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The 10 Cheapest Cars In Canada For 2024: Finding Affordable Quality

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The 10 Cheapest Cars In Canada For 2024: Finding Affordable Quality
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Buying a new car in Canada can be a stressful financial decision, and budget is often a top concern. However, compromising on price doesn’t have to mean sacrificing comfort, features, or performance.

If you’re in the market for a new car with a limited budget, we compiled a list of the Ten cheapest cars in Canada to make your decision easier. Alongside price, this article lists each car’s most relevant features, such as safety rating, fuel consumption, and performance.

Ordered from the least expensive to more pricy options, the cars in this article include:

  1.        1. Mitsubishi Mirage – $16,498
  2.        2. Kia Rio – $19,933
  3.        3. Nissan Versa – $20,298
  4.        4. Nissan Sentra – $22,548
  5.        5. Kia Forte – $23,159
  6.        6. Hyundai Venue – $23,305
  7.        7. Mazda Mazda3 – $23,350
  8.        8. Subaru Impreza – $23,295
  9.        9. Nissan Kicks – $24,378
  10.        10. Hyundai Elantra – $24,505

Mitsubishi Mirage – Starting At $16,498

Mitsubishi Mirage

The Mitsubishi Mirage has long been known as one of the most economical cars in Canada, and for good reason. Starting at just $16,498, the manual version of this hatchback offers excellent fuel consumption at 6.5L/100km and an agile driving experience with multiple safety features.

  • Starting price: $16,498.
  • Type of vehicle:
  • Engine size: Three-cylinder, 1.2 L engine.
  • Horsepower: 78 Horsepower.
  • Transmission: Manual, but can be upgraded to Continuously Variable Transmission (CVT).
  • IIHS safety rating: Good
  • Base Trim Features: Bluetooth, hill-start assistance, automatic air conditioning, and automatic headlights.
  • Fuel consumption: 1L/100km in the city, 5.8L/100km on the highway.
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While the Mirage may not have all the bells and whistles of more expensive cars, it offers a reliable and cost-effective option for those seeking a practical daily driver.

Kia Rio – Starting at $19,933

Kia Rio

The Kia Rio is another standout option among the cheapest cars in Canada and offers a balance of affordability, reliability, and comfort.

  • Starting price: $19,933.
  • Type of vehicle:
  • Engine size: Four-cylinder, 1.6L engine.
  • Horsepower: 120 horsepower.
  • Driveability: Front-wheel drive.
  • Transmission: Continuously variable automatic.
  • IIHS safety rating: Good.
  • Base trim features: Heated front seats, six-speaker audio system, wireless sound system with Bluetooth connectivity.
  • Fuel Consumption: 0L/100km overall.
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With its stylish design and ample interior space, the Kia Rio is an attractive option for budget-conscious buyers.

Nissan Versa – Starting at $20,298

Nissan Versa

The Nissan Versa is a strong contender among the cheapest cars in Canada, offering a combination of affordability and quality.

  • Starting price: $20,298.
  • Type of vehicle: Four-door Sedan.
  • Engine size: Four-cylinder, 1.6L engine.
  • Horsepower: 122 horsepower.
  • Driveability: Accurate steering and brake pedal pressure.
  • Transmission: Five-speed manual transmission.
  • IIHS Safety rating: Good.
  • Base Trim Features: Automatic emergency braking, high-beam assistance, collision warning, rearview camera.
  • Fuel consumption: 3 L/100 km in the city and 5.8 L/100 km on the highway.
  •  

With its comfortable cabin and solid performance, the Nissan Versa is a practical choice for budget-conscious buyers.

Nissan Sentra – Starting at $22,548

Nissan Sentra

The second Nissan to make the list – the Nissan Sentra is a compact sedan that strikes a balance between affordability and comfort. With a powerful 149 Horsepower engine, impressive base trim features, and automatic transmission, this car offers an affordable and enjoyable ride.

  • Starting price: $22,548.
  • Type of vehicle:
  • Engine size: Four-cylinder, 2.0L.
  • Horsepower: 149 Horsepower.
  • Transmission: Continuously variable automatic transmission.
  • IIHS Safety rating: Good.
  • Base Trim Features: Seven-inch touchscreen infotainment system, Bluetooth connectivity, front and rear emergency braking, cross-traffic alert, blind-spot monitor.
  • Fuel Consumption: 4L/100km in the city, 6.5L/100km on the highway.
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With its comfortable ride and practical features, the Nissan Sentra is a reliable and affordable option.

Kia Forte – Starting at $23,159

Kia Forte

The Kia Forte is a compact car that offers a balance of affordability and style. With a sleek exterior, lane assist technology, and a 149 Horsepower engine, this car doesn’t let price get in the way of style and performance.

  • Starting price: $23,159.
  • Type of vehicle: Four-door sedan.
  • Engine size: Four-cylinder, 2.0L engine.
  • Horsepower: 147 Horsepower.
  • Transmission: Six-speed manual transmission.
  • IIHS Safety rating: Good.
  • Base Trim Features: Leather-wrapped steering wheel, front seat heating, eight-inch touchscreen infotainment system, lane assist, blind-spot assistance.
  • Fuel Consumption: 8L/100km overall.
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With its stylish design and practical features, the Kia Forte is a solid choice for those seeking an affordable and reliable car.

Hyundai Venue – Starting at $23,305

Hyundai Venue

Are you looking for an affordable SUV that doesn’t compromise on quality? The Hyundai Venue is one of the more affordable SUVs on the market, offering a 121 Horsepower engine and automatic transmission. It also has an excellent safety rating and was ranked as one of the safest cars of 2022.

  • Starting price: $23,305.
  • Type of vehicle:
  • Engine size: Three-cylinder, 1.6L engine.
  • Horsepower: 121 Horsepower.
  • Transmission: Intelligent continuously variable transmission.
  • IIHS Safety rating: Good.
  • Base Trim Features: Front seat heating, Bluetooth connectivity, emergency braking, lane assist, rearview camera.
  • Fuel consumption: 9L/100km in the city, 6.9L/100km on the highway.
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With its versatility and practicality, the Hyundai Venue is a great option for those seeking an affordable SUV. Despite its low price, it doesn’t compromise on features that matter, particularly regarding safety.

Mazda Mazda3 – Starting at $23,350

Mazda Mazda3

If you’re looking for an affordable car with style and advanced features, the Mazda Mazda3 is worth considering. At $23,350, this sedan offers an impressive 155 Horsepower engine and comes with an eight-speaker audio system. The Mazda3 is also surprisingly light on overall fuel consumption at 6.2L/100km.

  • Starting price: $23,350.
  • Type of vehicle: 4-door hatchback sedan.
  • Engine size: Four-cylinder, 2.0 Litre engine.
  • Horsepower: 155 Horsepower.
  • Transmission: Five-speed manual transmission.
  • IIHS Safety rating: Good.
  • Base Trim Features: Eight-speaker audio system, 8.8-inch touchscreen infotainment system, blind-spot assistance, Keyless entry, Push start button.
  • Fuel consumption: 2L/100km overall.
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While this vehicle is on the higher end of the budget, it offers excellent value for money.

Subaru Impreza – Starting at $23,295

Subaru Impreza

For those seeking a blend of style, performance, and all-weather capability, the Subaru Impreza is a great choice. This manual transmission vehicle offers 152 Horsepower, impressively light fuel consumption at 6.6L/100km and an All-Wheel Drive system.

  • Starting price: $23,295.
  • Type of vehicle: 5-door manual sedan.
  • Engine size: Four-cylinder, 2.0 Litre engine.
  • Horsepower: 152 Horsepower.
  • Driveability: All-wheel drive system.
  • Transmission: Manual transmission.
  • IIHS Safety rating: Good.
  • Base Trim Features: 6-inch touchscreen infotainment system, lane-keeping assist, automatic emergency braking.
  • Fuel Consumption: 6L/100km in the city.
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With its style, performance, and versatility, the Subaru Impreza is a top choice for budget-conscious buyers.

Nissan Kicks – Starting at $24,378

Nissan Kicks 1

The Nissan Kicks offers a subcompact crossover with a blend of affordability and practicality. This SUV offers 122 Horsepower, an in-built entertainment system, and safety features such as blind-spot assistance and cross-traffic alert.

  • Starting price: $24,378.
  • Type of vehicle: Crossover SUV.
  • Engine size: Four-cylinder, 1.6L engine.
  • Horsepower: 122 Horsepower.
  • Transmission: Continuously variable automatic transmission.
  • IIHS Safety rating: Good.
  • Base Trim Features: Seven-inch infotainment system, Bluetooth connectivity, automatic engine braking, cross-traffic alert, blind-spot assistance.
  • Fuel Consumption: 7L/100km in the city, 6.6L/100km on the highway.

Hyundai Elantra – Starting at $24,505

Hyundai Elantra

Rounding out our list is the Hyundai Elantra. If you’re looking for an affordable vehicle that doesn’t compromise style or performance, this vehicle is worth considering.

  • Starting price: $24,505
  • Type of vehicle: Sedan
  • Engine size: Four-cylinder, 2.0L engine – higher end offers hybrid
  • Horsepower: 147 Horsepower
  • Transmission: Continuously variable automatic transmission
  • IIHS Safety rating: Good.
  • Base Trim Features: Eight-inch touchscreen, Bluetooth connectivity, emergency braking, lane assist, pedestrian detection.
  • Fuel consumption: 3L/100km in the city and 5.7L/100km on the highway.

Conclusion

Finding an affordable car in Canada doesn’t have to mean sacrificing quality or performance. The cheapest cars in Canada for 2024 offer a range of options that combine affordability with comfort, style, and advanced features. Whether you’re looking for an SUV or a Sedan –  a manual or an automatic, there are affordable options on the market that tick all the right boxes for your requirements.

Author Bio

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Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook. Read his full author bio