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According to a recent Consumer Reports newsletter if you are looking solely for a car that is being discounted, you will find it is typically only the more expensive models that offer this kind of break…if you can call it that.
“With car loan interest rates now averaging around 7 percent for borrowers with a strong credit score, this can mean significant long-term costs,” caution CR analysts.
This means that the better, long-term savings will be the lesser expensive models; however, at the cost of, “…paying a premium that adds $1,000 or more to the manufacturer’s suggested retail price,” states the CR newsletter.
Doing the Work for You
Fortunately, CR analysts are watching the market closely and trying to find the makes and models that will provide new car shoppers with good, solid, and reliable cars without having to go into serious car debt.
Despite finding the models that have the lowest recent transaction prices, all models listed are Consumer Reports-approved.
“To help members find the best car at the lowest cost, we have analyzed the average transaction price for new cars using national data from TrueCar, a CR partner, and sorted all models based on their selling price. We then selected 10 models to highlight that are recommended by CR, meeting our stringent standards for road-test performance, owner satisfaction, reliability, and safety,” stated CR automotive experts.
What You Will Find from the List
From CR’s list you will find amongst the recommended models, “…those models ranked based on transaction price—not MSRP—starting with the cheapest model, at $21,368. Because we’re citing actual figures, we list the specific configuration. Other versions of the featured models often carrying relatively similar pricing, with the same percentage above or below MSRP.”
In fact, all 10 featured models from makers Hyundai, Kia, Mazda, Nissan, Subaru, and Toyota are selling for more than their sticker prices with the exception of the Toyota Camry which will be replaced with a redesigned model and is selling about $1,000 below its MSRP.
10 CHEAP CARS THAT CR RECOMMENDS
1. 2024 Kia Forte $21,368
Price Range: $19,990 - $25,390
CR MPG: Overall 34 / City 22 / Hwy 49 mpg
#14 of 16 Compact cars
Recommended model: 2024 Kia Forte LXS IVT
Average transaction price: $21,368
Average spent over MSRP: $878
MSRP: $20,490
2. 2024 Nissan Sentra $21,938
Price Range: $20,890 - $23,980
CR MPG: Overall 32 / City 22 / Hwy 44 mpg
#15 of 16 Compact cars
Recommended model: 2024 Nissan Sentra SV CVT
Average transaction price: $21,938
Average spent over MSRP: $118
MSRP: $21,820
3. 2024 Toyota Corolla $22,322
Price Range: $22,050 - $28,340
CR MPG: Overall 36 / City 24 / Hwy 51 mpg
#8 of 16 Compact cars
Recommended model: 2024 Toyota Corolla LE
Average transaction price: $22,322
Average spent over MSRP: $272
MSRP: $22,050
4. 2024 Toyota Corolla Hybrid $23,692
Price Range: $22,050 - $23,340
CR MPG: Overall 48 / City 37 / Hwy 59 mpg
#10 of 16 Compact cars
Recommended model: 2024 Toyota Corolla Hybrid LE
Average transaction price: $23,692
Average spent over MSRP: $192
MSRP: $23,500
5. 2024 Nissan Kicks $23,998
Price Range: $21,050 - $23,610
CR MPG: Overall 32 / City 24 / Hwy 40 mpg
#1 of 6 Subcompact cars
Recommended model: 2024 Nissan Kicks SV
Average transaction price: $23,998
Average spent over MSRP: $1,088
MSRP: $22,910
6. 2024 Toyota Corolla Hatchback $24,242
Price Range: $23,505 - $26,805
CR MPG: Overall 36 / City 24 / Hwy 51 mpg
#12 of 16 Compact cars
Recommended model: 2024 Toyota Corolla Hatchback SE CVT
Average transaction price: $24,242
Average spent over MSRP: $737
MSRP: $23,505
7. 2024 Hyundai Elantra $24,539
Price Range: $21,625 - $35,200
CR MPG: Overall 33 / City 21 / Hwy 49 mpg
#9 of 16 Compact cars
Recommended model: 2024 Hyundai Elantra SEL
Average transaction price: $24,539
Average spent over MSRP: $964
MSRP: $23,575
8. 2024 Subaru Impreza $24,825
Price Range: $22,995 - $27,885
CR MPG: Overall 29 / City 19 / Hwy 42 mpg
#6 of 16 Compact cars
Recommended model: 2024 Subaru Impreza Sport
Average transaction price: $24,825
Average spent under MSRP: $170
MSRP: $24,995
9. 2024 Mazda 3 $25,071
Price Range: $24,170 - $36,650
CR MPG: Overall 30 / City 20 / Hwy 44 mpg
#4 of 16 Compact cars
Recommended model: 2024 Mazda3 2.5 S Select Sport
Average transaction price: $25,071
Average spent over MSRP: $381
MSRP: $24,690
10. 2024 Toyota Camry $25,325
Price Range: $26,420 - $36,845
CR MPG: Overall 32 / City 20 / Hwy 49 mpg
#3 of 12 Midsized cars
Recommended model: 2024 Toyota Camry LE
Average transaction price: $25,325
Average spent under MSRP: $1,095
MSRP: $26,420
For a more detailed breakdown of the data, please visit the CR website. Note that while access to some information requires a CR membership, the potential savings make it negligible in comparison when looking for the latest information to aid your car buying research.
For more CR-related car reviews, here are three useful ones with car shopping advice for consumers:
- Best Used Vehicles for $15,000 to $20,000 Recommended by Consumer Reports
- Popular Midsized SUVs to Avoid and What to Buy Instead Recommendations from Consumer Reports
- Used Compact Cars with the Best Fuel Economy Recommended by Consumer Reports
Timothy Boyer is an automotive reporter based in Cincinnati. Experienced with early car restorations, he regularly restores older vehicles with engine modifications for improved performance. Follow Tim on “Zen and the Art of DIY Car Repair” website, the Zen Mechanic blog and on Twitter at @TimBoyerWrites and Facebook for daily news and topics related to new and used cars and trucks.
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