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In 2024, it’s tough finding a cheap new car. Just a decade ago, buying a new car for $30,000 was the norm. Fast forward to today, and the average price has skyrocketed by 60%, sitting at about $47,000. Despite this surge, there’s still hope for budget-conscious buyers. Below, we’ve compiled all you need to know about the three cheapest new cars on sale in 2024.
Nissan Versa: The Cheapest Car in 2024
Starting Price: $17,820 with destination charges
Fully-Loaded Price: $24,000+
For those searching for the cheapest new cars in 2024, the Nissan Versa stands out as a prime candidate with a starting price of only $17,820 with Nissan’s expensive destination charges included. The Versa boasts a 5-star safety rating and an impressive 35 MPG, making it not only economical but also safe and efficient. Plus, the Versa is all-around better rated than the #2 cheapest car in America, the Mitsubishi Mirage (starting at $17,450).
The 2024 Mitsubishi Mirage is one of the last subcompact hatchbacks available, with a starting price under $20,000. It offers a lengthy list of standard features, including automatic climate control, a forward collision warning system, and a touchscreen infotainment system with Apple CarPlay and Android Auto. However, the Mirage’s slow performance, lack of comfort, and cheap interior won’t brighten your day. The slightly cheaper Nissan Versa is all-around a better option.
The 2024 Hyundai Venue might be the last new SUV with an MSRP under $20,000, but even the required delivery fees push it over the top. At a starting price of $21,275 with delivery, this is the cheapest crossover on sale. The cargo volume of the Hyundai Venue is just 32 cubic feet with the back seats folded, which is less than half of what you get with the larger Hyundai Tucson and Santa Fe.
Although the Hyundai Venue is technically the most affordable crossover, the only true SUV benefits you get are a rear hatch instead of a trunk and a higher ceiling for hauling.
Fuel economy is merely okay at 29 city / 33 highway, and NHTSA safety ratings are average at 4-stars overall.
Finding the cheapest cars in 2024 may seem like a daunting task given the rising prices in the auto market. However, with options like the Mitsubishi Mirage, Nissan Versa, and Hyundai Venue, budget-friendly cars are still within reach. These vehicles not only offer affordability but also provide efficiency, safety, and value for their price.
Free Car Buying Help? Yes!
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The best new car deals are changing in 2023. Our team of CarEdge Coaches combines decades of experience in the automotive industry to help you, the consumer, buy a car without the hassle. That’s why we create must-have resources that demystify car buying, and save you money. We surveyed our auto experts to find out which new cars have negotiable prices in 2023. The result is an up-to-date resource that will guide you through how to negotiate car prices in today’s changing market.
You Have More Negotiating Power With These New Cars Today
Full-Size Trucks
The 2023 Ford F-150 is negotiable, and can be purchased for under MSRP with some effort.
CarEdge Coaches Justise, Mario and Phil all highlighted full-sized trucks as particularly negotiable in 2023. It’s now common to see advertised discounts below MSRP for these models:
Ram 1500: negotiate up for 7% off MSRP
Ford F-150: negotiate up to 7% off MSRP
Chevrolet Silverado 1500: negotiate up to 5% off MSRP
Honda Ridgeline: negotiate up to 8% off MSRP
Mario noted that his data even shows the Toyota Tacoma TRD becoming negotiable in recent months, with some buyers he’s helped driving one home for between $1,500 and $2,000 below MSRP.
Subaru
Negotiate Subaru prices in 2023 as lot inventory returns to normal.
A year ago, could you imagine buying a brand-new Subaru WRX for $3,500 off of MSRP? In 2023, that’s exactly what CarEdge Coach Mario has been able to help at least one Subaru lover achieve. Subaru suffered the worst of the inventory woes in late 2021 and the first half of 2022, but things are looking up. As Subaru dealer lots fill back up, it’s becoming a buyer’s market again.
CarEdge Coach Justise says that new Subarus can be negotiated to the invoice price at the very least, with many deals closing for under MSRP.
Mazda prices are negotiable in 2023, especially for the CX-9, CX-5 and CX-30.
Mazda inventory is finally recovering, and that’s great news for car buyers. “Now we are refilling inventory and performance is up,” a Mazda executive told Automotive News recently. After treating its first EV like a joke with about 100 miles of range and slow charging, Mazda will “beef up” its EV goals slightly with a new plan. A dedicated battery-electric platform is now due to arrive in 2025.
In the meantime, you can score great deals on many Mazda models, depending on your local inventory.
CarEdge Coach Mario shared specific recommendations on how negotiable the most popular Mazda models are heading into spring:
If you’re determined to get a good deal on any of these new cars, we HIGHLY recommend working with a professional, experienced car buying coach. These are the toughest vehicles to negotiate, and why.w
Hybrids
The 2023 Toyota RAV4 Hybrid is far from negotiable as demand remains through the roof. Looking for a RAV4 Prime? Good luck.
Gas prices have fallen, but we all know the drill. Eventually, gas prices will rise again. Besides, it’s not like the national average is cheap by any means, so higher MPG means more money staying in your bank account. Hybrid vehicles remain in high demand, and that’s being reflected in notoriously non-negotiable prices in 2023.
If you’ve tried to get a deal on a Toyota RAV4 prime or Honda CR-V Hybrid, you’re familiar with the challenge.
Large SUVs
If you’re in the market for a new full-sized SUV, don’t expect to find good deals in the first half of 2023. Justise, a beloved CarEdge Coach who has saved hundreds of car buyers tens of thousands of dollars, says that he’s noticed that these models are particularly tough to negotiate, at least on the new car market:
Cadillac Escalade
Jeep Grand Wagoneer
Chevrolet Suburban
Land Rover
Toyota Sienna
Oddly enough, large SUVs have been among the vehicle classes that have declined significantly in the USED car market. If you’re in need of a larger SUV or van, we recommend at least taking a look at the pre-owned lots. Of course, never buy used without a pre-purchase inspection.
Don’t Overlook the Cost of Ownership
When you’re budgeting for a new car purchase, don’t forget the other significant costs that accompany vehicle ownership. Here are some helpful resources to shed light on the total cost of ownership:
Don’t Go In Blind: Negotiate Car Prices With Confidence
Whether you’re thinking of buying new or used, always know the right price to pay. This is more important than ever as the market continues to change at a quicker pace. At CarEdge, we know that the best deal is the one you completely understand. Research is key to learning how to negotiate car prices effectively, and ultimately buying your car for the price you want.
The CarEdge Community is your one-stop shop for car buying advice and consumer empowerment. Join CarEdge for free to see what the hype is all about. Looking for more help with your deal? With the CarEdge Coach plan, you get 1:1 help from CarEdge Coaches, access to Premium Resources (like car dealer tools typically hidden from public view), Deal School, and CarEdge Reports featuring suggested offer, negotiation score, and recommendations for EVERY vehicle listing.
We’re real people helping drivers save real money every day. We hope to see you there.
For the past few years, electric vehicles have sold for about $10,000 more than combustion-powered counterparts on average. That’s not good for the consumer, and it’s not helping EV adoption. However, the market is changing. In 2024, you CAN negotiate electric car prices, at least for some of the most popular models. Here’s where the market stands, and how to negotiate a better price when you head to the dealership to buy your next EV.
The EV Market in 2024 – Prices, Inventory and Demand
The EV supply shortage is well behind us, and the legacy automakers are busy playing catch-up. It’s not all about Tesla anymore. Mainstream automakers like GM, Ford, Toyota and Honda are introducing their own budget-minded EVs in 2024 and 2025. On top of that, EV tax credits were revamped to remove the previous sales cap, and introducing new limitations.
Demand for electric vehicles remains high, and more than two-thirds of American drivers are at least somewhat interested in owning an EV in the future. What’s changing is the supply of new and used EVs on the market.
Little by little, electric vehicles are becoming a mainstay on dealer lots. Five years ago, Tesla, Chevrolet and Nissan were the few known for their electric offerings. Today, every automaker has jumped on the electric bandwagon.
Electric car prices remain higher than the overall industry average. The average new EV sold for $56,648 in 2024. That’s over $8,000 more than the overall average new car price of $48,401. This is an improvement over where EV prices were about two years ago when the average transaction price was about $64,000.
So yes, electric cars, SUVs and trucks remain expensive overall. However, for the determined and knowledgeable buyer, savings can be had when negotiating EV prices. Let’s dig into the details.
Can you negotiate Tesla prices?
Are you shopping new or used? You can’t negotiate prices for a new Tesla Model Y or any other new Tesla. That’s because Tesla sells direct-to-consumer (learn more about the trend toward DTC sales here). The price you see on tesla.com is the price you pay.
Buying a used Tesla is an entirely different story.
Tesla commands about half of the EV market in America. So when Tesla discounts new models, the effects will spread throughout the new AND used EV markets soon after. In 2023 and 2024, Tesla discounted prices for the Model 3 and Model Y heavily. Why did Tesla drop prices? The answer is simple: to spur interest in its vehicles.
The result is much more affordable NEW Tesla models, and a glut of used Tesla cars on the market. Fewer buyers are opting to buy used at a time when brand-new Tesla models are heavily discounted. Consequently, the market for used Tesla EVs has crashed. You can most definitely negotiate a better deal on a used Tesla today.
Long gone are the days of used Teslas selling for more than new ones.
Caution! Here’s what you NEED to know when buying a used Tesla
Before heading to the dealership to negotiate a used Tesla, prepare for the messy market in 2024. Here’s what you need to keep in mind when pursuing a deal on a used Tesla:
The dealer may be stuck in time. Don’t expect your salesperson to know that Tesla dropped Model Y prices by up to 13% and Model 3 prices by several thousand dollars. There’s also a real chance that they could be pretending to be unaware of the recent price drops. Dealers WILL try to sell their used Tesla inventory for more than the cars are worth, because there’s a good chance that they’re losing money on them.
Don’t expect the dealer to be a tax credit expert. The used EV tax credit is ONLY for vehicles under $25,000. In other words, few used Teslas will qualify in 2024. But they are out there. Do your homework before negotiating a deal. Here’s the latest from the IRS on exactly how the new EV tax credit works.
Yes, you CAN negotiate electric car prices.
Several factors make all EVs more negotiable in 2024, not just used Teslas:
Supply is up: EVs remain popular, but you’ll no longer be fighting tooth and nail for the sparse electric vehicle inventory. From the budget-minded Nissan LEAF to the Hyundai IONIQ 5, most mainstream electric vehicles have more inventory now than ever before.
Markups are ALWAYS negotiable: With inventory up and the EV market growing, don’t let anyone try to convince you that markups are acceptable. Our community has shown time and time again that EV markups can and should be removed.
The Tesla effect: When Tesla slashed prices by up to $13,000, competitors took note. The Ford Mustang Mach-E was discounted shortly after, and budget-friendly EVs like the Volkswagen ID.4 are holding prices where they are, after prior speculation that price hikes were on the way.
There’s always something better: Electric cars are going through an extended period of rapid innovation. 2015’s latest and greatest EVs are mediocre today, and 2024’s most capable electric models will lose their sparkle when longer-range and faster-charging EVs arrive. Use this to your advantage. When negotiating an older model year EV, use this to your advantage.
Tax credit winners and losers: If the EV you’re shopping for doesn’t qualify for the revised federal tax credit, use that as leverage to negotiate a lower price. In 2024, this includes the popular Hyundai IONIQ 5, Kia EV6, Nissan Ariya, as well as others. Made-in-America EVs under the new price caps ($55,000 for sedans, $80,000 for trucks and SUVs) do qualify for the new EV tax credit. However, battery sourcing requirements complicate matters further. See the latest update from the IRS for the official guidance.
Check out these success stories!
After what we’ve all been through a few years ago, it’s fair to be weary of good news. But deals on EVs are attainable. Zero percent financing abounds! Here are three recent EV success stories from the CarEdge community.
“Thanks to the guidance from CarEdge, I was able to get a 23′ Ioniq 5. I negotiated all of the dealer extras off of the out-the-door price and $4,000 off of the market adjustment. Could’ve gotten the SEL trim for under MSRP, but had my heart set on the Limited.
Really happy with CarEdge, it made all the difference. Hated to pay any market adjustment but the Limited trims are in pretty high demand with limited inventory so I felt good about it. Thanks crew!!”
– Eric, 2023 Hyundai IONIQ 5 Limited
“I purchased a new Kia EV6 from Sterling Kia in Lafayette, LA. I emailed the dealer the evening of 10/21 after hours inquiring if they had a Wind RWD available. Matthew called me the next morning stating the car was available. Before the end of the day, I purchased the EV6 at MSRP with no dealer add ons.”
– Howard, 2023 Kia EV6
“I called a dealer about a Chevy Bolt 2LT, that according to CarEdge’s VIN tracker has been on the lot for 3 weeks 🤯. Salesperson said no markup, $2500 in add-ons, but they said it was negotiable.
I came in and negotiated off all the options except for permaplate. They even gave me the California Clean Fuel rebate, which I wasn’t expecting since California said they paused that rebate.
I learned so much from the CarEdge Community. I came with a check-ready loan. They beat my APR by .1% 👍. I told them I would rather custom order without accessories, they said they would but I would have to wait. When I said I would wait, the manager took off that last option.”
– Stefan, 2022 Chevrolet Bolt
There are many more examples of great car price negotiation wins over at the CarEdge Community. Today, it’s totally possible to negotiate the price of a new or used EV, especially if you’re willing to learn negotiation tactics that are proven to be effective.
Used car sales are much stronger than they were one year ago. Car buyers aren’t phased by much higher interest rates, economic uncertainty or exorbitant new car prices. What do healthy sales mean for car buyers in the 2023 spring car buying season? Will used car inventory keep up with demand, or will a shortage send prices higher? Here’s what the latest data tells us.
Is there a car shortage in 2023? It depends what you’re in the market for. Semiconductors aren’t the problem this time around. Car prices were so high for so long that as prices finally dropped, demand shot through the roof. The supply of used vehicles is lean as the spring selling season seems to be kicking off early this year, according to new data from Cox Automotive.
At the end of January 2023, there were 2.21 million used cars for sale on dealer lots across America. That’s 100,000 less than inventory in December 2022. Inventory remains down 14% from one year prior.
People keep buying cars, and that’s reflected in how quickly days’ supply has dropped. At the end of January, the days’ supply of used cars was 48 days, down from 57 just one month prior. Analysts from Cox Automotive note that many dealers are scrambling for inventory, and that’s driving up prices at wholesale auctions.
Affordable cars are disappearing
The average price for a used car in America is $26,510 in 2023. Here’s some perspective: Used car prices have risen 33% in the past five years. A decade ago, the average used car sold for ‘just’ $15,900. If you’re in the market for a used car under $15,000, expect VERY stiff competition, and slim pickings. Here’s how days’ supply breaks down for different used car price points, according to the latest data.
Vehicle Price
Days' Supply
under $10,000
35
$10,000 - $15,000
42
$15,000 - $20,000
46
$20,000 - $35,000
50
over $35,000
53
The brands with the lowest used inventory were Toyota, Acura, Honda, Nissan, Mazda and Lexus. Toyota had the lowest days’ supply of used vehicles at 39. Japanese automakers have been hit particularly hard by post-COVID supply chain problems, which has forced more drivers to their respective pre-owned markets as new inventory remains slim.
Retail price update – Spring 2023
After reaching a peak in June of 2022, used car prices steadily fell for seven consecutive months. That general trend continued into 2023, but reversed sharply beginning in late January. Not surprisingly, lower prices spurred higher demand for used cars.
According to data from Cox Automotive, average retail used car prices dropped by about $1,500 in January, but have been rising since then.
In a classic example of supply and demand economics, the used car market has reached a new normal in 2023. The volume of used car sales is 13% higher than it was at this point last year. Used car inventory industry-wide is now lower than at any point in all of 2022.
Wholesale auctions signal a sustained bump in prices, at least through tax refund buying season. Here’s a look at the latest Black Book wholesale auction price trends in March:
For the past two weeks, wholesale used car prices have increased. Sports cars and crossover SUVs have gained value the quickest.
As usual, there’s a 2-4 week delay between auction price trends and retail prices. As of February 21, the market average of retail used car prices remained unchanged.
The average retail used car price has remained steady over the past two weeks, while wholesale prices spiked.
When will used car prices drop?
The sudden spike in used car prices won’t last, but don’t expect 2020 prices to return. CareEdge’s own Ray Shefska had these market insights to share.
“I expect to see used car values and asking prices to remain somewhat elevated throughout the spring months of March, April and May with prices beginning to decline in June. I suspect that even though wholesale values at the auctions will continue to rise, retail asking prices will probably remain somewhat flat in order to keep the deal structure within the lending guidelines set by the banks.”
Here’s what Cox Automotive Chief Economist Jonathan Smoke had to say about where things stand, and what’s to come.
“The principal reason for improving used retail sales early in 2023 is the price decline that was a product of last fall’s wholesale price drops. Now dealers are restocking at higher prices, and driving prices even higher, so the retail price trend will reverse soon. It’ll be tough to maintain positive sales momentum with higher prices, especially as rates keep rising.”
There’s a lot of pent-up demand for affordable cars. Factor in inflation, and it becomes clear that prices are never going back to where they were in 2020 and prior.
But that doesn’t mean you can’t negotiate a better deal!
Here’s how to save thousands today, no matter the market trends
Imagine if you could have an experienced car buying coach help you negotiate and compare deals, saving you time and thousands of dollars. That’s exactly how we help car buyers negotiate better deals at CarEdge. Buying a car just got a whole lot easier.
With CarEdge Coach, you get:
Three months of unlimited access to CarEdge Car Coaches
1:1 help with negotiating the best deal, securing the best rates on financing and insurance, and help with products like warranties and optional add-ons
Expert trade-in analysis
Access to Deal School 3.0, our premier car buying course for 2023
Black Book reports, so you can see the same trade-in values dealers use
CarEdge Suggested Offer, Negotiability Scores, and Recommendations (launching February 2023!)
Still looking for the perfect car? We can help with that too
The savings speak for themselves….
“The buying and selling tools allowed me to track what was happening in the market. Knowing the value of my trade with the price of used cars declining each week, resulted in a private sale of the old ride. Timing was perfect for stepping into my next ride.
Thank you Ray, Zach and the CarEdge team… you’ve saved me thousands.”
– Happy owner of a 2023 Chevrolet Bolt EV
“Utilizing the market data available through CarEdge, I was able to get a 2018 Lexus IS 350 F-Sport Sedan with 44k miles for $35,600 out the door. This was $5k less than the first quoted price. It took a week, but with patience, the info to support my offer from CarEdge, and standing firm on what I saw was a fair price, it worked. Thank you Zach & Ray!!! No way this happens without my CarEdge membership. Will definitely circle back to the concierge option when it is time to get the next car!”
– Happy owner of a 2018 Lexus IS 350
CarEdge success stories have a common theme: you can save thousands of dollars with CarEdge. If you’re not satisfied, we offer a 100% money back guarantee.
Have you checked your Carvana offers lately? You may be in for a welcome surprise. Used car prices are trending upward in early 2023, and if you’re thinking about selling your car, now might be the time! After seven months of steady price declines, January saw a return to higher appreciation.
To test this hypothesis, we crowdsourced data from CarEdge community members like yourself to figure out just how much cash offers from Carvana, CarMax, Vroom, and others have increased.
What’s driving used car price trends, and how are wholesale markets translating to trade-in values and Carvana offers? When is the best time to sell a used car? We’ll dive into that and more.
Used Car Price Trends: It’s a Seller’s Market
According to the latest data from Cox Automotive, wholesale used car prices increased month-over-month in January. From December 2022 to January 2023, seasonally-adjusted used car prices at wholesale auctions rose 2.5%, but remained 12.8% lower than one year before. Only part of January’s rising car prices can be attributed to typical seasonal trends. According to Cox Automotive’s Manheim Used Vehicle Value Index, the non-adjusted used car prices were up 1.5% in January, showing that factors other than seasonality are at play here.
Black Book data shows a similar trend across the broader market. For the first time in nearly 8 months, used car prices increased at wholesale auctions.
After seven months of price drops, used car prices have increased quickly in recent weeks. Source: Black Book
“The overall market moved back into positive territory last week for the first time since the middle of June of last year. The newer, 0-to-2-year-old units experienced even larger increases than the 2-to-8-year-old units that are typically featured in our report. The overall market for the younger units increased +0.12%, compared with the 2-to-8-year olds that increased +0.03%. Older model years, 8-to-16-year-old units, increased only slightly less than the newest model years, with an uptick of +0.10%.” – Black Book Market Insights – 2/14/2023
Used car depreciation is slowing down, although the extent varies from one vehicle segment to another.
Why are car prices rising again?
Seasonal factors are increasing demand as we get closer to spring buying season, but CarEdge’s Ray Shefska thinks there’s more to the story here. “There’s a shortage of the preferred used cars: 2-6 year old cars with lower mileage. Dealers are still willing to fork over more cash at auctions for the used cars that sell quicker. They anticipate a coming shortage of inventory in the warmer months, and are willing to pay more to get cars on their lots today.”
Fears of a recession are subsiding somewhat, and that’s contributing to dealers raising their expectations for the health of the used car market this spring and summer.
Carvana offers are rising fast
Typically, car market trends at the wholesale level take months to translate to retail prices. That’s not the case this time around. Here are some before and after comparisons of Carvana offers received by CarEdge Community in recent weeks.
We were shocked to find that Carvana’s offer for this 2014 Toyota Camry had increased by $2,117 in just four weeks.
Carvana’s offer for this 2017 Kia K900 increased by $1,837 in about one month.
This 2017 Toyota Avalon gained $383, or about $125 per week over the past month.
Ready for a real shocker? This 2015 Chevrolet Corvette gained $1,256 in just seven days.
This is especially noteworthy since sporty and luxury cars have depreciated faster than any other vehicle segment in recent months. Now, they’re quickly gaining value. Thank you to our CarEdge Community for sharing these offers with us.
Even if you checked your offers from online car buyers just days ago, we recommend seeing your updated offers with CarEdge. Your car has likely gained value in the past week. Compare multiple quotes without annoying phone calls.
Sell your car soon
Your car is worth more than it will be in a few months. It’s tax season, and car buyers are about to have a chunk of cash in hand. The increased demand isn’t ubiquitous, at least not yet. Newer, mainstream brands are appreciating more than luxury cars right now.
Luxury cars are not gaining value as quickly. They fell the hardest over the past seven months. Black Book Market Insights
Ford CEO Jim Farley told investors that Ford expects overall transaction prices to fall by about five percent. “You think about that as a combination of incentives and lower dealer margins. We’re starting to see dealer margins come down now as demand from the industry is easing a bit,” said Farley.
Interest rates remain high, and may climb further. Will the Federal Reserve continue to raise the cost of borrowing money at the next meetings in March and May? Most analysts expect at least one more 25 basis point hike in the near future. With that said, the cost of financing is likely to become an even greater burden to car shoppers in the months ahead, and that could soften the market yet again.
If you’re considering selling or trading-in your vehicle, you’re likely to get the best deal in February and March.
Compare offers without selling your data
The used car market has changed a lot in recent weeks. Even if you’ve recently received online offers from Carvana, Vroom, or others, you’ll want to see your car’s updated offer. It’s likely that your car’s value has risen.
Has your car’s value gone up in recent weeks? Let us know in the comments below, or join the internet’s fastest-growing automotive forum, the CarEdge Community.
In the market to buy? We’re here to help you take control of your deal and save money. Whether you’re looking for some 1:1 help with negotiating thousands off your deal, or are simply ready to hand over the keys and let a pro do the negotiating on your behalf, CarEdge Car Coaches are ready to assist. We have options for every budget. Check out plans and benefits today!
CarEdge Insights
