Car buying is tricky enough without excessive inflation and rising interest rates. However, the Fed announced that a recession is likely, and, as a result, shopping for your next car might be trickier than you thought. Still, you can make your dollar go further by choosing one of these cheap cars, like the Nissan Versa.
- Chevrolet Spark
- Mitsubishi Mirage
- Nissan Versa
- Kia Rio
- Hyundai Accent
How much is a Chevrolet Spark?
With a starting price of $14,595, the Chevrolet Spark is one of the cheapest newer vehicles. If that low price isn’t enough to put the little Spark on your radar, the sensible Chevrolet’s 33 mpg combined fuel economy could also save you some money at the pumps. However, the three-door hatchback is a bit light on its usable cargo volume and spartan on the inside. Still, for less than $15,000, you won’t find much better without looking at older cars.
If the Fed is right, is the Mitsubishi Mirage a good buy during a recession?
With seating for five, the Mitsubishi Mirage is a bargain for car shoppers looking to bag a sensible little sedan during a recession. With a starting price of $15,690, it is difficult to get the kind of warranty and cargo space the Mirage offers without spending more. However, the Mirage is hilariously underpowered. According to TrueCar, the Mirage produces only 78 horsepower from its three-cylinder engine, much less than a Nissan Versa.
How much is a Nissan Versa?
If you don’t want an underpowered Mitsubishi, you could snag a Nissan Versa for a starting price of just $16,475. That money buys you 122 horsepower, nearly 45 over the Mirage. In addition to much more power, the Versa seats five and offers much more cargo space than the Mitsubishi Mirage and Chevrolet Spark.
If the Fed is right, is the Kia Rio a smart buy during a recession?
With a likely recession looming, you can buy a Kia Rio for a starting price of just $17,545. It is similar to the Nissan Versa in space, performance, and fuel economy. However, the Kia offers a five-year, 60,000-mile warranty. That’s great news for savvy shoppers who want manufacturer coverage.
How much is a Hyundai Accent?
If you want a cheap car to drive during a recession, you can buy a 2022 Hyundai Accent for a starting price of $17,740. With 120 horsepower, the Accent is very similar to the Kia Rio and Nissan Versa in terms of power. Also, with a five-year, 60,000-mile warranty, Hyundai offers some of the best coverage in the segment. TrueCar reports that the Accent manages a healthy 36 mpg combined fuel economy; it saves you some money in the age of aggravating fuel costs.
Should you buy a cheap car if the Fed is right about the recession?
If you already have a reliable, efficient, sensible car, you might be better off driving your current vehicle during a recession. Still, if you need a new set of wheels, especially one with warranty coverage, you should consider a newer cheap car. Unless you want a Chevrolet Spark for your own reasons, consider buying a Hyundai Accent. The Accent offers respectable fuel economy, usable horsepower, and practical cargo volume for a modest price.
However, if you want a different ride, Car and Driver says there are many other affordable vehicles out there. Scroll down to the following article to read more about cheap cars!