQ7 $1,500

Which company sells the cheapest cars?

According to the list of MSRP prices in 2024, Nissan sells the cheapest vehicles.

2024 is a great time to purchase a new vehicle. Several attractive and functional models are available for sale, and interest rates are expected to drop. If you have questions about pricing, financing, and other new vehicle purchases, speak with your local dealership to learn more about the makes and models that best fit your needs.

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