These 7 Cars Will Cost You Less Than $20,000 in 2024
Written by
Yaël Bizouati-Kennedy
Edited by
Nicholas Morine
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Buying a car can be a pricey affair and cause some sticker shock. As Consumer Reports noted, the average cost of new cars is now more than $48,000 — up $6,000 from two years ago and $10,000 from September 2020, according to Kelley Blue Book.
What’s more, average monthly payments are continuing to increase as well, as interest rates rise. In the first quarter of 2023, the average monthly payment for a new vehicle increased to $730, from $656 the previous year. Used vehicles came in at $551 that same quarter, from $542, according to Edmunds. What’s more, 16.8% of consumers who financed a new vehicle in that quarter have a monthly payment of $1,000 or more — a new all-time high according to Edmunds — compared to 10.3% in the first quarter of 2022 and 6.2% in the first quarter of 2021.
Against that backdrop, there is still some hope for buyers. Hot Cars compiled a list of cars with an MSRP (manufacturer’s suggested retail price) under $20,000.
2023 Nissan Versa
Starting MSRP: $15,980
According to Hot Cars, this model is among the remaining small sedans under $20,000.
2024 Mitsubishi Mirage
Starting MSRP: $16,695
It’s one of the cheapest hatchbacks on offer, and features multiple trim levels as well as selection of tech features.
2023 Kia Rio 5-Door
Starting MSRP: $17,690
This model competes with the 2024 Mitsubishi Mirage but delivers better performance and value for money.
2024 Mitsubishi Mirage G4
Starting MSRP: $17,795
The 2024 Mitsubishi Mirage G4 is among the cheapest sedans on the market and includes an “impressive list of standard features,” such as automated emergency braking, automatic climate control, Android Auto and Apple CarPlay, as well as cruise control.
2024 Hyundai Venue
Starting MSRP: $19,650
This is very affordable SUV and offers a lot of desirable modern features, namely forward collision avoidance assist and lane keep assist.
2023 Kia Forte
Starting MSRP: $19,690
This Kia model has a larger trunk, which helps it compete with rivals such as the Volkswagen Jetta.
2024 Kia Soul
Starting MSRP: $19,990
The 2024 Kia Soul has a spacious cabin and numerous features, such as an 8-inch infotainment touchscreen, a 6-speaker audio system, Android Auto and Apple CarPlay, automatic headlights, cruise control and variable intermittent windshield wipers.
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