Canadians have a keen eye for great deals, which extends to their quest for the most budget-friendly cars in the nation. Given the ever-evolving nature of the automotive industry, conducting thorough research is essential. If you’re considering applying for a car loan to finance your new vehicle, utilizing a car loan payment calculator in Canada can be invaluable.
Let’s dive into the top affordable cars in Canada.
The Mitsubishi Mirage subcompact hatchback is Canada’s most affordable car, boasting the best fuel economy of any new vehicle in the country when equipped with an automatic transmission (6.2 liters per 100 kilometers combined). The base ES trim, priced at $14,298 (before $1,575 in fees), is equipped with a 1.2-liter three-cylinder engine delivering 78 horsepower and 74 lb-ft of torque. It also has a five-speed manual transmission.
The Kia Rio, starting at $19,933, is a front-wheel-drive vehicle designed for those seeking an affordable and reliable ride. It has an I4 1.6L engine with 120 horsepower and offers built-in wireless technologies such as Android Auto, Apple CarPlay, and Bluetooth.
The Nissan Kicks is a practical subcompact crossover featuring a naturally aspirated 1.6-liter four-cylinder engine generating 122 horsepower. It comes with a continuously variable transmission (CVT) and front-wheel drive. Unlike many crossovers, the Kicks doesn’t offer all-wheel drive, helping to keep its price low at $20,098.
The 2023 Mazda Mazda3 is another top pick among affordable new vehicles in Canada, starting at just $21,900 for the sedan and $22,900 for the hatchback. It has a 2.0-liter four-cylinder engine producing 155 horsepower and a standard six-speed manual transmission. An optional six-speed automatic transmission is also available for those who prefer automatic shifting.
The Hyundai Elantra is a popular, budget-friendly sedan known for its comfortable ride and spacious interior. It is priced at $22,949.25 and delivers a fuel economy of 6.4L/100km combined, making it an economical choice.
The 2023 Toyota Corolla, with a base price of $25,804, is one of Canada’s most budget-friendly new cars. The base L CVT trim has a 1.8-liter four-cylinder engine producing 139 horsepower, paired with a continuously variable transmission (CVT). Note that the six-speed manual transmission option is no longer available in Canada.
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