Believe it or not, inexpensive cars still exist despite rising prices everywhere. People are now seeking new ways to save money and for those in the market for a new vehicle, affordable cars that offer essential features without compromising quality are the best options to consider, especially when on a tight budget. Our list features cheap cars that offer great value, allowing you to save money in this new car market. Keeping a budget in mind, we have gathered cars that we believe meet the needs of new car shoppers looking for affordability.
We have conducted research, performed tests, and handpicked a range of the most cost-effective new cars available for purchase in 2023. Not only are these among our preferred new vehicles on the market, they are also top-quality automobiles. Keep reading for our selection.
More reading: Purchase a Vehicle Within Your Budget with these Suggestions.
Jon Wong/Roadshow
2021 Hyundai Elantra
The top budget-friendly compact car
At times, bold design can mask a lackluster vehicle, however, that is not the scenario with the 2021 Hyundai Elantra. This reasonably priced small sedan combines aesthetics and functionality to produce one of the most exceptional vehicles available today.
The Elantra SE offers more than just basic amenities, even at its entry-level. Its unconventional exterior and interior design help it stand out from other traditional compact cars. The car boasts an impressive list of features such as an 8-inch touchscreen that supports wireless Apple CarPlay and Android Auto, as well as active and passive safety systems. Additionally, the car comes equipped with a 147-horsepower I4 gas engine that can provide up to 43 mpg highway. Though it might not offer an exciting driving experience, the turbocharged N-Line model is there for those who crave a little extra excitement. With the Elantra SE, you can have it all.
Check out our review of the 2021 Hyundai Elantra, which boasts an abundance of style and technology features. Visit TrueCar to learn more.
2021 Toyota Camry: The Top Affordable Midsize Sedan
Without the inclusion of Toyota Camry, the midsize sedan segment’s foundation would remain incomplete. Although for many, Toyota Camry is equated with a self-explanatory item like a pack of envelopes, its reliability, affordability, and excellence are reasons enough to consider it as commendable and good transportation option for families of any kind and size, for decades.
As expected, the Camry is demonstrating an enduring appeal. Even in its non-hybrid form, the Camry is remarkably budget-friendly without sacrificing extensive technological and safety features, which come standard even on the entry-level LE trim. Moreover, it provides a comfortable and seamless driving experience, alleviating the monotony of long-distance journeys.
Check out the 2021 Toyota Camry on TrueCar, which has undergone minor cosmetic updates and new technological improvements.
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2021 Dodge Charger: The Top Affordable Full-Size Car
Although full-size sedans are gradually becoming rare, there are still some on the market, and the Dodge Charger is among them. Even though it may be considered a bit outdated, this vehicle nevertheless provides a significant amount of value.
Reviewed by Steven Ewing/Roadshow.
The 2021 Dodge Charger, much like its predecessors over the past five years, is a sizeable and comfortable sedan. With a manufacturer suggested retail price just surpassing $30,000 before destination charges, selecting an all-wheel drive drivetrain will warrant a slightly higher cost. Equipped with a V6 engine in its standard form, the Charger does not lack in efficiency and speed. Opting for a more powerful V8 engine would necessitate a slightly higher expense, still placing it below the median cost of new-car transactions. The Charger may not be the most technologically advanced car out there, but its Stellantis’ Uconnect infotainment system has garnered our support over the years, consistently improving.
Check out TrueCar
The 2021 Dodge Charger Redeye boasts significant horsepower and a broad body.
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“The 2021 Honda Accord Hybrid is the top pick for an affordable hybrid car,” states Craig Cole from Roadshow. According to his review, the Honda Accord is comparable to a trustworthy blue-chip stock as it offers a smart investment for car buyers. It continues to be a popular choice amongst drivers due to its combination of comfort, efficiency, and driving performance. Despite the integration of a hybrid-electric powertrain, which could potentially result in some compromises, the Accord still delivers exceptional quality and performance.”
The 2021 Honda Accord Hybrid provides 212 net horsepower and 232 net pound-feet of torque, providing ample acceleration in everyday driving scenarios. By applying gentle pressure to the accelerator, drivers can achieve the EPA-estimated fuel economy of 44 miles per gallon in the city, 41 mpg on the highway, and a combined 43 mpg. The battery is located behind the rear seats, thus not affecting interior space or trunk space, which is superior to that of the Toyota Camry Hybrid and Hyundai Sonata Hybrid. All trim levels include an 8-inch touchscreen, which offers both Apple CarPlay and Android Auto. Wireless Apple CarPlay is available on EX trims and above.
Check out our review of the 2021 Honda Accord Hybrid for a detailed overview. Find it on TrueCar.
Experience economical driving with the 2021 Honda Accord Hybrid, without sacrificing comfort.
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Chevrolet
2022 Chevrolet Bolt EV
The perfect budget-friendly electric vehicle
The original Chevrolet Bolt EV was a charming yet flawed electric hatchback. However, the 2022 model year presents a newly improved version of the Bolt EV, along with a second variant, which makes this five-door hatchback even more desirable and a smart investment.
The Bolt EV’s exterior boasts a more angular appearance, but the hatchback design remains intact. The interior sees significant upgrades, featuring improved overall design and better quality materials. The dashboard is dominated by a 10.2-inch infotainment screen, and standard safety features include lane-keeping assist, automatic emergency braking, and automatic high beams. Optional features include adaptive cruise control and a surround-view camera system. Additionally, the Bolt EV has an impressive range of 259 miles, making it a suitable option for most daily commuters.
Check out TrueCar
The 2022 Chevy Bolt EV is relatively new.
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Daniel Golson/Roadshow
2021 Hyundai Veloster N
The ultimate affordable performance car
The Honda Civic Type R may be excellent, but it comes with a hefty price tag. If you’re looking for a comparable, yet slightly less powerful option that saves you a ton of money and has a more mature design, look no further than the 2021 Hyundai Veloster N.
The Veloster N is powered by a 2.0-liter turbocharged I4 engine that can produce up to 250 hp (270 hp with the Performance Package) and 260 lb-ft of torque. It comes with a standard six-speed manual transmission, however, a new eight-speed dual-clutch automatic transmission was introduced in 2021 for those who prefer an automatic experience. The Veloster N provides an exciting driving experience and is equipped with advanced safety and comfort technologies as expected from new Hyundai vehicles. Despite having the capacity to load up on features, the price is still below $40,000 making it a great value option in its class.
Check out our review of the 2021 Hyundai Veloster N, which remains the most enjoyable hot hatch on the market. You can find it on TrueCar.
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The 2021 Ford Bronco Sport is considered the top choice for an affordable small SUV according to Andrew Krok from Roadshow. This impressive compact SUV boasts a perfect mix of capability and quality, with a touch of nostalgia to win the hearts of car enthusiasts.
Priced under $30,000 for its entry-level version, the 2021 Ford Bronco Sport is a remarkable compact crossover. With its elevated body, it provides ample room and exceptional visibility, which complements its impressive off-road features that surpass almost all other small SUVs. While it may not be the champion in terms of cargo capacity or towing power, the Bronco Sport has so much spunk that it’s hard not to fall in love with it.
Check out our review of the 2021 Ford Bronco Sport, which is prepared to tackle both mountains and malls. Visit TrueCar to learn more.
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Subaru
2021 Subaru Outback
The most cost-effective midsize SUV
Although 2021 Subaru Outback may resemble a tall wagon, it doesn’t take much to be categorized as a crossover in today’s world. As per the list’s requirement, it is considered a crossover. Regardless of its category, the Outback is a splendid vehicle that is worth considering.
The 2021 models come equipped with a new safety feature – LED headlights that move in response to the direction of the steering wheel. Additionally, every Outback includes the standard EyeSight technology. If you’re looking for a bit more power, there’s a turbocharged flat-four engine option available, or opt for the 11.6-inch portrait infotainment screen to make a statement on your dashboard. Having had a 2020 model for a year, we found it to be an incredibly capable vehicle for long highway trips, while still maintaining its efficiency.
Check out the 2022 Subaru Outback Wilderness on TrueCar, it’s not just a stylish package, it offers much more than that.
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Craig Cole/Roadshow
2021 Kia Telluride
An Economic Three-Row SUV That Stands Out
2020
The Kia Telluride is the ideal three-row SUV for those on a budget. It’s like a Choose Your Own Adventure book, offering options for every price range. Starting at only $32,000, you can purchase a basic model that is both family-friendly and cost-effective. Alternatively, you can splurge on a premium model and enjoy features such as wood trim, Nappa leather, and power-folding rear rows. You can also select from plenty of options that fall in between these two extremes.
The Kia Telluride of 2021 is undeniably impressive. It possesses capability, ample space for large families to stay comfortable during long road trips, and is equipped with superb technology that we commend in all other models made by Hyundai and Kia. Although its 291-hp V6 engine may consume more fuel, opting for the standard front-wheel-drive can help you go further without refueling frequently. No matter how you customize it, the outcome is an exceptional SUV.
Check out our review of the 2021 Kia Telluride, a vehicle that excels in every aspect. You can find it on TrueCar.
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The 2021 Honda CR-V Hybrid is the most cost-effective SUV in hybrid form and offers a level of excellence comparable to Honda’s newer hybrid models and gas-powered CR-V vehicles of the current generation. Andrew Krok of Roadshow gives it a thumbs up.
The 2021 Honda CR-V Hybrid can be compared to a pleasant evening at a reasonable restaurant. It offers an enjoyable experience without causing financial distress. This vehicle’s all-wheel-drive powertrain can achieve a fuel economy of 40 mpg in the city and 35 mpg on the highway, which is impressive. Additionally, the ride is comfortable. The base trim is priced at under $30,000, while the top-tier trim is around $37,000. Therefore, there are multiple affordable trim options to choose from.
Check out TrueCar to find out more about Honda’s latest hybridization of their CR-V crossover.
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2022 Chevrolet Bolt EUV: The Top Affordable Electric SUV
Chevrolet has expanded its affordable electric car lineup with the introduction of the Bolt EUV, a high-riding crossover version of the Bolt EV. Despite looking similar, the Bolt EUV does not share any common sheet metal with its sibling. The Bolt EUV offers the same impressive features as the Bolt EV, including a sleekly designed interior with high-quality materials and excellent standard technology. Although it may not appear evident in photos, the Bolt EUV is six inches longer than the Bolt EV, providing additional interior room.
The Bolt EUV stands out from potential rivals due to one crucial factor: Super Cruise. Despite being exclusive to costly Cadillac cars previously, GM’s state-of-the-art driver aid is now accessible on the Bolt EUV. Once activated on any of the 200,000+ miles of mapped highways, the vehicle assumes control of the steering, accelerator and brakes for a hands-free cruising experience.
Check out TrueCar for details on the 2022 Chevy Bolt EUV, which offers increased space and improved technology.
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The 2021 Mazda CX-5 Turbo is arguably the best value-for-money performance SUV available in the market. While it may not technically qualify as a performance SUV, until the arrival of the Hyundai Kona N, the CX-5’s turbocharged I4 engine offers a driving experience that comes closest to what a performance-oriented vehicle can provide at this price point.
The CX-5 offers an optional 2.5-liter turbocharged I4 engine on its higher trims, which generates an impressive 250 horsepower and 320 lb-ft of torque. The latter provides thrilling acceleration and on-ramp maneuvers. The vehicle’s sturdy body and well-balanced suspension enable you to enjoy spirited driving on corners. Furthermore, the interior trimmings in certain specifications surpass those in many luxury cars, in terms of both materials and style.
Check out TrueCar’s website
The 2021 Mazda CX-5 opts for simplicity
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A comparison of the top affordable cars for 2023 is provided below:
Category Name Base Engine Output Fuel Economy (mpg, city/hwy/combined) Base Price
Best Affordable Small Car 2021 Hyundai Elantra 2.0-liter I4 147 hp / 132 lb-ft 33 / 43 / 37 $20,655
Best Affordable Midsize Car 2021 Toyota Camry 2.5-liter I4 203 hp / 184 lb-ft 28 / 39 / 32 $25,965
Best Affordable Full-Size Car 2021 Dodge Charger 3.6-liter V6 292 hp / 260 lb-ft 19 / 30 / 23 $31,490
Best Affordable Hybrid Car 2021 Honda Accord Hybrid 2.0-liter I4 hybrid 212 hp net 48 / 48 / 48 $27,565
Best Affordable Electric Car 2022 Chevrolet Bolt EV Single electric motor 200 hp / 266 lb-ft TBA (259 mi. est. range) $31,995
Best Affordable Performance Car 2021 Hyundai Veloster N 2.0-liter I4 275 hp / 260 lb-ft 22 / 28 / 25 $33,245
Best Affordable Small SUV 2021 Ford Bronco Sport 1.5-liter I3 181 hp / 190 lb-ft 25 / 28 / 26 $29,650
Best Affordable Midsize SUV 2021 Subaru Outback 2.5-liter H4 182 hp / 176 lb-ft 26 / 33 / 29 $27,845
Best Affordable Three-Row SUV 2021 Kia Telluride 3.8-liter V6 291 hp / 262 lb-ft 20 / 26 / 23 $33,415
Best Affordable Hybrid SUV 2021 Honda CR-V Hybrid 2.0-liter I4 hybrid 212 hp net 40 / 35 / 38 $31,710
Best Affordable Electric SUV 2022 Chevrolet Bolt EUV Single electric motor 200 hp / 266 lb-ft TBA (250 mi. est. range) $33,395
Best Affordable Performance SUV 2021 Mazda CX-5 Turbo 2.5-liter I4 250 hp / 320 lb-ft 23 / 28 / 25 $31,760
How Our List Was Compiled
Surprisingly, we got behind the wheel of each one of them! At Roadshow, our team is always testing out new vehicles in a variety of scenarios, whether it’s towing heavy loads or simply transporting the family. With a extensive catalog of published reviews, we have the ability to assess each car within its context and determine what truly makes a vehicle great. The cars listed here showcase some of our top picks for affordable options across the entire automotive industry, excluding the ultra luxurious models naturally.
Remember, however, that your experience may differ, not just in a literal sense. Each individual has unique requirements, and what suits one person may not suit another. We appreciate your consideration of this list as authoritative, but we strongly suggest that you take the time to test drive these cars and others to get a sense of what you, as the dear reader, genuinely desire in a vehicle.
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