Car Buying Tips

10 Most Affordable New Vehicles in Canada: 2024

If you’ve put off buying a new vehicle because of rising prices, now might be a good time to jump back into the market.

According to a recent AutoTrader Price Index, new vehicle prices have likely peaked in the short term. Still, the average selling price of a new vehicle in Canada is more than $66,000, a number not all buyers can afford. Thankfully, a variety of new cars can still be bought for about a third of that price. Here are the 10 most affordable new vehicles in Canada for 2024.

2024 Toyota Corolla Sedan L – $23,490*

Including the crossover and hatchback models, the Toyota Corolla family is larger than ever, with the four-door Corolla sedan landing on this list as the most affordable new Toyota in Canada. Buyers looking to take advantage of the Corolla’s well-earned reputation as a safe, reliable, and fuel-efficient compact car while offering modern tech features at an affordable price, the base 2024 Toyota Corolla L sedan fits the bill.

The Corolla has a 169-hp gas engine, sending power to the front wheels via an automatic continuously-variable transmission (CVT). It’s not a hybrid but is still fairly frugal, with an estimated 6.7 L/100 km combined consumption rate. Standard equipment includes an eight-inch touchscreen, wireless Apple CarPlay Android Auto, keyless entry, and the latest version of Toyota’s comprehensive advanced safety suite.

2024 Kia Soul LX – $22,795

Whether you call it a tall wagon, a hatchback, or a crossover, the Kia Soul continues to offer a lot of style and space for little money. A practical daily driver with seats for five at an affordable price point, even the 2024 Soul’s base LX trim comes well-equipped with some of the latest safety and infotainment technology.

Power comes from a familiar 2.0L four-cylinder mated to a CVT. The engine makes 146 hp and consumes 7.8 L/100 km of fuel. For price-sensitive buyers, the Soul’s unique boxy design delivers a surprisingly spacious interior for five occupants and their cargo. Kia’s generous five-year/100,000 km factory warranty adds to the Soul’s value equation.

2024 Nissan Sentra S – $22,548

We wouldn’t go as far as to say that Nissan’s compact Sentra is sporty, but a six-speed manual transmission still comes standard when you opt for the most affordable S trim. Mated to that stick, the front-wheel-drive Sentra S gets a 149-hp 2.0L four-cylinder gas engine rated at 8.0 L/100 km. Other highlights include driver assistance technologies like intelligent emergency braking with pedestrian detection and blind-spot warning.

This latest Sentra arrived for the 2020 model year. That means a four-year refresh arrived with the 2024 models. You’ll find new front-end styling and wheel designs. Besides those tweaks, the current Nissan compact has continued the tradition of being able to handle daily drives with few complaints from its owners. And when you’re not mastering your heel-and-toe technique with its manual gearbox, the small sedan’s sophisticated multi-link rear suspension is an uncommon find at this price point.

2024 Nissan Kicks S – $22,198

If a sedan doesn’t fit your affordable new vehicle driving needs, the Nissan Kicks offers a crossover’s taller ride height with a small hatchback’s practicality. While all trim levels in the lineup cater to the cost-conscious buyer, the Kicks S trim’s under-$23,000 starting price makes it an attractive choice. You still get many standard goodies, such as Apple CarPlay and Android Auto, a seven-inch touchscreen, and intelligent emergency braking with pedestrian detection.

The Kicks’s only powertrain is a 122-hp four-cylinder gas engine with a CVT. Front-wheel drive is standard, with no option for all-wheel drive. This is one reason the Nissan boasts a frugal 7.2 L/100 km fuel economy estimate. Overall, the Kicks delivers an appealing mix of excellent fuel economy, agile handling, a roomy cabin for five, and an affordable price.

2024 Hyundai Elantra Essential – $21,999

With its edgy styling, the current Hyundai Elantra brings some personality that belies its economy car pricing. Like the Corolla, you can upgrade to a hybrid powertrain with Hyundai’s compact sedan. There’s also the sporty Elantra N. Of course, these variants can add as much as $10,000 to the asking price.

Also, like Toyota’s compact sedan, the Hyundai’s base trim gets a gas engine with front-wheel drive and a CVT. Its four-cylinder’s 147 hp is average for the class. But at least its 6.8 L/100 km won’t hurt your wallet at the pumps. What also stands out is the Hyundai’s long list of standard equipment, including an eight-inch touchscreen, heated front seats, and LED headlights. And don’t forget Hyundai’s above-average five-year/100,000 km factory coverage.

2024 Chevrolet Trax LS – $21,699

After a brief hiatus, Chevrolet’s most affordable new vehicle returns for 2024 with a full redesign. It’s longer and wider than the outgoing model, resulting in more room for people and their stuff, with attractive styling that belies its low-ball pricing.

The redesigned subcompact Trax is filled with standard equipment and safety technology. An eight-inch touchscreen, wireless Apple CarPlay and Android Auto, active noise cancellation, and Chevrolet’s suite of safety and driver-aid technologies are all standard.

Admittedly, drivers won’t be blown away by the Chevy’s 137-hp turbocharged three-cylinder gas engine. A six-speed automatic transmission sends power to the front wheels only. The new Trax’s fuel economy is respectable, though, with a combined city and highway estimate of 7.9 L/100 km

2024 Kia Forte LX – $21,095

Despite being Canada’s most affordable new compact sedan, the Forte is also one of the better-looking cars on this list regardless of price. Inside, you’ll find a roomy cabin for five designed with European luxury cars in mind. The Kia’s switches and controls are smartly placed and easy to use, and the quality of the materials is very good considering the price.

Sharing many parts with its corporate cousin, the Elantra, the Forte is also powered by a 147-hp gas engine, sending power to the front wheels using a CVT. With a 7.2 L/100 km fuel economy estimate, the compact Kia sedan will also give your budget a break at the pumps.

2024 Hyundai Venue Essential – $20,899

While it’s marketed as a crossover, the subcompact Venue replaces the Accent as the most affordable new vehicle in Hyundai’s lineup. The Venue also benefits from offering plenty of new features that previous Accent owners could only dream of. The base Essential trim gets an eight-inch touchscreen, forward collision warning with pedestrian detection, wireless Android Auto and Apple CarPlay, and heated front seats. The front-wheel-drive Venue’s 121-hp four-cylinder gas engine is hooked up to a CVT, scoring a 7.5 L/100 km combined consumption rate. Getting up to highway speed requires a little patience, but the drive is relatively comfortable without too much wind noise.

2024 Nissan Versa S – $20,298

The Versa is a rare new car in 2024: a subcompact sedan. For buyers looking for value in a traditional shape, the Nissan delivers good safety equipment, a pleasant driving experience, and great fuel economy. The Versa offers many features and equipment expected on more exercise cars, like a heated exterior mirror, lane-departure warning, high-beam assist, and a tire pressure monitoring system with a fill alert.

Like the other affordable vehicles on this list, the Versa’s powertrain targets fuel economy over scintillating performance. In addition to its value pricing, this sedan’s 122-hp four-cylinder gas engine uses a CVT to achieve an excellent 6.7 L/100 km estimate.

2024 Mitsubishi Mirage ES – $16,998

As Canada’s most affordable new vehicle for 2024, the Mitsubishi Mirage is the only one Canadians can buy starting at under $20,000. While that price may seem steep for buyers who remember the Mirage’s base price tickling $10,000 only a few years ago, the five-passenger hatchback remains one of the smallest and lowest-priced new cars in an ever-shrinking class of subcompacts.

The front-wheel-drive hatch’s power comes from a three-cylinder engine that makes 78 hp with a CVT. The Mirage’s best-in-class 6.2 L/100 km combined fuel economy saves buyers even more in addition to its rock-bottom pricing. Perhaps the best reason to opt for the new Mirage over a similarly priced used car is Mitsubishi’s five-year/100,000-km factory warranty.

*Manufacturer’s Suggested Retail Prices (MSRPs) and model availability in Canada as of April 1, 2024. Car trims pictured might not be the cheapest one.