Finding the Best Value: Which 2024 Cheapest New Cars Offer Real Reliability?

The automotive market in 2024 presented a unique challenge for budget-conscious shoppers. While headlines proclaimed falling inventory and reduced sticker prices, the reality for consumers remained stark: truly affordable vehicles were vanishingly rare. As industry analysts noted, manufacturers had deliberately shifted away from producing cheaper models, instead focusing resources on higher-margin, fully-equipped variants. This strategic pivot left budget shoppers with limited options at a time when prices remained stubbornly elevated compared to pre-pandemic levels.

Yet amid this scarcity, an encouraging trend emerged. The handful of genuinely affordable new cars available weren’t the low-quality compromises buyers might have expected. Instead, 2024’s cheapest new cars demonstrated surprising improvements in reliability, safety features, and fuel efficiency compared to their predecessors. For consumers determined to find value without sacrificing dependability, the market—while challenging—offered some legitimate choices.

The Market Reality: Why the Cheapest New Cars Are So Rare

According to data from early 2024, fewer than nine models among roughly 275 available vehicles in the United States carried transaction prices below $25,000. An even smaller subset—just two models—broke through the $20,000 barrier. This scarcity reflected deliberate industry choices rather than market forces alone. As Joseph Yoon from Edmunds explained, automakers consistently “prioritize more profitable, higher-trim vehicles in their lineups,” effectively eliminating the budget segment from their production schedules.

This strategy compounded an ongoing affordability crisis. Years after the COVID-19 pandemic disrupted supply chains, new car prices remained elevated, and the used car market showed no signs of rapid normalization. Consumers priced out of the new vehicle market faced perpetual delays for affordable options to appear. Yet for those who could access them, the cheapest new cars available represented surprisingly capable choices.

Sub-$22,000 Sedans: Finding Dependable Daily Drivers

Nissan Versa: The Most Affordable Option

At $16,390, the 2024 Nissan Versa claimed the title of most affordable new car on the market. This distinction came with solid credentials: a 35 MPG combined fuel economy rating, annual fuel costs around $1,450, and a reliability score of 45/100. More importantly, the Versa combined these budget-friendly specs with real-world practicality—generous cargo space, acceptable safety ratings, and a comfortable ride quality that belied its price point.

The Versa’s primary weakness was performance, but for commuters prioritizing economy and basic functionality, this cheapest new car delivered genuine value.

Mitsubishi Mirage: Maximum Fuel Economy

The Mirage, priced at $16,695, took the opposite approach to value. While slightly more expensive than the Versa, it excelled where the Nissan couldn’t: fuel efficiency. With a 39 MPG combined rating and the lowest annual fuel costs ($1,300) among all cheapest new car options, the Mirage targeted buyers for whom every dollar at the pump mattered.

This came at a cost. Reviewers consistently noted the Mirage’s anemic performance and uninspiring driving dynamics—the inevitable consequences of its lightweight, budget-focused engineering. For practical transportation without frills, however, few 2024 vehicles offered more economical choices.

Affordable Compact Sedans Under $20,000

The Kia Forte at $19,990 became Kia’s entry-level offering after the discontinuation of the Rio. With a 34 MPG combined rating and a 67/100 reliability score—the highest among true cheapest new cars—the Forte represented perhaps the sweetest spot for value. Its only notable weakness was middling safety performance, though far from dangerous.

At identical pricing ($19,990), the Hyundai Venue offered an alternative for buyers preferring SUV proportions in their budget vehicle. With 18.7 cubic feet of cargo space (31.9 cubic feet with rear seats folded), the Venue provided surprising versatility at this price point, though with slightly lower fuel economy (31 MPG combined) and a reliability score of 60/100.

Just above this price band sat the Kia Soul at $20,190, combining versatile space with reasonable reliability (57/100). Despite a stiff ride and engine noise when pushed hard, the Soul’s user-friendly interior and good outward visibility made it one of 2024’s most characterful choices among cheapest new cars.

Compact SUVs and Crossovers: Value in Familiar Packages

For buyers seeking SUV styling without luxury pricing, 2024 offered limited but functional options.

The Chevrolet Trax at $20,400 delivered competent small-SUV functionality. Its 30 MPG combined efficiency and 43/100 reliability score positioned it as unpretentious but trustworthy. The lack of all-wheel drive represented a compromise, but front-wheel drive suited most buyers’ actual needs while preserving affordability.

The Nissan Kicks at $21,050 occupied a similar niche, with slightly better efficiency (33 MPG) and reliability (54/100). Edmunds noted the Kicks’ “stylish” presentation and strong feature-to-price ratio for the subcompact SUV category, making it a smart choice for budget-conscious crossover shoppers.

Traditional Sedans: Honda and Nissan Challengers

Moving into the $21,000 range, buyers encountered more established compact sedan competition.

The Nissan Sentra at $20,890 packed impressive standard safety features—including automated emergency braking and rear cross-traffic alert—making it increasingly difficult to find such comprehensive protection in cheaper new cars. However, the Sentra’s noisy powertrain and uninspiring performance lagged behind competitors like the Honda Civic and Toyota Prius. When budget was the only metric, however, the Sentra undercut these rivals significantly.

The Hyundai Elantra at $21,625 took a different approach, emphasizing style and efficiency. This former IIHS Top Safety Pick delivered 36 MPG combined fuel economy (the best among traditional sedans) and a solid 61/100 reliability score. While Car and Driver noted that “none of the Elantra models will raise its driver’s pulse,” for practical commuting, the car’s low annual fuel costs ($1,400) and stylish design offered genuine appeal.

The Volkswagen Jetta completed this segment at $21,435. Despite interior materials that reviewers felt underdelivered relative to price, the Jetta brought decades of model refinement and a perfect five-star NHTSA safety rating. Its 34 MPG efficiency and $1,500 annual fuel cost were respectable, though the 25/100 reliability score represented a significant concern—the lowest among these alternatives.

The Takeaway: 2024’s Cheapest New Cars Offered Real Value

Navigating 2024’s market for cheapest new cars required accepting trade-offs. The absolute lowest prices came with compromises in power, refinement, or—in the Jetta’s case—predicted reliability. Yet for buyers willing to prioritize practicality over performance, these vehicles represented genuinely usable options rather than desperate last resorts.

The Versa and Mirage dominated purely on price, while the Forte and Hyundai Venue offered better reliability and features at marginally higher costs. Those prioritizing fuel economy couldn’t beat the Mirage’s efficiency, while safety-conscious buyers appreciated the Sentra’s comprehensive standard equipment.

What unified these cheapest new cars available in 2024 was their surprising capability relative to their price tags. Modern manufacturing and engineering standards meant budget vehicles no longer meant automotive poverty. For consumers accepting that true affordability required navigating a shrinking market, these options delivered dependable transportation where just a few years prior, they might have been forced to consider used vehicles or vehicles outside their budget range entirely.