6 New Cars Under $20,000 In 2024

Before We Begin...

When COVID made its unexpected landfall in 2019/2020, the automotive industry was not spared of the pandemic's devastating effect, as everything, from disruption in supply chains and COVID restrictions to chip shortages, affected production, ultimately driving up the price of new and used cars. 

Four years later, dealerships are brimming with new cars again, but prices remain high thanks to biting inflation and high demand. For shoppers on a budget wondering if the days of under-$20k new cars are permanently over, there's good news and bad news. The good news is you can totally buy a brand-new car in 2024 for $20,000 or less. 

The bad news? The pool is even smaller in 2024. Another bad news is despite the reverse in inventory levels, compared to the dried-up production runs during the pandemic, new car prices may never return to pre-pandemic levels. The corresponding good news is that prices are actually in a downward trend. 

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The Automotive Market In 2024

Speaking to the Detroit Free Press, Cox Automotive’s chief economist predicted that 2024 is the best year to buy a new car since COVID. 

"With supply normalizing and the economy stabilizing to hit a soft landing and not turn into a recession, it leads to an environment that is the most normal we’ve encountered since 2019," Smoke said. "For consumers looking to buy a vehicle, it’s the best year by far since 2019." 

Another expert shared that with oil prices projected to rise in 2024, prices for fuel-efficient cars and SUVs will go down. Kelley Blue Book found that despite the relatively high cost of new cars, prices declined the most last year at 2.4% in the last 12 months. 

Based on this report, KBB's executive editor Brian Moody surmised that car prices in America should fall even more in 2024. 

Another interesting projection is the report from UBS Financial Services, which estimated that global car production will surpass sales by 6% in 2024, resulting in some 5 million surplus cars looking for buyers and inadvertently forcing automakers and dealers to slash prices to get them off the lots. 

So, are new cars cheap right now? 

Not really. 

The average new car is reportedly $10,000 more expensive than it was in December 2019, with an average price of $45,283 for a non-luxury new car. 

So, in an automotive market where prices seem continually on the rise, it can prove particularly challenging to find a new vehicle that offers both quality and affordability. For the 2024 MY, we’ve found six new cars that not only promise reliable performance and modern features but also come with a price tag under $20,000. 

Below, we introduce these vehicles, highlighting their key features, performance specifications, and what makes them stand out in the budget-friendly segment of the car market. 

List Of New Cars In 2024 Available For Under $20,000:

1. 2024 Nissan Versa: MSRP $16,130 - $20,140
2. 2024 Mitsubishi Mirage: MSRP $16,695 - $19,595
3. 2023/24 Kia Rio: MSRP $16,750 - $17,690
4. 2024 Kia Forte: MSRP $19,790 - $25,190
5. 2024 Hyundai Venue: MSRP $19,800 - $23,050
6. 2024 Kia Soul: MSRP $19,990 - $24,290

6. 2024 Kia Soul

The 2024 Kia Soul is a subcompact SUV with a starting MSRP of $19,190. The Soul is known for its good looks inside and out, roomy interior, and tons of features for the money. However, it is less fuel-efficient than rivals, lacks an all-wheel-drive option, and no longer offers a turbo engine. 

The 2024 Soul comes in different trims with varying price points (not exceeding $25,190) and features, including the LX (starting at $19,990), GT-Line, and EX models. 

For propulsion power, the Soul relies on a sole 2.0-liter 4-cylinder engine producing a humble 147 horsepower and 132 lb-ft of torque, mated to a well-tuned 2-speed CVT and FWD.

Aware of the famous thefts of certain Kia models, the 2024 Kia Soul model comes with a sleep mode feature that activates 40 seconds after locking the vehicle to prevent hackers from duplicating the smart key frequency.                 

                      2024 Kia Soul Spec Sheet

5. 2024 Hyundai Venue

The 2024 Hyundai Venue is an urban adventurer characterized by a strong yet sophisticated SUV profile. It comes with available Hyundai SmartSense™ features such as Forward Collision-Avoidance Assist with Pedestrian Detection and Blind-Spot Collision Warning, providing confidence in navigating the urban environment. 

The Venue captures attention with available vibrant two-tone color options, 17" alloy wheels, LED lighting, trendy two-tone color accents, and an Ultimate-exclusive chrome grille. 

Inside, the cabin space is equipped with an 8.0" touchscreen display, 4.2" digital cluster, heated front seats, heated steering wheel, power sunroof, automatic temperature control, proximity keyless entry with remote start, and more. 

Starting at $19,800 (MSRP plus additional fees), the Venue is one of the few under-$20,000 new cars left on the market unless you dip in the made-in-China pool.    

        2024 Hyundai Venue Spec Sheet

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4. 2024 Kia Forte

The 2024 Kia Forte compact car has been a long-standing staple in Kia's lineup, exclusively available as a four-door, five-seat sedan. The Forte competes with vehicles like the Honda Civic and Toyota Corolla in the compact sedan segment. 

For 2024, the GT-Line Tech Package has been discontinued, but the features within that package are now standard on the GT-Line trim. These features include front automatic emergency braking with pedestrian detection, adaptive cruise control, lane keep assist, and an electronic parking brake. 

Although prices have seen a slight increase across the lineup, the Forte’s starting MSRP remains below the $20,000 mark at $19,790 in 2024, making it a straightforward, inexpensive, and efficient option for drivers seeking a new small car. 

The downside is that the base model with its basic spec is considered slow and lacking in refinement, and there have been some concerns about safety scores. 

The exterior design remains sharp, and the GT trim has a peppy turbocharged engine and sporty mechanical upgrades. The base model is good on gas, while the GT version promises a zippy, fun driving experience. Needless to say, the 2024 Kia Forte is a part of the last generation of cheap small cars.    

     2024 Kia Forte Spec Sheet

3. 2024 Kia Rio

The 2023/24 Kia Rio represents an evolution of the fourth-generation model that was first introduced in 2021. Last August, however, Automotive News reported that it would not see its fifth generation as Kia has decided to discontinue the Rio model in the U.S. after the 2023 model year. 

The Rio’s departure from North America is yet another blow to the already endangered under-$20k budget new cars, but the development isn’t entirely surprising. As Automotive News explained, mainstream brands are replacing their entry-level subcompact cars with subcompact crossovers to attract younger, first-time buyers that make up the bulk of this market. 

The Rio now lives as the K3, unveiled in August 2023 in Mexico, same car you know as the Cerato in China and South Korea. Be as it may, the 2023 Rio is still available brand-new in dealerships, defined by strong strokes and precise lines. 

It features redesigned headlights and front bumper, with optional LED headlights for select trim levels. The car's proportions are expertly balanced, resulting in an appealing exterior profile.

Inside, the 2023 Kia Rio features a standard 8.0-inch touchscreen display and wireless integration with Apple CarPlay and Android Auto. The vehicle also offers a suite of driver assistance programs and safety features, including Lane Keeping, Forward Collision-Avoidance with Pedestrian Detection, and High-beam Assist. 

The powertrain consists of a 1.6-liter 4-cylinder engine that delivers 120 horsepower and 112 lb-ft of torque, paired with an Intelligent Variable Automatic Transmission (IVT) for smooth and efficient gear transitions. 

The Rio impresses with an EPA-rated MPG of 32 in the city, 41 on the highway, and a combined rating of 36 for fuel efficiency. In terms of pricing, the 2024 Kia Rio comes in two trim levels, with the base LX trim starting at an attractive price point of $16,750 and the S trim with a starting MSRP of $17,390.        

         2023 Kia Rio Spec Sheet

2. 2024 Mitsubishi Mirage

The 2024 Mitsubishi Mirage is a compact hatchback offering impressive fuel efficiency, practicality, and affordability. The Mirage is a budget shopper’s benchmark thanks to a blend of affordability and class-leading fuel economy, achieving an impressive 36 MPG in the city, 43 MPG on the highway, and 39 MPG combined with a Continuously Variable Transmission (CVT). 

Despite its compact size, the Mirage provides a roomy interior and versatile cargo space. It comes equipped with advanced safety features such as Forward Collision Mitigation with pedestrian detection, Lane Departure Warning, and Automatic High Beams. 

Mitsubishi offers a 10-year/100,000-Mile Powertrain Limited Warranty, along with a 5-year/Unlimited-Mile Roadside Assistance program. 

Additionally, the Mirage includes a 2-year/30,000-Mile Limited Maintenance package, covering oil and filter changes, tire rotations, and cabin filter replacement. Starting at around $16,695, the 2024 Mitsubishi Mirage is an affordable option for budget-conscious consumers.             

        2024 Mitsubishi Mirage Spec Sheet

1. 2024 Nissan Versa

The 2024 Nissan Versa is a subcompact car with striking looks, remarkable fuel efficiency, and an array of available driver-assist features. It offers a fuel economy of up to an exceptional EPA-estimated 32 city mpg and 40 highway mpg when equipped with an available Xtronic CVT® transmission. 

The Versa is engineered with a spacious interior, providing 44.5 inches of front legroom and up to 15 cu. ft. of cargo space with available 60/40-split fold-down rear seatbacks. 

The technology features include Apple CarPlay® integration, available NissanConnect® Services, and a wireless charger, seamlessly syncing with compatible devices and offering a 3-year trial with the available SiriusXM Premium package. 

In terms of safety, the Nissan Safety Shield® 360 and Nissan Intelligent Mobility® include optional features that help monitor surroundings and can step in to help keep drivers out of trouble. This car is one of the last holdouts in the under-$20,000 new car market.                    

           2024 Nissan Versa Spec Sheet