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According to a recent Consumer Reports Newsletter update on the lowest price you can expect for a new car:
“The cheapest cars in America can be found by looking at transaction prices – what people actually pay – not just the sticker on the window..”
Which cars are currently the cheapest?
Fortunately, CR’s analysts watch the market closely and try to find the brands and models that offer new car buyers good, solid, reliable cars without putting them in serious debt.
“To help our members find the best car at the lowest price, we analyzed the average transaction price for new cars using national data from TrueCar, a CR partner, and sorted all models by their selling price. We then selected 10 models that are recommended by CR and meet our strict standards for driving performance, owner satisfaction, reliability and safety.”, explained the automotive experts at CR.
“This month, nine of the ten models featured (Buick, Hyundai, Kia, Mazda, Nissan, Subaru and Toyota) are selling at prices above their list price..”
Which is the cheapest and most reliable model?
In the CR list you will find among the recommended models “…These models were ranked by transaction price (not MSRP), starting with the cheapest model at $20,937. Since we’re providing actual numbers, we list the specific configuration. Other versions of the models featured often have relatively similar prices, with the same percentage above or below MSRP”, says the latest newsletter update.
10 CHEAP CARS CR RECOMMENDS THIS AUGUST
1,2024 Kia Forte $20,937
Price range: $19,990 – $25,390
CR MPG: 34 overall / 22 city / 49 highway mpg
No. 14 of 18 compact cars
Recommended Model: 2024 Kia Forte LXS IVT
Average transaction price: $20,937
Average spend above MSRP: $447
MSRP: $20,490
2. 2024 Nissan Sentra $22,217
Price range: $21,180 – $24,270
CR MPG: 32 overall / 22 city / 44 highway mpg
No. 15 of 18 compact cars
Recommended Model: 2024 Nissan Sentra SV CVT
Average transaction price: $22,217
Average Spent Over MSRP: $107
MSRP: $22,110
3. 2024 Toyota Corolla $22,688
Price range: $22,050 – $28,340
CR MPG: 36 overall / 24 city / 51 highway mpg
No. 8 of 18 compact cars
Recommended Model: 2024 Toyota Corolla LE CVT
Average transaction price: $22,688
Average spend above MSRP: $638
MSRP: $22,050
4. 2024 Hyundai Veloster $22,695
Price range: $19,900 – $23,150
CR MPG: 32 overall / 23 city / 41 highway mpg
No. 2 of 5 small cars
Recommended model: 2024 Hyundai Venue SEL IVT
Average transaction price: $22,695
Average spend above MSRP: $795
MSRP: $21,900
5. 2024 Buick Envista $23,219
Price range: $22,400 – $28,600
CR MPG: 29 overall / 21 city / 39 highway mpg
#5 of 7 Luxury Entry-Level Cars
Recommended Model: 2024 Buick Envista Preferred
Average transaction price: $23,219
Average spend above MSRP: $819
MSRP: $22,400
6. 2024 Hyundai Elantra $23,846
Price range: $21,625 – $35,200
CR MPG: 33 overall / 21 city / 49 highway mpg
No. 9 of 18 compact cars
Recommended Model: 2024 Hyundai Elantra SEL IVT
Average transaction price: $23,846
Average spend above MSRP: $271
MSRP: $23,575
7. Nissan 2024 costs $24,047
Price range: $21,340 – $23,900
CR MPG: 32 overall / 24 city / 40 highway mpg
No. 1 of 5 small cars
Recommended model: 2024 Nissan Kicks SV FWD
Average transaction price: $24,047
Average spend above MSRP: $847
MSRP: $23,200
8. 2024 Toyota Corolla Hatchback $24,105
Price range: $23,505 – $26,805
CR MPG: 36 overall / 24 city / 51 highway mpg
No. 12 of 18 compact cars
Recommended Model: 2024 Toyota Corolla Hatchback SE CVT
Average transaction price: $24,105
Average spend above MSRP: $600
MSRP: $23,505
9. 2024 Subaru Impreza $24,639
Price range: $22,995 – $27,885
CR MPG: 29 overall / 19 city / 42 highway mpg
No. 6 of 18 compact cars
Recommended Model: 2024 Subaru Impreza Sport AWD
Average transaction price: $24,639
Average spend below MSRP: $356
MSRP: $24,995
10. 2024 Mazda3 $24,794
Price range: $24,170 – $36,650
CR MPG: 30 overall / 20 city / 44 highway mpg
No. 4 of 18 compact cars
Recommended Model: 2024 Mazda3 2.5 S Select Sport FWD
Average transaction price: $24,794
Average Spent Over MSRP: $104
MSRP: $24,690
A more detailed breakdown of the data can be found on the CR website. Note that while access to some information requires a CR membership, the potential savings are negligible in comparison if you’re looking for the latest information to help you research car buying.
Popular Cars That Are Worst to Buy
In case you are not looking for the cheapest new car and are willing to pay top dollar for the more popular makes and models, here is a pertinent warning titled “Carmakers Could Get Bad Reviews Removed By Cracking Down on YouTube Sponsors” that you should pay special attention to before purchasing a new car.
More CR-related help with car buyingHere are three useful car buying tips for consumers:
Timothy Boyer is an automotive reporter based in Cincinnati. He has experience restoring vintage cars and regularly restores older vehicles with engine modifications to increase performance. Follow Tim on Twitter @TimBoyerWrites and Facebook for daily news and topics about new and used cars and trucks.
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