In Canada, acquiring a vehicle can be a costly endeavour. Nevertheless, the Canadian market offers numerous vehicles that are more budget-friendly than others, whether you're considering new or used cars.

The price of a vehicle is influenced by various factors, including its features. The basic version of a vehicle can be significantly more economical than a fully equipped one, with differences in brand, model, and style further impacting costs. Let's explore some of the most economical new cars available in Canada.

Budget-Friendly Vehicle Options

Choosing a vehicle can be a daunting task due to the wide array of sizes, brands, and styles available. To help you navigate, here's a breakdown of some of the most affordable vehicles in Canada.

Toyota Corolla

One of the popular economical choices in Canada is the 2023 Toyota Corolla. With an MSRP starting at just $22,690.00 for the 2023 model and a slightly higher MSRP of $23,050 for the 2024 version, the Toyota Corolla offers a range of features, including comfortable seat covers, wireless Apple CarPlay, Android Auto, and advanced safety technologies.

Mazda3

For a budget-friendly sedan, consider the 2024 Mazda3 starting at $24,200. The Mazda3 GS, priced at $26,700, comes with features like heated steering wheel, i-Activsense safety features, and an infotainment system. Various trims allow customization to suit your preferences.

Kia Forte

Kia presents an affordable option with the 2023 Forte, starting at $20,695. The trims, including LX, EX, EXT, EX Premium, GT-Line, and GT Limited, offer features such as blind-spot monitoring, forward collision avoidance assists, and wireless charging.

Nissan Versa

The 2024 Nissan Versa, starting at $22,897, combines affordability with good fuel economy (estimated 6.7L per 100km) and safety features like high beam assist, lane departure warning, and rear automatic braking.

Kia Rio

Starting at $19,984, the 2023 Kia Rio offers a cost-effective option with various trims (LX+MT, LX Premium, EX Premium), each providing features such as heated front seats, Bluetooth, and a rearview camera.

Mitsubishi Mirage

The compact 2023 Mitsubishi Mirage, starting at $16,998, emphasizes maneuverability and fuel efficiency (6.2L per 100km) across its ES CVT, Noir CVT, and GT CVT trims, all equipped with features like smartphone compatibility and rearview camera.

Subaru Crosstrek

The 2024 Subaru Crosstrek, starting at $31,710, is an affordable subcompact SUV with features like all-wheel drive, hill descent control, and LED headlights across its Convenience, Touring, Onyx, Limited, and Wilderness trims.

Subaru Impreza

For a spacious option, the 2024 Subaru Impreza, starting at $29,305, comes as a compact 5-door hatchback with various trims (Convenience, Touring, RS, Sport-Tech) and features such as adaptive cruise control and keyless entry system.

Hyundai Venue

The 2023 Hyundai Venue, a compact SUV, starts at $20,649, offering safety features like blind spot collision warning, lane departure warning, and intelligent variable transmission.

Nissan Kicks

As a subcompact crossover SUV, the 2024 Nissan Kicks, starting at $24,877, balances fuel efficiency with features like blind spot warning, rear cross-traffic alert, and Xtronic CVT across different grades (S to SR Premium).

Nissan Sentra

For those preferring a sedan, the Nissan Sentra, starting at $25,147, provides features such as intelligent emergency braking, adaptive cruise control, and rear sonar system.

Volkswagen Jetta

The 2024 Volkswagen Jetta, a sedan starting at $26,070, offers a range of features, including ventilated front seats, wireless Apple CarPlay, and adaptive cruise control, across its Trendline, Comfortline, and Highline trims.

Honda Civic

A popular choice, the 2024 Honda Civic, starts at $28,745, featuring a 1.5L turbocharged engine, continuously variable transmission, and a variety of safety features like adaptive cruise control and blind spot information system.

Hyundai Elantra

The 2024 Hyundai Elantra, starting at $21,999, boasts leather seating, heated front seats, and a suite of safety features, with trim options including Essential, Preferred, Luxury, and N Line Ultimate.

Toyota Corolla (Hatchback)

The 2024 Toyota Corolla hatchback, starting at $23,050, offers a 2.0L 4-cylinder engine, fuel efficiency of 6.8L per 100km, and various trims, including a hybrid version.

Cheapest Car Brands

While some brands may be pricier than others, several affordable car brands in Canada, such as Nissan and Chevrolet, offer vehicles starting under $20,000. Notably, the 2022 Chevy Spark starts at just $18,922.

Cheapest Vehicles to Lease

Leasing costs vary, and the cheapest lease isn't always associated with the lowest vehicle price. Rates change frequently, and considerations like mileage restrictions impact the overall expense of leasing.

Most Affordable Cars to Finance

Financing rates play a crucial role in determining the affordability of a vehicle. Dealerships may offer low-interest rates, but these can be region and dealership-specific. Financing used vehicles may result in higher interest rates.

Price of Second-Hand Vehicles

Used vehicles generally cost less than new ones due to depreciation. However, financing rates for pre-owned vehicles are often higher. It's crucial to evaluate the overall cost, including interest, when considering a used vehicle.

Vehicles with the Lowest Operating Costs

Toyota stands out for having the lowest operating costs in Canada. Consideration of maintenance and upkeep costs is essential when assessing the long-term affordability of a vehicle.

Final Thoughts

Before purchasing a vehicle in Canada, carefully consider your preferences, budget, and financing needs. Pay attention to interest rates, particularly for financing, as they significantly impact the total cost. Whether opting for a new or used vehicle, thorough consideration and, if buying used, a professional inspection are essential. With a diverse range of affordable options, including compact sedans, SUVs, and other styles, there's a vehicle to suit every need and budget.