Finding cheap cars can be tricky, especially in the current market. Inflation, soaring rates and ongoing strikes — which might contribute to low inventory — are all putting pressure on prices. As Consumer Reports explained, the cheapest ones can be found by looking at actual transaction prices instead of the price listed.
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“That’s because in this roller-coaster car market, it’s common to see lower-priced models selling for more than their sticker price,” according to Consumer Reports. And as further noted, as car loan interest rates are now averaging well over 6%, this can mean significant long-term costs.
In turn Consumer Reports compiled a list of cheap cars — starting at $22,867. They are ranked based on actual transaction price, and not the manufacturer’s suggested retail price (MSRP). Here are the top five, which also meet Consumer Reports’ standards for road-test performance, owner satisfaction, reliability and safety.
1. Toyota Corolla
- Average transaction price: $22,867
- MSRP: $21,700
2. Nissan Kicks
- Average transaction price: $23,642
- MSRP: $22,450
3. Subaru Impreza
- Average transaction price: $24,005
- MSRP: $23,195
4. Toyota Corolla Hybrid
- Average transaction price: $24,190
- MSRP: $23,050
5. Toyota Corolla Hatchback
- Average transaction price: $24,389
- MSRP: $23,155
According to Consumer Reports, nine of the 10 featured models on the list are selling for more than their sticker prices.
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This article originally appeared on GOBankingRates.com: 5 Cheap Cars That Will Keep You Safe on the Road
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