7 Best 2024 SUVs Available for Less Than $40K

©Ford

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

New vehicle prices have been going down since 2023. After years of supply chain, across-the-board inflation and inventory problems, inventory levels are forcing prices even lower.

If you need a new vehicle, now’s a great time to buy. Several highly rated new SUVs are available for less than $40,000. Here are the top picks across categories, courtesy of U.S. News & World Report.

Also see six popular SUVs that are not worth the cost.

Small SUVs

Vehicle shoppers who need something slightly larger than a sedan may prefer these small SUVs. They’re the most affordable vehicles on this list. 

2024 Mazda CX-5

This compact SUV seats five in its comfortable interior. It gets up to 31 miles per gallon on the highway — high among comparable vehicles. You can drive the CX-5 confidently knowing it has superior handling and a five-star overall rating from the National Highway Traffic Safety Administration.

The 2024 Mazda CX-5 costs between $29,300 and $40,600 MSRP.

2024 Kia Soul

The Kia Soul is a subcompact SUV with a lot of personality. The cabin and cargo hold are surprisingly spacious, and for the low price, you get lots of standard features. However, the Soul is not available in all-wheel drive. The vehicle’s greatest strengths are its fuel economy and value for the price.

The 2024 Kia Soul costs between $20,190 and $24,390 MSRP. 

2024 Ford Bronco Sport

The Ford Bronco Sport is an ideal small SUV for vehicle shoppers interested in off-roading. It comes with an 181-horsepower turbocharged engine, but you can choose the 250-horsepower turbo-four for even more power. Four-wheel drive also comes standard. 

As for drawbacks, the Bronco offers poor fuel economy compared to similar-sized SUVs. You may also find the ride less comfortable on the pavement, but that’s the trade-off for better off-roading capabilities.

The 2024 Ford Bronco Sport costs between $31,230 and $38,390 MSRP. 

2024 Hyundai Tucson

The Hyundai Tucson is a modern and cushy SUV with all the technological features a vehicle shopper could want. The interior comfortably fits five people who can enjoy Apple CarPlay, the 8-inch touchscreen, and a six-speaker stereo, which all come standard.

Unfortunately, the four-cylinder engine in the Tucson doesn’t live up to the sophisticated interior. It’s not very powerful, which makes the Tucson slower than comparable SUVs. If you value comfort over speed, the Tucson may be the right SUV for you. 

The 2024 Hyundai Tucson costs between $27,500 and $38,260 MSRP.

Midsize SUVs

If you need more space in your vehicle and have a little extra room in your budget, these midsize SUVs might work.

2024 Kia Telluride

The Kia Telluride’s roomy interior cabin can accommodate up to eight passengers. Passengers will enjoy the standard Apple CarPlay and Android Auto, a 12.3-inch touchscreen, and lots of head and legroom. With all the rear seats down, there is 87 cubic feet of cargo space — above average for midsize SUVs.

The Telluride includes a 219 horsepower V6 engine but is less fuel-efficient than some of its competitors. 

The 2024 Kia Telluride costs between $36,190 and $53,385 MSRP. Stick to the base LX trim or the higher Telluride S trim to stay below $40,000 MSRP. 

2024 Hyundai Santa Fe

Hyundai completely redesigned the Santa Fe for 2024, and you’d hardly be able to recognize it next to earlier years. The body of the SUV is now boxier, providing better visibility for the driver and more space in the cabin. A third row of seating comes standard, so you can fit up to seven passengers in the Santa Fe.

The 2024 Hyundai Santa Fe costs $33,950 to $48,300. If you have a strict budget of $40,000, you may not be able to afford the high-level trims, like the Limited Trim, which offers genuine leather upholstery and ventilated seats in the front.

2024 Hyundai Palisade

Depending on the configuration, the 2024 Hyundai Palisade can accommodate seven or eight passengers. Like the Telluride, it is only average in terms of fuel efficiency. Its strengths are the abundant cargo space, comfortable interior, and plenty of standard features. The Palisade is also incredibly safe, with features like forward automatic emergency braking and cyclist detection. 

The 2024 Hyundai Palisade costs between $36,650 and $53,850 MSRP. Choose the base SE trim or the SEL trim to keep the price below $40,000. 

Share This Article: