CANADA'S TOP 5 CHEAPEST CARS OF 2024 THAT WON'T DRIVE YOUR WALLET TO DESPAIR
With Canadian wallets squeezed tighter than ever, your dream of owning a new vehicle may seem just that — a dream. But, hope isn't lost for those wanting the new car smell without shifting their savings into reverse.
You might also want to steer clear of uncertainties in the used car market, including dubious car history, hidden defects, and the ticking time bomb of costly repairs. And opt instead for the peace of mind that comes with warranties, the latest safety features, and fuel efficiency that only new models can offer.
Driving.ca identified the most affordable models of 2024, from compact cars and electric vehicles to SUVs and small pick-ups. Their evaluation was based on the manufacturer’s suggested retail price (MSRP), which doesn’t factor in dealer fees or taxes, along with basic package perks and mileage compared to other models of similar size and power.
Here are the cheapest cars in Canada if you're hunting for a new bargain on wheels:
Cheapest electric vehicle in Canada: Fiat 500e
Fiat 500e.
MSRP: $39,995
The most affordable battery-electric vehicle for this year is the all-new Fiat 500e hatchback — and that's before EV government rebates. Its availability is limited to British Columbia and Quebec, with plans for broader Canadian distribution in the future.
The electric motor delivers 118 horsepower, powered by a 42-kWh battery. The model comes equipped with a 10.25-inch infotainment screen, rain-sensing wipers, emergency front braking, lane-keeping assistance, heated seats, a wireless charger, and 17-inch wheels.
By comparison, the Nissan Leaf starts at $41,748, while other options under $50,000 include the Mazda MX-30, Toyota BZ4X, Kia Niro EV, Hyundai Kona EV, and Volkswagen ID.4. This year's Mini Cooper SE is slightly cheaper but has limited availability ahead of a new 2025 model release.
Cheapest SUV in Canada: Chevy Equinox
Chevy Equinox.
MSRP: $28,945
Sporting a turbocharged 1.5L four-cylinder engine, the Equinox delivers 170 horsepower and 203 lb-ft of torque, paired with a six-speed automatic transmission. The listed price applies to the front-wheel drive, standard on the base and second trims, with all-wheel drive as an optional upgrade; higher trims come with AWD standard. Standard features include automatic high-beam headlamps, emergency front braking, heated seats, lane-keep assist, and wireless smartphone integration.
Gas consumption stands at 8.5 litres/100 km for combined city and highway use. You can anticipate a significant update and a likely price increase for next year's model. The Mitsubishi Eclipse Cross is a close competitor at $28,998, offering standard AWD but with a less robust engine than the Equinox. The only other sub-$30,000 contender is the Kia Sportage, priced at $30,245 for the FWD model.
Cheapest compact pick-up in Canada: Ford Maverick
Ford Maverick.
MSRP: $33,100
This compact truck has a turbocharged 2.0L EcoBoost four-cylinder engine, dishing out 250 horsepower. The base model includes an eight-inch centre touchscreen, keyless entry, cruise control, and rear under-seat storage bins, with a set of 17-inch steel wheels and manual-adjustable mirrors to round out the package. Its fuel consumption is recorded at 9.6 litres/100 km for combined city and highway use.
The Ford Maverick secured the title of Autotrader's 2024 Best Overall Truck in Canada due to its affordability, practical size, and features. It distinguishes itself in a market trending towards larger, more expensive models, providing a cost-effective alternative without compromising utility.
Comparatively, the Hyundai Santa Cruz ($40,799 MSRP) is equipped with a stronger engine delivering 281 horsepower, paired with an eight-speed dual-clutch automatic transmission. The base Preferred trim levels up with features like blind-spot monitoring, emergency front braking, a power driver’s seat, heated seats, and a heated steering wheel, plus a larger 10.25-inch screen with navigation. The Santa Cruz also surpasses in towing capacity, pulling up to 5,000 lbs compared to the Maverick's 4,000 lbs with the appropriate gas engine and tow package.
Cheapest crossover vehicle in Canada: Hyundai Venue
Hyundai Venue.
MSRP: $20,899
With 1.6L four-cylinder engine and continuously variable transmission, this car/SUV crossover generates 121 horsepower. Front-wheel drive comes standard and its fuel efficiency is a combined 7.5 litres/100 km.
The base model is equipped with emergency front braking, rear occupant alert, cruise control, wireless integration for Apple CarPlay and Android Auto, keyless entry, and heated seats. For those seeking more luxury, additional perks include blind-spot monitoring, a heated steering wheel, automatic climate control, and a sunroof.
If you're considering alternatives, the Chevrolet Trax begins at $21,699 with a more powerful 137-horsepower turbo engine, while the Nissan Kicks, priced at $22,098, provides slightly more power with 122 horsepower, similar to the Venue with only front-wheel drive available.
Cheapest car in Canada: Mitsubishi Mirage
Mitsubishi Mirage.
MSRP: $16,998
This compact hatchback is Canada's cheapest car with a 78-horsepower, automatic engine. It maintains decent fuel efficiency (~6.2 litres/100 km for combined city and highway usage). The most basic model includes power mirrors and automatic climate control, but you have to pay more for advanced safety.
For about $2,000 more, there's also a new Noir Edition trim, which decks out the vehicle with black alloy wheels and matching lug nuts, a blacked-out grille, and dark exterior accents including mirrors and mouldings.
Despite its affordability, the Mirage could be discontinued next year, making this potentially your last chance to snag a new car in Canada under $20k. An alternative is the Nissan Versa at $20,298, which packs more power and safety features.