Top 10 Most Affordable Cars in 2023
Rising prices across the auto industry made things more difficult for shoppers in 2022. It didn’t help that more cars were axed as automakers continued to shift to SUVs and crossovers.
People looking for a cheap and practical little car have to forget about the days when a brand new Honda Civic retailed for $15,000. Fortunately, there are still some affordable options out there. In fact, we’ve identified the top 10 in the next few pages.
Note: The MSRPs listed here are all accurate at the time of writing. However, they are subject to change at any time. They do not include freight and PDI, other applicable fees, or available rebates and offers.
10. Subaru Impreza – MSRP of $23,295
The Impreza is the only car in this top 10 to come standard with AWD. The sedan is no more, leaving only the five-door hatchback for 2023. A base Convenience model will cost you just over $23,000, but content is nothing to write your mother about. A fully redesigned 2024 Impreza is coming to Subaru dealers later this year.
9. Volkswagen Jetta – MSRP of $23,295
Volkswagen slightly redesigned the Jetta and gave it a new turbo engine last year, so don’t look for significant changes on the 2023 model. Standard features include desirable items like a heated steering wheel, seats and mirrors along with Apple CarPlay and Android Auto, not to mention automatic emergency braking. If you don’t want to row your own gears, the automatic transmission requires a premium of $1,400.
8. Toyota Corolla – MSRP of $22,690
The Toyota Corolla was the best-selling car in Canada in 2022, ending the Honda Civic’s 24-year reign. For 2023, it gets a more powerful base engine (169 hp instead of 139 hp) and loses the manual transmission. Starting just under $23,000, the Corolla proves affordable in addition to being a safe and reliable compact car. Toyota Safety Sense 2.5 comes standard.
7. Mazda3 – MSRP of $21,900
According to our team of experts, the Mazda3 ranks third among the best compact cars to buy for 2023. It also undercuts the Honda Civic by nearly $5,000. Standard content includes a manual transmission, heated seats, blind spot monitoring, 8.8-inch infotainment display and unlimited km warranty. The automatic transmission is a $1,300 extra, while the Mazda3 Sport hatchback costs $1,000 more than the sedan.
6. Hyundai Elantra – MSRP of $20,449
Except for the high-performance Elantra N, the Hyundai Elantra shares its platform and powertrain options with the Kia Forte. The base 147-horsepower engine can no longer be had with a manual gearbox. The entry-level Elantra Essential does have all the essentials, but little else. Of course, the 5-year/100,000km new vehicle warranty is always a good reason to buy Hyundai’s compact sedan. The polarizing exterior? Not so much.
5. Kia Forte – MSRP of $20,395
After getting a proper update for 2022, the Forte’s main change for 2023 is the loss of the manual transmission, which pushes the base price north of $20,000. In typical Kia fashion, pricing remains extremely competitive and customers get plenty of value. Okay, maybe the entry-level Forte LX lacks desirable amenities, but the EX at $22,095 offers a heated steering wheel, additional safety and driver assistance features and wireless smartphone charging.
4. Nissan Sentra – MSRP of $20,098 (2022 model)
Pricing for the 2023 Sentra was unavailable at the time of writing, but it should remain pretty close to the 2022 model’s. Should the manual transmission be eliminated, the Sentra will likely drop a few spots in this top 10. Base models have heated seats and several advanced safety features as part of Nissan’s Safety Shield 360.
3. Nissan Versa – MSRP of $18,298
Nissan revised the Versa’s pricing for 2023 while it made a few tweaks to the car and its content. This small sedan looks like a shrunken Sentra but features several advanced safety technologies. Speaking of which, the Sentra is barely more expensive yet considerably roomier, more powerful and more comfortable, so make sure you compare the two before buying.
2. Kia Rio – MSRP of $17,445
How much longer will the Rio survive? Good question. Returning for 2023 with a price hike of just $50, Kia’s smallest car now starts at $17,445 and comes standard with power windows, heated mirrors, heated seats, a USB port and even wireless Apple CarPlay/Android Auto compatibility. It also boasts a limited new vehicle warranty that’s good for five years or 100,000 km.
1. Mitsubishi Mirage – MSRP of $14,298
The Mirage is the most affordable new car in Canada in 2023 following the elimination of the Chevrolet Spark. For less than $15,000, customers don’t get a lot of features and amenities, as you can imagine, and output is a meager 78 horsepower. On the bright side, ownership costs (fuel, insurance, maintenance) are extremely low and Mitsubishi’s unbeatable warranty provides great peace of mind.