The Cheapest Cars in Canada in 2023

Another contributing factor to the price of a vehicle is the features included with it. The basic version of a vehicle can be thousands of dollars cheaper than the version of the vehicle that includes all the bells and whistles. The brand, model and style of the vehicle also make a large difference. Let’s take a look at some of the cheapest new cars in Canada.

Affordable Vehicle Options

When it comes time to purchase a vehicle, it can be challenging to figure out one of the best options for you. There are many different sizes, brands, and styles of vehicles out there. Along with the different styles to choose from, these vehicles all come at different prices. Let’s take a look at some of the most affordable vehicles in Canada.

Toyota Corolla

In Canada, one of the most popular affordable vehicles is the Toyota Corolla. For the 2023 Toyota Corolla, you can purchase it with an MSRP starting at just $22,690.00. You can also purchase this vehicle in the 2024 version for just a little bit more at an MSRP of $23,050.

If you’re looking into purchasing a Toyota Corolla, there are plenty of amazing features that are available for it. They have incredibly comfortable seat covers, 8-way power, wireless Apple car play, wireless Android Auto, and navigation. With the 2024 Toyota Corolla, there are 4 different models available. It’s also available in a hybrid version, and you can get on-demand all-wheel drive. The new Toyota Corollas also have advanced safety technology to help improve your driving experience. 

Mazda3

Another affordable option for a sedan is the 2024 Mazda3. The price of this one starts at just $24 200. That said, the most popular option is the 2024 Mazda 3 GS at just $26,700. There are many different features included in this particular model, and it’s only slightly more than the starting price. 

With the Mazda 3 GS, there are:

• Heated exterior mirrors
• Dual-zone climate controls (automatic)
• Heated steering wheel
• i-Activsense safety features
• Rain-sensing windshield wipers
• Infotainment system

This model also allows for the luxury package, which includes i-Activ All all-wheel drive. The engine in this model is the Skyactiv-G 2.5 L engine, which has 191 horsepower and 186 lb-ft torque. Depending on when you purchase, you could qualify for an unlimited mileage warranty and 2 years free on Mazda-connected services, which include remote start. 

Kia Forte

Kia has an affordable vehicle option as well, the 2023 Forte. The starting price for the base model is just $20,695. The prices go up from there but are still reasonable and include features like:

• Blind-spot monitoring
• Forward collision avoidance assists
• Rear cross-traffic alert
• Lane follow assist
• Navigation
• Wireless charging

With the Kia Forte, there are quite a few trims to choose from. The basic trim is the LX, which has drive mode select. From there, there is the EX, EXT, EX Premium, GT-Line and GT Limited. As you go up in trim, there are more features included with the vehicle. This allows you to find the best-fit vehicle and price for you. Even though the GT Limited is the most expensive trim and includes the most features, prices start at just $31,095. 

Nissan Versa

The 2024 Nissan Versa starts at just $22,897. On top of the fact that it’s considered to be an affordable new car, it also has really good fuel economy at an estimated 6.7L per 100km. This vehicle is also known for its safety and connectivity. 

Just like with other models, there are a few different grades you can choose from depending on what features you’re looking for. There will be a slight difference, though, depending on which grade you choose. 

Some key features to note for the Nissan Versa are:

• High beam assist
• Bluetooth phone system
• Tire pressure monitoring system
• Lane departure warning
• Heated exterior mirror
• Seating capacity of 5
• Rear automatic braking
• Automatic emergency braking
• Rearview monitor
• Hill start assist
• Continuously Variable Transmission (CVT)

These are just a few of the features included. There are plenty more that are optional. You can customize the vehicle to suit your needs. It even comes in a five-speed manual transmission. 

Kia Rio

Starting at just $19,984, the 2023 Kia Rio is a great, affordable option if you’re in the market for a new vehicle. This price is for the LX+MT trim, but there are 3 other trims you can choose from. 

• LX+ trim starts at just $21,094
• LX Premium starts at just $22.494
• EX Premium starts at just $25.444

No matter which trim you choose, though, there are plenty of features included with this vehicle. Each trim also comes in a variety of colours. One thing you should consider, though, is the LX+MT trim is a manual transmission. The other trims have an Intelligent Variable Transmission (IVT). 

Some of the great features included with all trims are: 

• Heated side mirrors
• Rear window wipers
• Cloth seats
• 60/40 split folding rear seats
• Heated front seats
• Bluetooth
• Wireless Apple CarPlay and Android Auto
• Air conditioning
• Immobilizer
• Hill assist control
• 4-wheel ABS, anti-lock braking system
• Vehicle stability management
• Electronic stability control
• Rearview camera
• Estimated fuel economy of 7.7L per 100km

As you pick different trims, more and more features will be added. That said, no matter which trim you decide on, you’re getting a great, reliable vehicle. 

Mitsubishi Mirage

Unlike the other vehicles we’ve discussed, the Mitsubishi Mirage is a smaller vehicle that has a hatchback. Because it’s smaller, though, it allows for easy maneuvering and excellent fuel efficiency. It’s also very affordable, with a starting price of just $16,998. 

Even though this vehicle is a bit smaller, it still seats 5 people. The fuel efficiency is 6.2L per 100km, and it comes with a 10-year or 160,000km powertrain warranty. You also have a choice between the 3 different trims: ES CVT, Noir CVT and GT CVT. Some features included with all 3 trims are:

• CVT (Continuously Variable Transmission)
• Front-wheel drive
• ABS
• Push button start
• Smartphone compatible
• Cruise control
• Hill start assist
• Active stability control
• Rearview camera
• 7 airbag safety system
• Heated front seats

If you’re in the market for a more compact car, the 2023 Mitsubishi Mirage is a great option. 

Subaru Crosstrek

The 2024 Subaru Crosstrek is another great affordable car. The cost of this vehicle starts at just $31,710. When it comes to the Crosstrek, it’s been revamped from the previous year, so it has some fantastic features. It also comes in different trims.

• Convenience
• Touring
• Onyx
• Limited
• Wilderness

No matter which trim you choose, there are plenty of features included. Some of the most notable are:

• Hill descent control
• All-wheel drive system
• Independent suspension
• Rear View camera
• Traction control
• Cruise control
• Vehicle dynamics control
• Pre-collision braking
• Pre-collision throttle assist
• LED headlights

Unlike the other vehicles we’ve discussed, the Crosstrek is all-wheel drive, meaning it can go more places than a traditional front-wheel drive car. It’s actually a subcompact SUV. While it has the same amount of seats as a car, it’s a little more spacious and ideal for those who want something affordable but with a little more ability. 

Subaru Impreza

The 2024 Subaru Impreza is a compact 5-door hatchback, so it’s got a bit more room and a spacious cabin. It’s relatively affordable, with a starting price of $29,305. This vehicle comes in 4 different trims: Convenience, Touring, RS and Sport-Tech. 

Each one of the trims mentioned has their own different features. That said, many notable features are included in all the different trims. These include:

• Rearview camera
• Traction control
• Vehicle dynamics control
• Adaptive cruise control
• Lane centering assist
• Pre-collision braking
• Pre-collision throttle management
• Keyless entry system
• Bluetooth connectivity

Depending on the trim you pick, there are plenty more features as well. That said, the price does go up as you choose different trims, with the most expensive being the Sport-Tech trim, which starts at just $37,305. 

Hyundai Venue

If you’re in the market for an affordable compact SUV, the 2023 Hyundai Venue is a great option. The price starts with an MSRP of just $20,649. It has a city fuel economy of 7.9L per 100km and a highway economy of 6.9L per 100km. 

Esthetically, the Venue has a lot of great features. It has a cool two-tone colour accent, chrome grille, and LED lighting. On the inside, it has heated front seats, a heated steering wheel, push-button start, a power sunroof, automatic temperature control, and automatic temperature control.

Some other amazing features included with this vehicle are:

• Blind spot collision warning
• Lane change assist
• Driver attention warning
• Forward Collision avoidance assistance
• Pedestrian detection
• High beam assist
• Lane departure warning
• Lane-keeping assist
• Rear cross-traffic collision warning
• Intelligent variable transmission

One thing that Hyundai advertises a lot about this vehicle is its SUPERSTRUCTURE. They’ve built it with their own High-Strength Steel that makes the vehicle safer, provides a more comfortable ride and helps with the fuel economy. This vehicle is a great combination of safety, adventure and affordability, making it perfect for city driving and long-distance driving. While it’s not a high-priced luxury vehicle, it comes with many features that people love. 

Nissan Kicks

The 2024 Nissan Kicks is a subcompact crossover SUV  with a price that starts at just $24,877. Even though this is a compact SUV, it’s fuel-efficient and has lots of room for cargo. It’s estimated to have a combined fuel mileage of 7.2L per 100km. Depending on the grade of Kicks that you decide to go with, there are plenty of different features included. 

The most notable things on the Kicks are the heated outside mirrors, pedestrian detection, intelligent emergency braking, and it’s compatible with Apple CarPlay and Android Auto. It also offers:

• Cruise control
• Intelligent forward collision warning
• Blind spot warning
• Rear cross-traffic alert
• Rear sonar
• Lane departure warning
• Pedestrian detection
• Intelligent emergency braking
• Rear automatic braking
• High beam assist
• Xtronic CVT
• Hill start assist
• Front-wheel drive
• Electronic brake force distribution

This doesn’t even come close to the full list, though. The kicks offer a variety of different features and grades depending on your needs. These grades range from S to SR Premium. The starting price on the SR Premium is $29,977, which is only slightly more than the S grade kicks. 

Nissan Sentra

If you’re in the market for a Nissan that’s a sedan instead of an SUV, then the Nissan Sentra is a great affordable option. Prices start at just $25,147. It has an estimated combined fuel mileage of 6.6L per 100km, 146 lb-ft of torque and 149 horsepower. The key features of this car are:

• Blind spot warning
• Android Auto compatible
• Intelligent emergency braking
• Pedestrian detection
• 2.0L DOHC 16-valve four-cylinder engine
• 6-speed manual transmission
• Cruise control
• Intelligent forward collision warning system
• Rear cross-traffic alert
• Rear sonar system
• Rear intelligent emergency braking
• Active ride control
• Hill start assist
• High beam assist
• Intelligent driver alertness
• Intelligent trace control

There are plenty more amazing features, too; it just depends on the trim that you choose. That said, they all have lots of cargo space, zero-gravity seating and remote start. The rear seats are 60/40 split, so they can easily create more space while still having the feel of a traditional sedan. 

Volkswagen Jetta

A good, affordable sedan option in Canada is the 2024 Volkswagen Jetta. It has a 1.5L turbocharged TSI engine, 158 horsepower, 186 lb-ft of torque, 6-speed manual transmission or 8-speed automatic transmission, and a fuel economy of 6.9 - 7.0 L per 100km. The price of the Volkswagen Jetta starts at just $26,070.

Some of the key features of the Volkswagen Jetta are:

• Rail 2 Rail sunroof
• Ventilated front seats
• Heated front seats
• Wireless Apple CarPlay and Android Auto
• Wireless charger
• Push button start
• BeatsAudio
• Pedestrian detection
• Lane assist
• Adaptive cruise control
• Light Assist
• Autonomous emergency braking

The Volkswagen Jetta also comes in 3 different trims.

• Trendline that starts at just $26,070
• Comfortline starts at just $29,979
• Highline starts at just $34,070

While these different trims all have different features, the ones listed are included in all the different trims. 

Honda Civic

One of the most popular affordable vehicles in Canada is the 2024 Honda Civic. You can purchase the base trim starting at just $28,745. Some features of the vehicle include a 1.5L direct-injected DOHC turbocharged 4-cylinder engine, 180 horsepower, 177 lb-ft of torque, and 18-inch aluminum alloy wheels.

This vehicle also includes:

• Continuously variable transmission
• ECON mode button
• Front-wheel drive
• Agile handling assist
• 4-wheel ABS
• Brake assist
• Forward collision warning
• Hill start assist
• Low-speed braking control
• Blind spot information system 
• Adaptive cruise control
• Traffic jam assist

This is just to name a few. There are plenty of different features available. There are also additional accessories that you can purchase.

Hyundai Elantra

Another one of the cheapest cars in Canada is the 2024 Hyundai Elantra; the base price starts at an MSRP of $21,999. It has a combined fuel economy of 6.5L per 100km and a ton of other great features. The Elantra offers leather seating, heated front seats, a heated steering wheel, and a power sunroof.

Other great features include:

• High beam assist
• Adaptive cruise control 
• Forward collision avoidance assist
• Blind spot collision avoidance assist
• Driver attention warning
• Highway driving assist
• Lane departure warning 
• Rear occupant alert
• Lane follow assist
• Safe exit warning

There are also plenty of other features included with the different trims. The trim options are Essential, Preferred, Luxury and N Line Ultimate. Depending on what you’re looking for in a vehicle, you have a few different choices. 

Toyota Corolla

Another really popular low-cost vehicle is the 2024 Toyota Corolla. It comes in 4 different trims, with the base trim price starting at just $23,050. This particular Corolla is a hatchback and includes features like a 2.0L 4-cylinder engine, a 6.8L per 100km fuel efficiency, and 169 horsepower. You can get this vehicle in a hybrid version if you like, and it comes with a CVT transmission. It’s very quiet to drive as well. 

Cheapest Car Brands 

In Canada, many different affordable car brands offer a wide variety of vehicles at a wide variety of prices. While some brands do tend to be more expensive than others, the price of the vehicle is usually based on the style of the vehicle as well as the brand. 

That said, while there aren’t any vehicles under $15,000, there are a few under $20,000. These vehicles come from brands like Nissan, Chevrolet and many others. The most notable vehicle is the 2022 Chevy Spark, which starts at just $18,922.

Cheapest Vehicles to Lease 

Leasing a vehicle in Canada isn’t always going to be cheaper than purchasing. It all depends on which vehicle you wish to lease and what the interest on the lease is going to be. This means that the cheapest vehicle isn’t always going to be the cheapest lease. This makes it difficult to determine which vehicle lease will be the cheapest, especially since the rates can change often. You also need to be sure that you stay within the kilometres, or the lease can become even more expensive. 

Most Affordable Cars to Finance

If you’re in the market for an affordable vehicle, you should consider the financing rate as well as the cost of the vehicle. Sometimes, you can get a more expensive vehicle at the same cost as the lower one just based on the financing rate. 

Often, dealerships will advertise certain vehicles at low-interest rates. However, these offers are usually region and dealership-based. That said, these financing offers can range from 0% financing to 6.99% financing based on the brand and the current prime rate. Once you start financing used vehicles, though, the interest rate can climb even higher. 

The Price of Second-Hand Vehicles

Second-hand vehicles tend to be much cheaper than brand-new vehicles. Vehicles often depreciate a lot once they’ve been driven off the lot. However, if you do need to finance a pre-owned vehicle, the interest rates are higher than new vehicles. Before you purchase a used vehicle, it’s important to look at the overall cost, not just the base cost. If you’re not careful, a significant portion of your payments could end up going toward interest.

Vehicles with the Lowest Operating Costs

If you take a look at the different brands in Canada, Toyota seems to have the lowest operating costs. This means that the cost of maintenance and upkeep on Toyotas is much lower than other vehicles. This is an important factor to consider when purchasing a vehicle since it can contribute to your overall annual vehicle costs. 

Final Thoughts

When it comes to purchasing a vehicle in Canada, there are plenty of different options available to you. Before you jump and purchase a vehicle, though, you should consider what features you’re looking for, how much you’re looking to spend, and if you need financing or not. 

If you do need to finance your vehicle, it’s important that you pay attention to the interest rate. You won’t know the final cost of the vehicle until you see both the cost and interest rate. This can be an important factor in your final decision. 

These are also things to consider if you’re looking to purchase a used vehicle. They can be much cheaper, but they can also be more expensive depending on the financing rate. You should also consider having a used vehicle inspected if you aren’t purchasing it at a dealership. It’s hard to know the condition a used vehicle is in without having it looked at first. 

No matter what you choose to purchase, though, there are plenty of affordable options out there in plenty of different styles. It’s not just compact sedans that come at affordable prices; there are compact SUVs, SUVs and plenty of other different styles out there as well. No matter what your needs are and what price range you’re looking for, there’s something for everyone.