The 13 Cheapest Cars in Canada for 2024

By Maude Gauthier | Published on 14 Dec 2023

yollow color Mitsubishi Miraga car

Buying a new car is often a tough financial decision. Opting for a luxury vehicle with all the features you’ve dreamt of is, usually, not viable without overburdening a tight budget. But being too restrictive about how much you can spend can make the choices too narrow.

When we considered cars for this list, with looked at prices (MSRP) for the province of Ontario. But price wasn’t the only criterion, although we were guided by budgetary concerns. We also looked for vehicles that provide the most comfort and the best possible performance. And, of course, all the prices listed here are for new cars – we didn’t include used vehicles.

You should also note that prices in your local dealership area may vary, although we’re certain the values provided in our list will serve as a reliable guideline.

1. Mitsubishi Mirage – Starting at $16,998

Search any list for the most economical cars in Canada, and Mitsubishi Mirage will probably be there. One look at this car’s specifications, and it will become clear that a low price isn’t its only redeeming quality. In fact, the Mirage is much more than just cheap – it’s a genuinely decent car.

The first thing that high-octane lovers might notice is the Mirage’s small engine. With three cylinders, a 1.2L capacity, and a total of 78 horsepower, this car may seem more like a toy than an actual vehicle. However, that’s only what the numbers tell you. In practice, Mitsubishi Mirage is very agile and can be a lot of fun. You can feel the control and manoeuvrability that the car partially owes to the front-wheel drive.

The 2024 Mitsubishi Mirage is available in three versions (ES, NOIR and GT). They all have a continuously variable transmission (CVT). Manual transmission is no longer available. The base model includes Bluetooth, hill start assist, air conditioning and automatic headlights, and much more. Of course, additional equipment is available.

2. Nissan Versa – Starting at $20,298

Since the Kia Rio bowed out, the Nissan Versa is the second cheapest subcompact. With the Nissan Versa, we have a strong contender. And as is the case with all entries on our list, the Versa has more going for it than a low price. The list of advantages starts with the engine, built with four cylinders and a 1.6L capacity. It produces 122 horsepower – more than enough to handle all your needs.

The five-speed transmission is of the manual type, at least in base trims. The standard build also lacks features like Android Auto and Apple CarPlay. However, what you get with the basic build is quite valuable. Some of the safety features in the Versa are auto rear brakes, high-beam assistance, collision warning, rear camera, and lane warning.

In addition to superior safety, Nissan Versa boasts a neat infotainment setup. It consists of an AM/FM system with four speakers and a seven-inch touchscreen. The best part is that all this equipment, packaged in a reliable sedan shell, can be bought for a little more than $20k.

3. Hyundai Venue – Starting at $20,899

Now we want to show you that a full SUV can be a viable, reliable, and affordable option. And you’d be hard-pressed to find a better example of these claims than Hyundai Venue.

This SUV features a compact design combined with a 121-horsepower, 1.6L engine. The smaller dimensions of the vehicle provide an agile performance and reliable control. If you love manual transmission, though, you’ll be a bit disappointed, at least initially. The 2024 model of the Venue comes exclusivelywith a continuously variable transmission.

Seeing what’s inside the cabin will seal the deal for many. Hyundai Venue standard models come with front seat heating, Bluetooth, Android Auto, Apple CarPlay, a quality audio system, and a control console touchscreen with an eight-inch diagonal. Plus, your rides will be safer with gear like lane assist, emergency auto brakes, a rear camera, and auto high-beam lights, to name a few.

4. Kia Forte – Starting at $20,995

Image of Kia Forte 2024 from side

Rumors are circulating about an upcoming merger between the Forte and the discontinued Rio to create a new entry-level model for Kia. Until then, the 2024 Forte is without major changes.

The Kia Forte is most comparable to a previous entry, Hyundai Elantra. The two cars have plenty in common, including some of their main features and, of course, the price range. The two main reasons why we’re including the Forte LX in this list are for variety’s sake, and because Kia managed to roll out this model with a slightly higher price tag compared to the Elantra. Forte 2024 comes in six different versions, from the base model (LX) to the GT-Limited model.

With an I4 2L engine producing 147 horsepower, Kia Forte has more than enough power to handle what and whoever you pack inside. And with the front-wheel drive and continuously variable transmission, this model will traverse most terrains with relative ease.

You won’t lack in the infotainment sector, either. The Forte comes with all the bells and whistles that customers have come to expect from decent sedans in this category. Safety features are also present, including lane and blind-spot assistance, to mention a few.

5. Hyundai Elantra – Starting at $21,999

Image de face de la Hyundai Elantra 2024

Do you enjoy the idea of an affordable vehicle that’s also a sports car at its core? If the answer is yes, you shouldn’t miss checking out Hyundai Elantra. This is a sedan that only barely resembles your standard family car. Under the hood, the Elantra hides a 2.0L engine, providing an enviable output of 147 horsepower.

The 2024 model benefits from a new shark-shaped front design and a revised rear with an H motif and LED lights that extend across the entire width. But with this model, it’s not just the power that matters. The sedan also offers many quality of life improvements. In the cabin you will find a multimedia system including Bluetooth, Android Auto, Apple CarPlay, an eight-inch touchscreen and an audio installation with six speakers.

In terms of performance and safety additions, the basic Elantra trim has continuously variable transmission, emergency braking, lane assist, pedestrian detection, and driver attention assistance.

6. Nissan Kicks – Starting at $22,098

We’re including the first subcompact crossover in this list just to prove a point: An affordable car can come packed with advanced features and doesn’t have to be your run-of-the-mill sedan. This is the Nissan Kicks, and it represents a more affordable model in the SUV neighbourhood.

With an I4 1.6L engine, the Kicks boasts a respectable 122 horsepower output, channelled to a continuously variable transmission. The cabin includes a steering wheel with telescoping and tilt functions, as well as a full infotainment setup.

Better yet, Nissan Kicks is packed with safety options. The basic variant gives you a lane warning system, cross-traffic alert, auto brakes, parking sensors, and blind-spot assistance. And with an affordable price for a brand-new 2024 model, this vehicle is truly a bargain.

7. Nissan Sentra – Starting at $22,548

Image de la Nissan Sentra 2024

A compact sedan, the Nissan Sentra represents a good balance between reasonable pricing and comfort. The four-door Sentra may be an ideal choice for families as well as those who want a slick solo ride. Simply put, versatility is the name of the game for this sedan.

In 2024, the Nissan Sentra (S, SV and SR versions) benefits from a revised design and superior fuel economy thanks to a new transmission. It still has a 2.0-liter 4-cylinder engine that develops 149 horsepower and 146 pound-foot of torque. The 6-speed manual transmission remains standard for the S version. It is also offered in the 2024 Sentra SR. The big news is its new Xtronic CVT transmission, designed to reduce fuel consumption. The car is also equipped with a new automatic stop-start function.

Extra amenities include keyless entry, front seat heating, a seven-inch touchscreen, and a push-button starting function. In addition, the Sentra boasts certain safety improvements rarely seen in its price range. For instance, the car has front and rear emergency braking, cross-traffic rear alert, and a blind-spot monitor.

8. Toyota Corolla – Starting at $23,050

Getting to the absolute classics, you’ll hardly find a more proven and reliable sedan than Toyota Corolla, at least in its price range. With a 50L tank and 7.1L combined mileage, the Corolla is designed to take you on long journeys. And its four-cylinder 1.8L engine with 139 horsepower will make the travel time fly by.

For 2024, the Corolla has undergone improvements focused on multimedia connectivity. The L series models still feature a classic style, while those of the S series are more sporty. With a 2.0-liter four-cylinder engine paired with the Direct Shift CVT transmission, delivering 169 horsepower, your commute will go by in a breeze.

Toyota Corolla comes packed with comfort and safety features. From wireless connectivity and LED headlights to auto brakes, cruise control, and lane assistance, this sedan has it all.

9. Volkswagen Jetta – Starting at $23,595

If you’re a lover of all things classical, Volkswagen Jetta will be immediately appealing. It features a straightforward design that presents the car precisely as what it is – a comfortable, stylish, yet streamlined sedan. It is one of the cars with the highest satisfaction rate in the segment.

Behind its sleek appearance, the Jetta is equipped with a 158-horsepower 1.5-liter turbocharged engine. In other words, this car may look like an ordinary family sedan, but it can be very capable if you need it to be. It consumes only 5.5 L/100 km on the highway. The Jetta is equipped with a six-speed manual transmission, which sends engine power to front-wheel drive. Simplified cabin controls make it easy to control the car’s power and functions.

As is the standard with modern sedans, Volkswagen Jetta comes with Android Auto and Apple CarPlay, as well as a touchscreen system. In addition, each model of this car features a mobile hotspot. Finally, the Jetta has emergency braking, blind-spot monitoring, cruise control, and lane assistance.

10. Mazda Mazda3 – Starting at $24,200

If you’re wondering whether the cheapest cars in Canada can also be stylish and filled with advanced features, the Mazda3 is a resounding yes. This affordable sedan boasts a look that visually distinguishes it from most options in the same price range. It’s minimalist and clean, leaving the impression that every edge and curve was placed with purpose.

The Mazda Mazda3 includes high-end features like keyless entry, blind-spot assistance, LCD meters, power windows, a cross-traffic alert system, and a push-button start. Of course, this isn’t all – there are also eight speakers inside, hooked to a roaring audio system, as well as an 8.8-inch touchscreen.

For 2024, the Mazda3 increases its standard output thanks to a 2.5-liter Skyactiv-G engine, which will replace the 2.0-liter, to give a power of 191 horsepower. In addition, thanks to the new cylinder deactivation technology, you will save fuel of approximately 7.5 L/100 km. Either way, control and agility will always be at the same level.

11. Kia Seltos – Starting at $25,195

Image du Kia Seltos 2024 de derrière

With a slight facelift in 2024, the Kia Seltos remains competitive. It is available in 7 versions: LX FWD, LX, EX FWD, EX, EX Premium, SX and the new X-Line. In terms of design, the headlights, grille and bottom of the front bumper are slightly improved. The rims and taillights are completely redesigned compared to the 2023 model.

Entry-level models come standard with a 2.0-liter four-cylinder engine. It is paired with a continuously variable transmission (CVT) which simulates eight gears. The base version uses front-wheel drive, while all others use a four-wheel drive system that distributes torque up to 50% to the rear wheels.

The interior of the Seltos is peaceful. In fact, Kia has improved the soundproofing of the cabin with absorbent foam, a recalibration of the exhaust and an acoustic film on the windshield. Combining comfort and visibility, this versatile subcompact SUV is an interesting choice.

12. Honda Civic – Starting at $26,790

Honda Civic is somewhat pricier than the rest of the entries on this list, but it makes up for the price difference with great fuel economy and various tech features. It’s a stable, comfortable sedan that’s also capable of great performance feats.

With a 2.0L engine putting out 158 horsepower and a variable-speed automatic transmission, the Civic offers a steady power output. At the same time, the car controls very well, staying responsive and agile even at top speeds.

Lastly, there are the standard Android Auto and Apple CarPlay media options, along with wireless functionality and a seven-inch touchscreen. You can opt for various other upgrades of these functions, like larger screens, a wireless charger for smartphones, and in-dash navigation.

13. Subaru Impreza – Starting at $26,795

When you want style and elegance paired with respectable performance, Subaru Impreza will be an excellent choice. The car performs great in all weather and is known as a manoeuvrable vehicle, powered by a 152 horsepower, 2.0L engine. The transmission is continuously variable, making the driving experience even more comfortable. Adding to the comfort is the relatively spacious cabin with cozy seats.

The Impreza is sold in 4 versions, namely Convenience, Touring, RS and Sport-Tech. All versions offer standard all-wheel drive. The two higher-performance versions, RS and Sport-tech, have a new naturally aspirated 2.5-liter 4-cylinder engine that develops 182 horsepower and produces 178 pound-foot of torque.

In terms of extra features, the Impreza has a multimedia system with a massive, 11.6-inch touchscreen, Android Auto, and Apple CarPlay. However, more impressive is the Subaru’s EyeSight, an advanced driver aid suite that the manufacturer includes even in the basic model of the Impreza.

Why it’s Important to Look for an Affordable Car

The good news is that you don’t have to sacrifice comfort, space, features, or the joy of the ride while also minding your budget. In fact, some of the cheapest cars in Canada also offer excellent quality in terms of design and performance.

Choosing a more affordable car comes with several advantages. Saving money during the purchase is the first and most obvious, but this benefit also extends to your car insurance. You may be able to get a cheaper policy for a car with a lower market value, which will reflect favourably on your weekly and monthly budget.

To check out whether and how much you can save while getting decent coverage, go through our list, then try comparing car insurance prices in your area for the specific car model you have in mind. You may find some enticing offers that will make the vehicle purchase even more worthwhile.

Find Your Ideal Ride Among the Cheapest Cars in Canada

If our list of the cheapest cars in Canada proves anything, it’s that quality vehicles don’t have to come at a massive price. You’ve seen regular sedans, SUVs, minivans, and pickups in this article. Each of the entries is more than reasonably priced and, most importantly, sold new – no used cars found their way to our list.

One category that we didn’t include is the cheapest electric cars, but that subject would double this article in size. Luckily, there are plenty of affordable vehicles with traditional engines here. If the list piques your interest, we’re certain you’ve already found your favourite.

Maude Gauthier is a journalist for Hardbacon. Since completing her Ph.D. in communications at University of Montreal, she has been writing about finance, insurance and credit cards for companies like Fonds FMOQ and Code F. As a responsible user of credit cards, she can spend hours reading the fine print to fully understand their benefits. Because of their simplicity, she developed a preference for cash back cards. After suffering steep increases with her former insurer, she can now proudly say that she saved hundreds of dollars by shopping around for her auto and home insurance. In her free time, she reads novels and enjoys streaming popular shows (and possibly less popular shows, like animal documentaries).