Top 10 Most Affordable New Cars in 2020
Prices across the auto industry have significantly increased in recent years, which partly explains the drop in total Canadian sales. Many customers on a tight budget have no other choice but to turn to used cars.
Of course, there are still a number of highly affordable new models on the market. Here you will find the 10 with the lowest manufacturer suggested retail price (MSRP) in the country, including nine cars… and one SUV. Can you guess which one?
Note: The MSRPs listed on the next few pages are all accurate at the time of writing. However, they are subject to change at any time.
10. Kia Forte - $17,695
A year after winning multiple awards in Canada, the new Forte brings back its versatile five-door hatchback variant—with a 201-hp turbocharged engine on top of that. Obviously, the sedan is the least expensive of the two.
9. Hyundai Elantra - $17,149
The Elantra isn’t done evolving. This year, the Korean sedan follows the lead of other compact cars and gets a new continuously variable transmission allowing drivers to save more fuel.
8. Hyundai Venue - $17,099
Even cheaper than the Elantra, the colourful and eclectic Venue subcompact SUV is Hyundai’s latest star. It does require a few sacrifices, though, such as the absence of an AWD option and a smaller trunk than that of the Accent hatchback built on the same platform.
7. Toyota Yaris Hatchback - $16,790
The “new” 2020 Yaris Hatchback sold in Canada is nothing more than a re-badged Mazda2. It still is quite affordable and the new six-speed transmissions help reduce fuel bills.
6. Honda Fit - $16,390
The little Japanese hatchback continues to impress with its configurable Magic Seat system, great fuel economy, pleasant driving dynamics and strong reliability record. Honda introduced the next-generation Fit—complete with a hybrid powertrain—last fall at the Tokyo Auto Show, but its availability in Canada has yet to be confirmed.
5. Kia Rio - $15,495
The Kia Rio lives up to the young Korean brand’s excellent reputation for quality and earned our 2020 Best Buy award for subcompact cars. Two years removed from a complete makeover, the Rio gets a new continuously variable transmission (optional) in addition to the standard six-speed manual.
4. Hyundai Accent - $14,949
The four-door Accent is not returning to Canada for 2020. The more popular five-door model continues to be offered, however. Hyundai has made the Accent more fuel-efficient thanks to a new 1.6-litre Smartstream engine with dual-port injection and the option of a new continuously variable transmission.
3. Mitsubishi Mirage - $12,298
Despite carrying a higher price this year, the Mitsubishi Mirage hatchback still ranks among the top 3 most affordable new cars in Canada. Obviously, its biggest strength is the reassuring 10-year/160,000 powertrain warranty. Watch out for the 2021 Mirage coming with a number of exterior and interior changes.
2. Nissan Micra - $10,488
Buyers considering the Nissan Micra can’t waste too much time because it will not be returning after 2020. This fun-to-drive hatchback features a beautifully simple 1.6-litre engine and delivers reasonable fuel economy.
1. Chevrolet Spark - $9,998
Even in 2020, it is still possible to buy a brand new car for less than $10,000. The Chevrolet Spark retains the title of Canada’s most affordable new car and somehow escaped GM’s axe to earn a 2020 Best Buy award in the city car segment.