The Top 10 Most Affordable New Cars in 2024

In recent years, new cars have become more affordable to purchase compared to the peak prices seen during the pandemic. This affordability has given drivers the opportunity to choose from a variety of vehicles without breaking the bank. Cars.com recently compiled a list of the cheapest new cars on the market, all priced under $25,000, making it easier for consumers to find a budget-friendly option that fits their needs.

The list of affordable cars includes a range of options such as the Mitsubishi Mirage ES, Nissan Versa S, Kia Forte LX, Hyundai Venue SE, Chevrolet Trax LS, Kia Soul LX, Nissan Sentra S, Nissan Kicks S, Hyundai Elantra SE, and Toyota Corolla LE. These vehicles offer a mix of features and functionalities, catering to different preferences and needs of car shoppers. From small hatchbacks to sedans and SUVs, there is something for everyone on the list.

When it comes to purchasing a new car, it is essential to have the right insurance coverage that fits your budget. Insurance rates can vary based on factors such as the value of the vehicle, theft risk, driver’s profile, age, and driving record. Affordable cars tend to have lower insurance costs due to their lower repair or replacement costs. By comparing multiple car insurance quotes, consumers can potentially save hundreds of dollars every year. Credible’s car insurance marketplace offers a convenient way to compare rates and find the best coverage for your needs.

Despite the decrease in the cost of new cars, auto insurance premiums have been on the rise over the past year. The motor vehicle insurance index has shown a 2.6% increase in premiums, indicating that drivers are facing higher insurance costs nationwide. However, choosing a more affordable car can help lower insurance expenses, as these vehicles generally cost less to insure for collision and comprehensive coverage. Factors such as theft risk and the driver’s profile also play a significant role in determining insurance rates.

Many drivers are spending over 30% of their monthly income on auto loans, making it crucial to find cost-effective options for both vehicle purchase and insurance coverage. By making informed decisions and comparing rates regularly, consumers can save money and ensure they are getting the best deals on their car-related expenses. Whether you are looking to buy a new car or find affordable insurance, it is essential to explore all your options and make choices that align with your budget and financial goals.