Depending on the financing you get, you could be locked into this financial decision for the next two to six years. When it comes time to buy a car, you have to get all your ducks in a row and choose wisely!
Buying new cars for under $10000 is one of the most sensible option available to car buyers. Although no new car has an MSRP of less than ten grand, it is still possible with rebates, incentives and negotiating to get the selling price very close to $10k.
It's not like these cars are just dumpster fires and that's why they are so cheap. Car manufacturers understand that many people are looking for the reliability, technology and other benefits that buying new cars gets you, but they don't have a lot of money to spare. These cars have a few distinct advantages over used cars and over more expensive new cars, other than just their microscopic MSRP.
Another big advantage is the new car warranty you will get. Unless you get a certified used car or pay for your own, there really is no way to get the kind of peace of mind that a new car warranty can offer you.
Financing on new cars is generally longer than used cars. While this does mean you will pay more on interest over the entire life of the loan, it also means that your monthly payments will be much more manageable. It's really a trade off, and to know for sure if it's the best option you will have to sit down and do the math yourself.
If you're convinced that buying a cheap new car is the best option available to you, then next you'll need to find out more about the candidates and see which you like the most. Here's your speed dating with the cheapest new cars on the market!
The Versa is the cheapest new car money can buy. This little car is surprisingly spacious for its class, and is also incredibly efficient, getting an estimated 30 city / 38 hwy mpg. The sedan trims do come with a smaller engine than the hatchback, but with the larger engine comes with a higher price tag and less gas mileage.
The Accent is another example of Hyundai's commitment to excellent fuel efficiency and sharp styling. Getting an estimated 30 city / 40 hwy mpg with both its sedan and hatchback trims, providing ample passenger space and a good amount of standard and optional equipment, the Accent is definitely worth a look. If you want to be thrilled by your ride or you need engaging driving dynamics, however, you might want to check another car out.
The Ford Fiesta, along with the Chevy Sonic, is one of the most fun to drive vehicles you can find for this cheap. The lively engine and engaging handling are some of the vehicle's definite strong points; along with its high estimated 29 city / 40 hwy mpg. However, you may find yourself a bit more cramped in the Fiesta than other competitors.
One of Kia's two entries in this class, the Rio is the more conventional of the two. Kia places a big emphasis on styling and fuel economy, and the Rio has both. The list of standard and optional equipment on the Rio is considerably longer than most the competition, and it also gets a high estimated 30 city / 40 hwy mpg. It's not the most spacious or the quietest car around, however.
The Soul has soul. That's a terrible pun, but one look at this car and you can tell it is unique. If you're into the styling and new age design this car could be perfect for you. It does deliver more than just style; it gets an estimated 29 city / 36 hwy mpg and has more than enough room for a car full of adult passengers. It's not the fastest or most efficient car in the class, but it is still a solid choice.
The Sonic is one of the new faces in this crowd, and since it has been introduced it has done much better than anyone expected. It is a very athletic car in terms of handling and acceleration with its optional turbocharged engine; probably the most so of these competitors. To top it all off it also gets an estimated 29 city / 40 hwy mpg. If you're looking for a lot of standard and optional features and technology however, you might want to look elsewhere.
Seeing the Yaris slip down in this class made Toyota give it a full redesign, and it is now more than competitive with the rest of the class. It is lagging behind the competition in terms of cargo space, but it is one of the best for driving dynamics and fuel economy. It gets an estimated 30 city / 38 hwy mpg.
The Honda Fit may be the most expensive of the vehicles highlighted here, but you certainly get what you pay for and more. The most versatile and all around compact car of the bunch, the Fit has a good balance of everything. It has solid gas mileage estimated at 28 city / 35 hwy mpg, but that is noticeably less than some competitors. It also will not give you very much athleticism with its driving dynamics either.
