What Is the Cheapest New Car on the Market?

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When it comes to cars, you don't always get what you pay for. Some of the cheapest new cars on the market offer useful features and great auto reliability records, all for a price that's well within the range of affordability for many individuals and families. Find out why the Chevy Spark is the cheapest new car on the market along with electric, hybrids and SUVs you can afford.

Chevy Spark Is the Cheapest New Car on the Market

At just under $13,000 MSRP, the Chevy Spark is the cheapest new car on the market. The following features make this car popular with buyers:

  • Fuel economy - The Chevy Spark gets 38 MPG on the highway.
  • Safety - The base model of this car comes standard with StabiliTrak, stability and traction control, as well as front and side airbags.
  • Features - The Chevy Spark offers several high-tech features like WIFI and the infotainment system.

Edmunds.com has many good things to say about the Spark, but they also cautioned drivers that the Spark has slow acceleration. U.S. News pointed out its subpar cargo area and unimpressive second row seating. Your family might be a little cramped.

Hyundai IONIQ Is the Cheapest Hybrid Available

With a manufacturer's suggested retail price (MSRP) of about $20,650, the Hyundai IONIQ offers the best bang for your buck. Buyers are attracted to the following features:

  • Fuel economy - The IONIQ gets 55 miles per gallon, combined.
  • Battery - The battery of the car is backed for life, meaning you won't need to replace it.
  • Safety Features - In addition to automatic emergency breaking and pedestrian detection, the IONIQ is available with lane assist and blind spot detection.

According to U.S. News, the IONIQ Hybrid has handling and riding issues. Edmund pointed out the unrefined braking and transmission shifting.

Smart EQ Fortwo Pure Coupe Is the Most Affordable Electric Car

Price from about $23,900, the Smart EQ Fortwo Pure Coupe is a very affordable choice when it comes to buying a new electric car. This car is popular for several reasons:

  • Limitless potential - The Smart EQ fortwo has limitless mileage potential with no reliance on gas and 124 miles on a charge.
  • Cashback - You will qualify for a federal tax credit of up to $7,500.
  • Features - The minuscule size makes this a cinch to park anywhere.

Car.com noted the bold colors and zippy feel, but pointed out it's much too tiny for American roads. However, Car and Driver stated that its small design makes it perfect for congested city driving.

Nissan Kicks Is the Most Inexpensive SUV

For about $18,400, you can buy a Nissan Kicks, one of the cheapest SUVs on the market according to U.S. News. The base model comes standard with some impressive features:

  • Fuel economy - The Kicks boasts 36 miles per gallon on the highway.
  • Fun - Not only does it have smart remote and Android Auto, you can also kick back in a cool climate-controlled area.
  • Safety - Along with dynamic and traction control, and side curtain, roof and knee airbags, the Kicks features the LATCH system for children.

On the down side, the Kicks doesn't offer all-wheel drive and has slower acceleration, according to Edmunds.

Honda Odyssey Is the Best Priced Minivan on the Market

With an MSRP of about $30,190, the Honda Odyssey will fit comfortably into many budgets. This car is popular for several reasons:

  • Fuel economy - The Odyssey gets 28 miles per gallon on the highway.
  • Standard features - This minivan comes standard with a multi-angle rearview camera, intelligent traction management and seating for 7.
  • Performance - The Odyssey has a 280-horsepower and direct-injected engine.

According to Edmunds.com, the Odyssey is a great buy, but the second row seating can be hard to remove and there is no folding third row seats. However, Cars.com did list the Odyssey among the most American made cars.

Who Makes the Cheapest New Cars?

Although the cheapest car models can vary from year to year, you can expect to find budget offerings from the following manufacturers according to KBB Online:

  • Kia
  • Mitsubishi
  • Hyundai
  • Ford
  • Nissan
  • Chevrolet
  • Toyota
  • Honda

Getting a Good Deal

Even on the lower-priced end of the car spectrum, it's important to do your homework to get a good deal. If you compare prices between dealerships and negotiate well, you'll likely be able to purchase your new car for well below the MSRP. In fact, if you buy during the late fall or take advantage of vehicle rebates, you may be able to save hundreds or even thousands of dollars.

Don't Forget the Cost of Ownership

The MSRP is just one measure of a car's price. While the five cars listed here are some of the cheapest new vehicles on the market, it's always a good idea to consider cost of ownership. As you compare vehicles, be sure to add in the projected cost of fuel, maintenance, insurance, financing fees, and repairs. Also, pay attention to how well a car holds its value. These factors will help you determine which vehicle is truly the cheapest new car on the market.

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What Is the Cheapest New Car on the Market?