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The Cheapest Cars in Canada for 2024: 15 Luxury, New, and Used

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Buying a car requires significant investment, and having alternative options can offer comparable quality while saving a bit. One of these options is to buy cheap new cars like Nissan Versa, Mitsubishi Mirage, Hyundai Elantra, and Kia Rio. 

Another practical option is to buy used vehicles at online sites like AutoTrader, Facebook Marketplace, and Kijiji. In this article, we’ll discuss the top 10 cheapest cars in Canada and 5 of the most affordable luxury cars. 

Key Takeaways

  • The Kia Forte and Mitsubishi Mirage are two new cars you can buy for under $20,000.
  • The cheapest luxury cars in Canada include the Audi A3 Premium FWD, Lexus UXh, Cadillac CT5 Luxury Sedan, Mercedes-Benz CLA 250, and the Volvo S60. 
  • The cheapest places to buy cars in Canada are Autotrader, Cars Fast, Facebook Marketplace, and Kijiji. 

Cheapest New Cars in Canada 

Nissan Versa

Nissan Versa is an affordable 5-seater sedan with generous trunk space, 60/40-split rear seats, and a centre console storage. Its safety and driver assist features include advanced traction systems and the Nissan Safety Shield 360 that comes with sophisticated tools to help avoid hazards. Versa boasts a 122-hp four-cylinder and fuel-efficient powertrain. It comes in three trims: ES CVT, NOIR CVT, and GT CVT. Prices start at $22,905, depending on the trim.  

Hyundai Elantra

The Hyundai Elantra is an excellent option for new drivers, with its sharp exterior design, added rear side-impact airbags, a spacious cabin, and a power sunroof. Available in four trims, the sedan comes with safety features, including adaptive cruise control, blind-spot collision-avoidance assist, driver attention warning, and rear occupant alert. Designed for efficiency, it has a combined fuel economy of 6.5 L/100 km. The MSRP for the 2024 model is $24,506.

Kia Rio

The Kia Rio offers good transportation in either a 4-door subcompact sedan or a 5-door hatchback. It’s powered by a 1.6L 4-cylinder generating 120 hp and 113 lb-ft of torque. Fuel economy is 7.7 L/100km and 6.1 L/100km in the city and highway, respectively. Its safety features include blind-spot collision warning, forward collision-avoidance assist, and lane keep assist. Offered in four trims, Rio prices range from $20,033-$25,583, depending on the trim. 

Mitsubishi Mirage

The Mitsubishi Mirage is a compact 5-seater hatchback with reliable performance, outstanding fuel efficiency at 6.2 L/100 km, easy manoeuvring, and a powertrain combination featuring a highly efficient 1.2L 3-cylinder engine. Forward Collision Mitigation, a 7-airbag system, and the Active Stability Control are among its many safety features. Available in three trims, the Mitsubishi Mirage ranges in price from $16,998-$21,498, making it one of the cheapest new cars in Canada. 

Mazda Mazda3

Mazda Mazda3 is a compact vehicle available in sedan and hatchback body styles and comes in 4 trims (GX, GS, GT, and GT Turbo), with available all-wheel drive and turbo. Features include Advanced Blind Spot Monitoring, Rear Cross Traffic Alert, and Dynamic Stability Control that alert drivers to potential hazards and forecast driving conditions. The Mazda3 compact sedan starts at $24,200, while the hatchback style starts at $24,950. 

Toyota Corolla

Touted as “an immensely thrifty hybrid model,” the Corolla sedan boasts a fuel-efficient 169-hp 2.0 litre 4-cylinder DOHC 16-valve engine, 18-inch wheels and tires, and LED headlights. It also includes driver-assistance technology like road sign assist and automatic high beams. Corolla is available in different models: L CVT, LE CVT, SE CVT, LE, LE AWD, SE AWD, XSE CVT, and XSE AWD. Prices start from $26,382.58-$37,742.58, depending on the model and options. 

Kia Forte

The Kia Forte is a sporty-looking sedan that provides the option between a 2.0L four-cylinder engine or a 1.6L Turbo engine with 201 horsepower. Available in four trim levels (LX, LS, GT-Line, and GT), Forte comes with a 10.25″ navigation, a sunroof, and safety features like a blind-spot detection system, lane follow assist, and advanced forward collision-avoidance assist. One of the more affordable cars, the price of a Kia Forte ranges from $19,990-$25,390, depending on the trim. 

Nissan Sentra

The Nissan Sentra is one of the more affordable new cars available today, with a starting MSRP of $25,155. This front-wheel drive sport sedan is equipped with a 149-hp 4-cylinder engine and has a combined fuel economy of 6.6 L/100 km. Offered in 7 trims, the Nissan Sentra also comes with 60-40-split rear seats, a rear door alert, a spacious trunk, and a suite of driver-assistance technology, including rear-cross-traffic alert, and automated emergency braking. 

Hyundai Venue

The Hyundai Venue is an SUV with two-tone colour accents and equipped with 17″ alloy wheels, LED lighting, heated front seats, a power sunroof, and a spacious cabin. It has a 121-hp 4-cylinder suited for slower-moving urban settings, and a combined fuel economy of 7.5L/100 km. Its safety features include the forward collision-avoidance assist with pedestrian detection and blind-spot collision warning. Available in 3 trims, the Hyundai Venue is one of the most affordable SUVs today, with prices ranging from $23,331-$27,631, depending on the trim. 

Subaru Impreza

The redesigned Subaru Impreza features more advanced technology and safety systems. This 5-door AWD hatchback is equipped with an 182-hp Subaru Boxer engine, with a fuel consumption of up to 8.8L/100 km in the city and 6.9L/100km on the highway. Its safety features include driver assist technology, high beam assist, and a driver monitoring system. Available in 4 trims (Convenience, Touring, RS, and Sport-tech), the Subaru Impreza price ranges from $29,158-$34,158. 

Cheapest Luxury Cars in Canada 

Audi A3 Premium FWD

This 5-seat hybrid premium luxury sedan with an advanced all-wheel-drive system features new LED headlights, a sport suspension and a garage door opener. It’s equipped with a 2.0L turbo-four with 201 hp, and a fuel efficiency of 8.2L/100km. Its driver assistance features include an adaptive cruise control, Audi pre sense front, and high beam assist. One of the cheapest luxury cars in Canada, the Audi A3 Premium FWD has an MSRP price range of $44,315-$51,515, depending on the trim (Komfort, Progressiv, or Technik). 

Lexus UXh

The 5-seater Lexus UXh boasts a cutting-edge design, heated and ventilated front seats, LED headlamps, flared fenders, and safety features like the Intelligent Assistant and advanced cloud navigation. The UX 250h AWD Automatic model comes with a Lexus hybrid drive engine built with 181 net HP and has a fuel rating of 5.7/6.2 (city/highway). The price of this particular Lexus model starts from $45,586.00. 

Cadillac CT5 Luxury Sedan

The CT5 highlights include a twin-turbo-charged 3.0L V6 engine, a Bose performance series premium audio system, and front power lumbar massage seats. It’s built with safety and driver assistance technology, such as emergency braking, alerts, monitoring, and parking assistance. The price of the 2024 CT5 luxury sedan depends on the model: Luxury (from $48,130), Premium Luxury (from $51,530), and Sport (from $51,530). 

Mercedes-Benz CLA 250

The Mercedes-Benz CLA 250 is a 5-seater hybrid sedan featuring a 8G-DCT 8-speed dual-clutch automatic transmission, with 221 horsepower at 5,500 rpm. It’s built with a 2.0L Inline-4 turbo engine with mild hybrid drive. It has a city and highway fuel efficiency of 9.5L/100 km and 6.8L/100 km, respectively. Its safety features include Blind Spot Assist and Active Distance Assist. The MSRP of this model is $50,500.  

Volvo S60

The Volvo S60 is a 5-seater AWD mild hybrid sedan with Google built-in features, pilot assist, a panoramic roof, air purifier, driver assistance technology, cross-traffic alert, and safety assistance technology. This luxury sedan comes in a broad range of colours, including the Black Edition. It’s equipped with a 247-hp, 4-cylinder direct injection turbo petrol engine, and automatic transmission. It has a combined fuel consumption of 8.4L/100km. At $54,038, the S60 is the most affordable sedan from Volvo. 

Cheapest Places to Buy Cars in Canada 

AutoTrader

AutoTrader.ca is an online marketplace with a huge selection of new and used cars, trucks, and SUVs. Use this site to shop for a car and browse new and pre-owned inventory from private sellers and local dealerships. Compare car prices and read reviews to make sure you find the right car for your needs.

Facebook Marketplace

Facebook Marketplace is a convenient online destination to find, buy and sell items, including cars. Set up your Marketplace account by logging in to your personal Facebook account and clicking on the Marketplace icon.  

Kijiji

Kijiji is an online marketplace that connects sellers with buyers looking to purchase new cars. The site is designed to make it easy for visitors to find what they’re looking for using vehicle-specific features that allow them to search for the cheapest used cars, compare prices and features, and buy vehicles. 

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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2 thoughts on “The Cheapest Cars in Canada for 2024: 15 Luxury, New, and Used”

  1. Gravatar for Steve Bridge

    Another excellent article, Enoch! This is super helpful and I’ll be sharing it with my clients.
    Steve

    • Gravatar for Enoch Omololu, MSc (Econ)

      Thanks for sharing, Steve!

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