5 Cheapest New Cars of 2024 That Have the Most Value
Written by
Josephine Nesbit
Edited by
Nicholas Morine
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New car prices are up, but that doesn’t mean you can’t find a good deal — and plenty of value — on the latest models.
The average transaction price on new vehicles in December 2023 was $48,759 — an increase of 1.3% month-over-month but down 2.4% year-over-year, according to data from Kelley Blue Book, a Cox Automotive company. Monthly payments on new cars also hit record highs. Monthly payments reached $739 in Q4 2023, up from the previous record last quarter of $736 and from Q4 2022 of $717, per Edmunds.
However, there are a handful of new cars priced at below $25,000, and some that are even under $20,000. Kelley Blue Book noted that prices vary by region, so be sure to check with your local dealership to see what’s available in your price range.
Here are the 5 cheapest cars (under $20,000) on the market right now which offer the most value for your money, according to Kelley Blue Book.
1. 2024 Nissan Versa: $16,130
The 2024 Nissa Versa is the most budget-friendly vehicle on the list. The base Versa S comes with 5-speed manual transmission, but if you want an automatic, then the Versa S CVT starts at $17,800. If you choose the base model, you can also add the S+ package, which comes with smartphone integration, a split-folding rear seat and aluminum alloy wheels.
2. 2024 Mitsubishi Mirage: $16,695
The Mitsubishi hatchback has seating for five, 39 mpg combined and a 10-year, 100,000-mile powertrain warranty. If you prefer a little more legroom, the G4 sedan has an MSRP of $17,795.
3. 2024 Kia Forte: $19,790
The Kia Forte is competitive in price, features and quality. The base LX model is the cheapest, but you can get the LXS for $500 more. The LXS comes with alloy wheels, more exterior color choices and offers you the ability to upgrade safety systems.
4. 2024 Hyundai Venue: $19,800
The Hyundai Venue is the most affordable SUV on the market. The small SUV comes with a combined fuel economy rating of 31 mpg and an exceptional powertrain warranty. The one downside is that it is not available with all-wheel drive.
5. 2024 Kia Soul: $19,990
The Kia Soul is another small SUV with a boxy design and spacious interior. The Soul LX base model is well-equipped with the latest safety and tech features and capable of 31 mpg combined. However, the car is front-wheel drive only.
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