The 10 cheapest new cars in 2024
Auto insurance on affordable cars may be less expensive for certain drivers
Written by
Writer, Fox Money
Christopher Murray has over six years in personal finance and is an expert on investing and mortgages. His byline has been featured by Bankrate, MoneyCrashers, FinanceBuzz, Investor Junkie, and Time.
Updated October 16, 2024, 3:03 AM EDT
New cars are getting cheaper to buy, down from their all-time highs during the pandemic. Drivers have some breathing room now when they choose which cars to buy.
Cars.com recently outlined the cheapest new cars on the market, helping drivers get cars with unique features for under $25,000.
"The vehicles on Cars.com’s 10 cheapest new cars list are selected and ordered by lowest base vehicle price in the U.S. as of April 2024. Destination charge is also factored into each vehicle’s cost; all prices also include an automatic transmission. Cash incentives, taxes and fees are not included," Stef Schrader, Cars.com news editor told Fox.
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A list of affordable cars on the market
Here are the vehicles Cars.com designated the most affordable in 2024.
1. Mitsubishi Mirage ES: $18,160
The cheapest on Cars.com’s list, the Mitsubishi Mirage ES, is a small hatchback that gets good gas mileage. It gets 39 miles per gallon, but it’s also notoriously slow. The 2024 model includes rain-sensing wipers, automatic headlights and an armrest for the driver in the standard package.
2. Nissan Versa S: $19,200
Drivers looking for a standard sedan with extra safety and driver perks will appreciate the Nissan Versa. It’s an affordable drive that comes with automatic braking, lane departure warning and high-beam assist. Since it’s a 2024 model, it also comes packed with tech features like Bluetooth and a push-start button.
3. Kia Forte LX: $21,145
Kias tend to be reliable cars, and the Kia Forte LX is one of the cheapest Kias available. The car gets a relatively good 34 mpg, making it a good daily commuter. Plus, there’s a large touchscreen built in that comes with Android Auto and Apple CarPlay.
4. Hyundai Venue SE: $21,275
The Hyundai Venue SE is part hatchback, part SUV. Car shoppers seeking a small SUV with all the basics can find this in the 2024 version of the Venue SE. All models have an eight-inch touchscreen with Apple CarPlay and Android Auto.
5. Chevrolet Trax LS: $21,495
Chevrolet’s Trax LS comes in at just under $22,000 and is one of the more affordable SUV options from Chevy. It only comes in FWD, but the 2024 model comes with a larger touchscreen and wireless Apple and Android connectivity.
6. Kia Soul LX: $21,565
Quirky car lovers will appreciate the new Kia Soul LX. It’s a unique hatchback with standard safety features and driver-assist features including emergency braking, a rear occupant alert and lane departure warnings. The new changes in 2024 are mostly aesthetic and include larger 18-inch wheels and a new Umber interior color.
7. Nissan Sentra S: $22,320
In seventh place on Cars.com’s report, the Nissan Sentra is a small sedan with a sleek, sports car look. The 2024 updates include a stop-start functionality, which adjusts the fuel efficiency to 34 miles per gallon combined. Reviewers do note the lack of speed compared to other options.
8. Nissan Kicks S: $22,730
Nissan offers a classic front-wheel drive hatchback in the Kicks S. The 2024 model has virtually no changes from its 2021 update, but it remains one of the more affordable Nissan hatchbacks. It comes with a large suite of safety features, including auto emergency braking, rear cross-traffic alert, blind spot warnings and automatic high-beam assist.
9. Hyundai Elantra SE: $22,775
The Hyundai Elantra SE is a low-riding sedan that’s roomy and entirely redesigned for 2024. It got major style updates and a variety of different safety additions. There are newly added standard and rear side airbags as well as a rear seatbelt reminder.
10. Toyota Corolla LE: $23,145
The Toyota Corolla LE is a sedan or hatchback with a respectable 35 mpg fuel efficiency. It’s reliable as a daily user and the hybrid versions have an impressive 50 miles per gallon combined. The 2024 model has standard safety features and extras like lane departure warnings, steering assist and traffic sign recognition abilities.
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Auto insurance for all vehicles is on the rise
Car insurance has been on the rise for the last year, and shows no sign of cooling. In March, the motor vehicle insurance index rose 2.6%, indicating that premiums are rising across the country.
Drivers who choose cheaper, but still reliable cars tend to pay lower rates than those with more expensive vehicles.
"Affordable cars tend to be cheaper to insure because they generally cost less to repair or replace, leading to lower premiums for collision and comprehensive coverage," Schrader told Fox. "For both newer and older cars, insurance companies will look at what the true value of the car is by looking at what comparable cars are selling for at the auctions. However, insurance rates depend on more than just the car's price or value; factors like theft risk and the driver's profile, including age and driving record, also play a significant role."
"While budget-friendly cars often come with lower insurance costs, it's important to get quotes and consider all these elements for a complete understanding of insurance expenses," Shrader continued.
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