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What do you choose when fitting a large car payment into your budget is nearly impossible? How can you find a reliable car for your daily commute that doesn’t cost much? The cheapest new cars of 2023 bring you a list of the best subcompact car options and most affordable cars. Which of these five will you see in your parking space?

2022 Hyundai Accent – The top-rated subcompact car

Red 2022 Hyundai Accent Parked and Posed
2022 Hyundai Accent | Hyundai

One of the cheapest new cars of 2023 is a carryover model from 2022. U.S. News and World Report ranks the 2022 Hyundai Accent at the top of the subcompact cars list. This small Hyundai takes you from A to B without incident. You’ll find a comfortable ride over smooth pavement, good fuel mileage, and a relatively spacious cabin. The engine feels a little weak, but it gets the job done.

Hyundai Accent Price Range: $16,645-$19,600

2023 Kia Rio – Tied for first among the cheapest new cars for 2023

Blue 2023 Kia Rio Hatchback posed with a sunset background
2023 Kia Rio Hatchback | Kia

The 2023 Kia Rio is rated in the same position as its corporate cousin, Hyundai Accent. The Rio is one of the best affordable cars in the market and won the 2023 Best Subcompact Car for the Money Award with U.S. News. This car brings a low starting price, good fuel mileage, an easy drive, and comfortable seats. On the downside, you won’t carve up any corners or have a quiet ride in the 2023 Kia Rio.

Kia Rio Price Range: $16,550-$17,490

2023 Nissan Versa – Still one of the best and most affordable cars in the market

Red 2023 Nissan Versa Posed in front of a concrete building
2023 Nissan Versa | Nissan

The Nissan Versa has a history of being the most affordable subcompact car offered. This little Nissan has some good things going for it, including a well-crafted interior, an intuitive infotainment system, a strong list of driver-assistance features, a large trunk, and an efficient engine. The Versa can be a bit sluggish on hills and when getting up to speed, but it offers decent handling and a low price.

Nissan Versal Price Range: $15,730-$19,720

2022 Chevrolet Spark – This subcompact car isn’t offered for 2023

Blue 2022 Chevrolet Spark parked on the side of a street
2022 Chevrolet Spark | Chevrolet

If you must buy a Chevy and you’ve got to stick to a tight budget, the Spark is ok. Of course, there are much better options on this list. The 2022 Chevy Spark was the final model year for this small hatchback, and it’s the cheapest new car in America, but you won’t find a 2023 version. You could find some remaining models and enjoy the affordability but you won’t likely ever enjoy the ride.

Chevrolet Spark Price Range: $13,600-$18,100

2023 Mitsubishi Mirage – One of these subcompact cars has to come in last

Yellow 2023 Mitsubishi Mirage parked in front of a business
2023 Mitsubishi Mirage | Mitsubishi

Only seven models are listed in the U.S. News subcompact cars list and the 2023 Mitsubishi Mirage comes in dead last. Remember, we said these cars were cheap, not good. The Mirage has only 78 horsepower and offers a stiff ride. Some drivers enjoy this little Mitsubishi hatchback, but most will likely look past it and turn to one of the other models that are rated as the best affordable cars.

Mitsubishi Mirage Price Range: $16,245-$18,945

Where are the other two subcompact cars?

U.S. News offers a list of seven subcompact cars for 2023, but two aren’t anywhere near the cheapest new cars for 2023. These two are the 2023 Mini Cooper, which starts at $23,400, and the 2023 Mini Cooper Clubman, which offers a starting price of $29,900. As you can see, neither of these starting prices is competitive with the other five on the list.

Next, check out which subcompact has the most cargo space, or learn more about the cheapest new cars for 2023 in this video below:


Which Car Is Rated the Best for the Money?