Which of the 10 Cheapest New Cars in 2024 Are Actually Reliable?
The automotive industry is in a precarious situation and its hurting customers where it matters most: in their wallets. Four years after the start of the COVID-19 pandemic, new car prices remain inflated. You’ll often hear that inventory is up and prices down over the past year, but that’s only part of the story.
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Americans are being priced out of buying new cars and the used car market may take years to return to normal. Consumers want cheaper cars, but manufacturers don’t want to make them, preferring to “prioritize more profitable, higher-trim vehicles in their lineups, which meant the inventory available to purchase also carried a higher sticker price,” said Joseph Yoon, consumer insights analyst at Edmunds.
In February, of the roughly 275 different models available in the U.S., only nine had transaction prices below $25,000 and only two were going for less than $20,000, according to Kelley Blue Book. While MSRPs can fluctuate from month to month, a quick search makes it abundantly clear that there are very few affordable cars available to drivers now.
Fortunately, the most affordable new cars are more reliable, safe and fuel-efficient than they’ve every been. There aren’t a lot of cars you can own for less than $25,000, but the ones on offer aren’t necessarily “cheap” in the low quality sense of the word.
Here are arguably the 10 cheapest cars available today, ranked by descending MSRPs (all under $22,000). Each entry includes combined city/highway fuel economy and annual fuel cost, courtesy of the Environmental Protection Agency (EPA) and Consumer Reports’ predicted reliability scores for 2024. All vary in reliability and safety ratings, making some of them great buys and others sure misses in this erratic, expensive marketplace.
10. Hyundai Elantra
2024 MSRP: $21,625
EPA Combined City/Highway Fuel Economy: 36
Annual Fuel Cost: $1,400
Predicted Reliability Score: 61/100
One of the more stylish sedans on the market and a former IIHS Top Safety Pick, the 2024 Elantra provides impressive fuel economy and low annual fuel costs, even if, as Car and Driver says, “none of the Elantra models will raise its driver’s pulse.”
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9. Volkswagen Jetta
2024 MSRP: $21,435
EPA Combined City/Highway Fuel Economy: 34
Annual Fuel Cost: $1,500
Predicted Reliability Score: 25/100
The Jetta has been around forever, but it’s still one of the best affordable compact sedans sold today. “Ride and handling are far from ideal, the interior feels cheaper than it is,” said MotorTrend, but it does sport top five-star overall safety rating from the National Highway Traffic Safety Administration (NHTSA), per TrueCar.
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8. Nissan Kicks
2024 MSRP: $21,050
EPA Combined City/Highway Fuel Economy: 33
Annual Fuel Cost: $1,550
Predicted Reliability Score: 54/100
The Kicks comes up short on certain performance and comfort measures, but it’s fuel-efficient, “stylish and offers some of the best features and tech for the money in the extra-small SUV class,” according to Edmunds.
7. Nissan Sentra
2024 MSRP: $20,890
EPA Combined City/Highway Fuel Economy: 34
Annual Fuel Cost: $1,500
Predicted Reliability Score: 42/100
With a slew of standard safety features, including an automated emergency braking and rear-cross-traffic alert, the comfortable Sentra also boasts a noisy powertrain and sub-par performance, putting it behind its rivals (Honda Civic, Toyota Prius, Mazda 3) in everything except cost, according to Car and Driver.
6. Chevrolet Trax
2024 MSRP: $20,400
EPA Combined City/Highway Fuel Economy: 30
Annual Fuel Cost: $1,700
Predicted Reliability Score: 43/100
A good mix of affordability, decent fuel economy, user-friendly tech and safety features, the 2024 Chevrolet Trax is a sleek subcompact SUV. The Trax doesn’t come with all-wheel drive, but it’s a trustworthy choice that’s big on value.
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5. Kia Soul
2024 MSRP: $20,190
EPA Combined City/Highway Fuel Economy: 31
Annual Fuel Cost: $1,650
Predicted Reliability Score: 57/100
The Soul was redesigned for the 2020 model year and remains one of the more and characterful and versatile vehicles on the road. Despite its faults (a notably stiff ride and noisy engine when driven hard, says Consumer Reports), the Soul has strengths too (easy access and great outward visibility). The Soul is lively and delivers good fuel economy above all else.
4. Hyundai Venue
2024 MSRP: $19,990
EPA Combined City/Highway Fuel Economy: 31
Annual Fuel Cost: $1,650
Predicted Reliability Score: 60/100
The versatile Venue offers a decent cargo volume of 18.7 cubic feet with the rear seats up, which expands to 31.9 cubic feet when the rear seats are folded down. If you’re seeking a budget-friendly SUV, you could do worse than this affordable and unique option, says CarEdge.
3. Kia Forte
2024 MSRP: $19,990
EPA Combined City/Highway Fuel Economy: 34
Annual Fuel Cost: $1,500
Predicted Reliability Score: 67/100
/When the Kia Rio was discontinued last year, the Forte became Kia’s most affordable offering. Great on fuel economy, so-so on safety, the Forte is a competent and cheap choice as the market trends expensive.
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2. Mitsubishi Mirage
2024 MSRP: $16,695
EPA Combined City/Highway Fuel Economy: 39
Annual Fuel Cost: $1,300
Predicted Reliability Score: 50/100
The Mirage is now the second-cheapest vehicle on the market, and there are a few negatives that can’t be ignored. MotorTrend warns buyers of its sincere lack of performance and driving dynamics, common to many lightweight, low-priced cars. Great on fuel economy, the Mirage is little more than practical choice for those looking to spend less.
1. Nissan Versa
2024 MSRP: $16,390
EPA Combined City/Highway Fuel Economy: 35
Annual Fuel Cost: $1,450
Predicted Reliability Score: 45/100
The Versa beats out the Mirage in everything except fuel efficiency, and it costs less. When you add solid safety ratings, ample cargo space and a comfortable, if not powerful, ride, the Versa is not only the most affordable option on the market, but a genuinely good product.
This article originally appeared on GOBankingRates.com: Which of the 10 Cheapest New Cars in 2024 Are Actually Reliable?
