Are you ready to buy a new car, but money is a little tight? This can lead to you feeling like you need to make sacrifices to get the new wheels you need. With a smaller budget, you're generally stuck getting a smaller vehicle with fewer features and no real frills to speak of. However, some of the most affordable vehicles in Canada actually have decent room and some of the latest technology.
Below, we dive into the six cheapest cars and their features. If an affordable SUV is more your style, we also cover the five cheapest new SUVs in Canada to see whether better value really means less space.
7 Cheapest New Cars in Canada for 2024
When you need a new car at an affordable price, this list of the most affordable cars in Canada will help get you started.
2024 Toyota Corolla
MSRP: $26,604
Ringing in with a base price of $26,604.58, the 2024 Toyota Corolla is one of the cheapest new cars in Canada. One big change for 2024 is its base L CVT trim now comes with the once-optional 2.0-litre four-cylinder engine that produces 169 horsepower (hp) and 151 pound-feet (lb-ft) of torque. Despite the engine upgrade, it still pairs with a continuously variable transmission (CVT) and front-wheel drive at the base level and has no six-speed manual transmission option.
The 2024 Corolla is one of the best-equipped subcompact cars on our list. It comes standard with an 8-inch touchscreen infotainment system that features wireless Android Auto and Apple CarPlay so you can access all your favourite apps right through the infotainment system. Other standard features on the base model include a six-speaker audio system, a tilt-and-telescoping steering wheel, 60/40 split-folding rear starts, and bi-LED headlights, to name a few.
The Corolla is also loaded with safety features, including automatic emergency braking with pedestrian and bicyclist detection, adaptive cruise control, lane-departure warning, lane-keep assist, high-beam assist, and more.
2024 Hyundai Elantra
MSRP: $24,506
We can't put together an affordable car list without the increasingly popular choice in the entry-level sedan segment, the Hyundai Elantra. This affordable sedan's standard powertrain includes a 147-horsepower 2.0-litre engine paired with a continuously variable transmission — the base six-speed manual transmission is no longer available — as the Forte. You can opt for more powerful turbocharged four-cylinder engines, but this pushes the price way up.
Inside, the Elantra is also surprisingly well-equipped. Its base model comes standard with an 8-inch touchscreen infotainment system, wireless Apple CarPlay and Android Auto, a six-speaker audio system, Bluetooth connectivity, power front windows, and more.
The 2024 Elantra also has a handful of standard advanced safety features, including automatic emergency braking with pedestrian detection, lane-departure warning, lane-following assist, driver attention warning, high-beam assist, and more.
2024 Mazda Mazda3
MSRP: $24,200
Another leader of the cheap new vehicles in Canada is the 2024 Mazda Mazda3, which rings in at a starting price of just $24,200. At this affordable price, you get a 2.0-litre four-cylinder engine that pushes 191 hp and 186 lb-ft of torque through a standard six-speed manual transmission and out to the front wheels. You can also upgrade to a six-speed automatic transmission if you prefer not to shift, and the Mazda 3 is the first model on our list with optional all-wheel drive in its GS and higher trims.
Inside, this compact car is stylistically clean and clutter-free, but it also has an upscale look and feel most cars in its class lack. Its features are also on point. The headliner is the 8.8-inch infotainment system with standard Apple CarPlay and Android Auto. It also includes standard power windows, an eight-speaker audio system, keyless entry, SiriusXM, rear cross-traffic alert, blind-spot monitoring, push-button start, heated front seats, 7-inch LCD meters, and more.
The Mazda3 does lack standard safety tech, like automatic emergency braking and adaptive cruise control, but you can add this in higher trims if you can stretch your budget.
2024 Kia Forte
MSRP: $23,666
If the Hyundai Elantra makes the list, then its $23,666 cousin, the entry-level Kia Forte makes the cut too. In its base setup, you get a 2.0-litre four-cylinder engine that pushes 147 hp and 132 lb-ft of torque through a continuously variable transmission (CVT) and out to the front wheels.
Inside, the 2024 Forte comes standard with equipment that mirrors the Elantra. This includes an 8-inch touchscreen infotainment system that boasts Apple CarPlay and Android Auto, a six-speaker audio system, Bluetooth connectivity, power front windows, and more.
The Forte comes up short in advanced safety features, though. It only comes standard with blind-spot monitoring, lane-following assist, lane-keeping assist, and forward collision warning on the EX and higher trims.
2024 Nissan Versa
MSRP: $22,903
Though it's surged in pricing lately, the 2024 Nissan Versa remains one of the cheapest new cars in Canada at just $22,903. At this price, you get a 1.6-litre four-cylinder engine that pushes 122 horsepower through a continuously variable transmission -- 2023 was the final year for the standard five-speed manual transmission -- at the base level.
You also get a 7-inch touchscreen infotainment system with Google Assistant and Bluetooth and a four-speaker AM/FM audio system. A big downside is Apple CarPlay and Android Auto aren't standard until you reach the pricier SV trim, a rare sighting in today's automotive market. The Versa also includes power front windows, a tilt-and-telescoping steering wheel, manual-adjust seats, cloth upholstery, and more.
The 2024 Versa makes up for its lack of Apple CarPlay and Android Auto with its long list of standard advanced safety features. Buyers will get standard forward collision warning, automatic emergency braking with pedestrian detection, lane-departure warning, high-beam assist, a rearview camera, and automatic rear emergency braking.
2023 Kia Rio
MSRP: $17,445
Kia discontinued the Rio after the 2023 model year, but you can still find a few new 2023 Rio models on showroom floors. The thrifty 2023 Kia Rio starts from $20,016. This low starting price nets you a 1.6-litre four-cylinder base engine that delivers 120 hp and 113 pound-feet of torque and a standard six-speed manual transmission that sends power to the front wheels.
Despite its bargain pricing, the Rio has some impressive standard features. These include an 8-inch colour touchscreen, a six-speaker audio system, Bluetooth connectivity, wireless Apple CarPlay and Android Auto, a leather-wrapped steering wheel, heated front seats, and much more.
Like the Kia Forte, though, this affordable option lacks standard advanced safety features, which are reserved for the LX Premium and EX Premium trim levels.
2024 Mitsubishi Mirage
MSRP: $16,998
The 2024 Mitsubishi Mirage retains its title as the cheapest new car in Canada with a starting price of just $16,998. This bargain-bin pricing nets you a tiny 1.2-litre three-cylinder engine that produces all of 78 horsepower paired with a continuously variable transmission -- the five-speed manual transmission is no longer available in the 2024 model.
Inside, the Mirage is equally basic, as it comes standard with a four-speaker AM/FM display audio system with a 7-inch touchscreen and Android Auto and Apple CarPlay. Rounding out the interior is basic cloth upholstery, manual-adjust seats, power front windows (rears are manual), and other very low-level equipment.
As for advanced safety features, the Mirage saves these for the range-topping GT model. These features are limited to only lane-departure warning and automatic emergency braking.
5 Cheapest New SUVs in Canada for 2024
If a subcompact sedan or hatchback won't work, and you need an SUV, these affordable 2024 SUV models should be on your radar.
2024 Chevrolet Trax
MSRP: $24,530
The Chevy Trax has long been one of the most affordable SUVs in Canada, and it continues that path in 2024 with its $24,530 base retail price. At this surprisingly low price, the 2024 Chevrolet Trax comes standard with a 1.2-liter turbocharged four-cylinder engine that pumps out 137 hp and 162 lb-ft of torque. This power heads through a six-speed automatic transmission and out to the front wheels.
The Trax also has decent interior room, offering 983 mm of rear legroom and up to 1,532 litres of cargo space with the rear seats folded.
As for standard features, the Trax comes pretty well-equipped. Its list of standard goodies includes an 8-inch touchscreen infotainment system with wireless Apple CarPlay and Android Auto, a four-speaker audio system, active noise cancellation, cruise control, and more. Its standard safety tech is fairly generous too, and it includes forward collision warning, lane-keeping assist, lane-departure warning, a rear seat reminder, automatic emergency braking with pedestrian detection, forward collision warning, and more.
2024 Kia Seltos
MSRP: $28,066
The 2024 Kia Seltos makes our list with an MSRP of just $28,066 for the LX base trim. This model comes standard with a 2.0-litre four-cylinder engine that delivers 147 horsepower. It also has a roomy 1,778-litre cargo area with the rear seats folded.
Inside, the Seltos is very well-equipped for a low-price SUV. Its standard features include heated front seats, cloth upholstery, a tilt-and-telescoping steering wheel, an 8-inch touchscreen infotainment system, a six-speaker audio system, Bluetooth connectivity, Android Auto, and Apple CarPlay.
The 2024 Seltos also comes standard with a handful of advanced safety bits. These include automatic emergency braking, lane-keeping assist, lane-follow assist, safe-exit assist, rear-occupant alert, blind-spot monitoring with collision avoidance, rear cross-traffic alert with collision avoidance, and a rearview camera.
2024 Nissan Kicks
MSRP: $24,998
Another cheap SUV on our list is the 2024 Nissan Kicks, which checks in at $24,883 and carries a 1.6-litre four-cylinder engine that injects 122 horsepower through a continuously variable transmission (CVT) and out to the front wheels.
Inside, the inexpensive Kicks comes standard with a 7-inch touchscreen, Apple CarPlay, Android Auto, Bluetooth, a tilt-and-telescoping steering wheel, manual-adjust seats, a six-speaker audio system, and three USB ports.
Safety tech is plentiful in the 2024 Kicks, as it comes standard with blind-spot monitoring, rear cross-traffic alert, rear parking sensors, lane-departure warning, automatic emergency braking with pedestrian detection, automatic reverse braking, and more.
2024 Kia Soul
MSRP: $25,416
The 2024 Kia Soul is the third cheapest SUV on our list with a base price of $25,416. It comes powered by a 2.0-litre four-cylinder engine that sends 147 horsepower through a CVT in its base LX trim. The Soul’s cargo room is OK at 1,758 litres with the rear seats folded, but it’s tight with the seat upright at just 663 litres.
Inside, the 2023 Kia Soul has a range of top-notch standard features, including an 8-inch touchscreen, Android Auto, Apple CarPlay, a six-speaker audio system, Bluetooth, cloth upholstery, and more.
The Soul lacks standard safety tech, as it comes with only a rearview camera and rear occupant alert in the base LX trim. The EX and higher trims include more standard safety gear, such as automatic emergency braking, blind-spot monitoring, rear cross-traffic alert, and more.
2024 Hyundai Venue
MSRP: $23,580
Another cheap SUV available in Canada is the 2024 Hyundai Venue at a price point of $23,580.85. This tiny SUV comes standard with a 1.6-litre four-cylinder engine that pushes 121 horsepower through a continuously variable automatic transmission — the six-speed manual is no longer available -- and out to the front wheels.
Inside, this affordable SUV comes standard with wireless Apple CarPlay and Android Auto, an 8-inch touchscreen, Bluetooth, a four-speaker audio system, heated front seats, and much more.
While the wireless smartphone compatibility and large touchscreen stand out, the Venue seals the deal with great standard safety gear. The standard Hyundai Smart Sense package includes automatic high-beam headlights, driver attention warning, lane-keeping assist, automatic emergency braking with pedestrian detection, a rearview camera, and more.
Where this affordable model leaves a lot to be desired is its interior roominess. Rear legroom is very tight at just 870 mm, and maximum cargo room rings in at only 902 litres. With the rear seats upright, it's even tighter at just 528 litres.
Why Buy a Cheap New Car When You Can Get a Quality Used Car Instead?
New cars generally depreciate 10% the moment you drive them off the lot and another 10-20% through the first year. That's up to 30% depreciation in just a year. The car will continue to lose 15-25% of its value in subsequent years, totalling upward of 60% depreciation in the first five years.
Why take that initial 30% hit when buying the cheapest vehicle from a new car lot when you can pick up a quality pre-owned vehicle at Clutch, Canada's leading 100% online auto retailer, that’s just a few model years old? With a pre-owned vehicle from Clutch, you can get additional features or a larger vehicle that's only a few years old for less than the price of a cheap new car.
All our pre-owned vehicles go through a rigorous 210-point inspection and reconditioning process and have the option to be backed up with a 3-month or 6,000-km warranty and 10-day or 750-km test-own period.
