Buying a car is a seriously expensive decision. Not only do you have to put down thousands of dollars, but you’ll also need a loan, an interest rate, and approval based on your financial history. And in addition to your down payment, you’ll need to be prepared to pay a monthly price each month for a number of years. But buying a new car doesn’t always have to be such a financial stretch.
Increasingly more automakers are creating cheap cars and SUVs. These lower-priced options offer buyers on budgets to invest in a new car. And it makes it far easier to afford a vehicle with all the latest technology and safety features.
If you’re looking for a cheap car or SUV, you’ll want to take a look at the following models. They’re the least expensive, most budget-friendly options available for 2020.
If you’re looking for a vehicle that can handle everything from your daily commute to drives around town, a small or midsize car is likely the best option. Cars typically offer great fuel efficiency, effortless handling, and are ideal for saving space in urban areas.
Check out these top five 2020 cars, all of which cost under $17,000.
MSRP: Starts at $14,095.
The 2020 Chevrolet Spark might be a small hatchback – and the smallest vehicle in Chevy’s lineup – but don’t overlook this car. Priced just over $14,000 and filled with features like Apple CarPlay and Android Auto and a touchscreen infotainment system, the Spark’s base model is quite modern. Even more importantly, its 98-horsepower, four-cylinder engine offers high fuel efficiency.
MSRP: Starts at $14,990.
The 2020 Mitsubishi Mirage is a four-door hatchback that hasn’t changed much in recent years. Yet the Mirage is cheap, both when it comes to the vehicle’s base price and fuel. This hatchback gets 33 MPG (city) with a manual transmission and 36 MPG (city) with a CVT. Even better, you won’t have to worry about repairs thanks to a five-year, 60,000 mile warranty.
MSRP: Starts at $15,625.
The 2020 Nissan Versa is the latest version of Nissan’s top-selling subcompact car – but the Versa has undergone a total redesign for this model year. For 2020, the Versa has been upgraded with more space and is now considered a sedan. It’s also seen interior upgrades that offer more bang for your buck, like power door locks, power windows, and new tech features.
MSRP: Starts at $16,125.
The 2020 Hyundai Accent is a serious steal. Priced just over $16,000, this four-door car is roomy, efficient, and all around impressive. The Accent comes loaded with a surprising number of standard features on the base model, including cruise control, Bluetooth capability, and power windows and door locks. On top of that, drivers will love saving money at the gas station with a 36 MPG combined fuel rating.
MSRP: Starts at $16,675.
The 2020 Kia Rio is upgraded and updated for the newest model year. From under the hood to the interior, the Rio now features a 120-horsepower engine, standard CVT automatic transmission, better fuel economy, and cool standard features like Apple CarPlay and Android Auto. It’s the best of both worlds, with a budget-friendly price and features that make this car feel like something more.
SUVs are often more expensive than a compact car or sedan. However, if you’re searching for a budget-friendly option, automakers have plenty of 2020 models to offer. From subcompact to compact to midsize options, there are now SUVs that offer everything you want from a bigger vehicle on a budget.
Check out these five cheap SUVs, all of which will be kind on your wallet.
MSRP: Starts at $17,490.
For many years, the Kia Soul has topped “best of” lists for SUVs. And this year, the 2020 Kia Soul is no different. Named the Best Subcompact SUV for the Money by U.S. News, the newest Soul has undergone a total redesign. You’ll find a new engine under the hood, better fuel economy, and plenty of new tech features and upgraded safety features. To make the Soul even more appealing, the 2020 model also features plenty of cargo space and comfortable seating.
MSRP: Starts at $18,870.
The 2020 Nissan Kicks is a jam-packed SUV – and you’d never expect the base price to fall below $19,000 with all of its impressive features. The Kicks comes standard with blind spot monitoring, rear sensors, lane departure warning, and pedestrian detection. And that’s just the list of safety features. This SUV also offers solid fuel efficiency, a 1.6-liter, four-cylinder engine, and surprising space for its subcompact size.
MSRP: Starts at $20,100.
The 2020 Hyundai Kona is the perfect SUV for anyone who wants to stick to a budget yet enjoy a little luxury when behind the wheel. For just over $20,000, the newest Kona offers an infotainment system, a long list of standard tech features, solid fuel efficiency, and excellent safety ratings from the NHTSA. You can amp up your Kona with optional features and even more safety technology, all without breaking the bank.
MSRP: Starts at $20,485.
The 2020 Ford EcoSport offers plenty of perks for SUV drivers. With a nimble, agile drive, drivers will enjoy easy handling. Under the hood, you’ll find a turbocharged three-cylinder 123-horsepower engine comes standard, which helps the EcoSport’s fuel economy. Safety features are limited, but the infotainment system is easy to use and includes a Wi-Fi hotspot. And for a subcompact SUV, the EcoSport packs plenty of room inside.
MSRP: Starts at $20,640.
The 2020 Mazda CX-3 was one highly anticipated SUV for this year. With an affordable price tag and a sporty ride, the CX-3 is a compact SUV that feels more luxurious than most budget-friendly SUV models. Inside the CX-3, drivers enjoy a premium cabin that includes perks like blind spot monitoring and rear cross traffic alerts, optional upgraded seating, and a quality infotainment system. Even more importantly, the CX-3 is rated for 29 MPG city and 34 MPG highway, offering solid savings on fuel.
Find the Right Car or SUV for Your Budget Today
As you start shopping for a budget-friendly car or SUV, it’s a good idea to start with models with low base prices. But the vehicles mentioned here are only a few of the cheapest models you’ll find. For 2020, there are plenty of automakers offering budget-friendly vehicles within their lineups.
If you’re hoping to score savings on your next new car or SUV, don’t forget to shop around before buying. Many dealerships and auto brands advertise savings, sale events, and special deals on their websites. You’ll want to search and compare different prices and offers to see just how much you could save on your new vehicle.