What is the Best Value Car for 2023?

New 2023 vehicle models have arrived at many dealerships. However, some auto manufacturers might not have released all their new 2023 models just yet. As these 2023 models start driving into dealerships, buyers might wonder which new models are the best for their budget and their driving habits, too.

As car prices have risen, buyers might be looking for an affordable and reliable vehicle. What is the best value car for 2023? Buyers on a tighter budget might focus on vehicles that offer both affordable price tags and great fuel efficiency, too. The most affordable fuel-efficient models for 2023 include:

  • 2023 Mitsubishi Mirage
  • 2023 Nissan Versa
  • 2023 Kia Forte
  • 2023 Subaru Impreza
  • 2023 Volkswagen Jetta S

The five most affordable vehicles have changed from those of 2022. Unfortunately, the least expensive vehicle in 2022 has been discontinued. The Chevrolet Spark was priced below $15K and also could get an estimated 30 MPG in the city and 38 MPG on the highway.

Here’s what buyers should know about the least expensive vehicles on the market.

2023 Mitsubishi Mirage

The 2023 Mirage starts at $16,245. It can get an estimated 30 MPG combined and has space for five. The downside of the Mirage, though, is that it only offers a 78-horsepower engine, which might not be ideal for those who want more acceleration power.

2023 Nissan Versa

Nissan’s website doesn’t offer the key specs for the new Versa. Thankfully, though, Car and Driver has buyers covered. The 2023 Versa is priced at $16,825. Car and Driver took an automatic Versa for a spin and noted that the car could get 40 MPG (highway). However, fuel efficiency specs could vary. The Versa offers a 122-horsepower four-cylinder engine.

2023 Kia Forte

The 2023 Kia Forte base price hits just below the $20K mark. The Forte starts at $19,490 and can get an estimated 35 MPG on the highway. Depending on the buyer’s engine preference, the Forte offers 147 to 201 horsepower.

2023 Subaru Impreza

The base price of the Impreza also is just under the $20K budget; the Impreza starts at $19,795 and can get an estimated 28 MPG in the city and 36 MPG on the highway. It features a 152-horsepower 2.0L four-cylinder engine.

2023 Volkswagen Jetta S

The Jetta starts at $20,655, which means that shoppers with a $20K budget might mark this model off their shopping list. The Jetta can get an estimated 29 MPG in the city and 42 MPG on the highway. It features a 158-horsepower 1.5L four-cylinder engine.

Best Value Car

What is the Best Value SUV?

Car buyers might need more space for cargo or to fit their family. A compact or subcompact car might not be practical or fit their needs. SUVs are among the most popular body designs and while these vehicles might be priced higher than a smaller car, there are still several affordable options on the market.

MotorTrend rounded up the most affordable SUVs/crossovers for 2023, although the list included some 2022 models. The five most affordable models are:

  • 2023 Kia Soul
  • 2023 Nissan Kicks
  • 2023 Hyundai Venue
  • 2023 Hyundai Kona
  • 2023 Chevrolet Trailblazer

The 2022 Hyundai Venue topped the MotorTrend list. However, the price of the 2023 model was provided by Car and Driver and the vehicle was no longer the most affordable SUV for 2023. In addition, the Chevrolet Trax was among the most affordable vehicles but it won’t come back for the 2023 model year. Here’s what to know about the most affordable 2023 model year SUVs and crossovers.

2023 Kia Soul

The 2023 Soul starts at $19,790 and can get an estimated 33 MPG on the highway. The Soul offers two rows of seats and space for five. It features a 2.0L four-cylinder 147-horsepower engine.

2023 Nissan Kicks

The 2023 Nissan Kicks starts at $20,290 and can get an estimated 31 MPG in the city and 36 MPG on the highway. It offers space for five. The Kicks features a 1.6L four-cylinder 122-horsepower engine.

2023 Hyundai Venue

According to Car and Driver, the 2023 Venue is expected to start at $20,795. It offers space for five passengers and features a four-cylinder 121-horsepower engine. Car and Driver reported that the 2023 model should offer an estimated 29 MPG in the city and 33 MPG on the highway.

2023 Hyundai Kona

The 2023 Kona has a starting MSRP of $21,990. It can get an estimated 35 MPG on the highway and offers space for five. Depending on the buyer’s engine preference for their Kona, the SUV offers 147 to 195 horsepower.

2023 Chevrolet Trailblazer

The 2023 Chevrolet Trailblazer has a starting MSRP of $22,100. It can get an estimated 29 MPG in the city and 33 MPG on the highway. Like the other SUVs/crossovers on the list, it offers space for up to five people. Depending on the engine, the Trailblazer could offer 137 to 155 horsepower.

Best Value Car

What is the Best Value Electric Vehicle?

Buyers might be interested in moving to an electric vehicle. Not only are these vehicles cleaner and greener for the environment, but they might save drivers money on daily driving, too. Instead of watching the numbers on the pump soar higher, electric vehicles simply plug into an outlet to charge the motor.

When shopping for electric vehicles, though, buyers do need to keep in mind that charging their vehicle could be tedious if they don’t have either a level 1 or level 2 charger at home. Some electric vehicles come with a level 1 charger; this is just a cord that connects into the car and is plugged into a standard outlet.

Level 2 chargers are more expensive, and, if the home isn’t equipped with the proper voltage, there could be extra costs associated with hiring an electrician to upgrade the outlet. However, a level 2 charger is much more efficient and can typically fully regenerate a dead battery overnight.

In contrast, a level one charger might only be able to regenerate the battery to a fraction of its capacity overnight. The level one charger is more affordable and could be an adequate option if the car owner doesn’t drive far during their day.

Electric vehicles tend to be priced higher than standard internal-combustion engine vehicles. As electric models are becoming more popular, though, the prices also have started to become more affordable. What are the best value electric cars?

The most affordable electric cars for 2023 include:

  • 2023 Chevrolet Bolt EV
  • 2023 Chevrolet Bolt EUV
  • 2023 Nissan Leaf
  • 2023 Mini Cooper SE
  • 2023 Hyundai Kona Electric

Chevrolet Bolt EV and Chevrolet Bolt EUV

Chevrolet has bumped the Nissan Leaf down to third place when it comes to affordability. The Chevrolet Bolt EV starts at $25,600 and has an estimated range of 259 miles. The Chevrolet Bolt EUV is an electric SUV and starts at $27,200; it offers an estimated range of 247 miles.

2023 Nissan Leaf

The Nissan Leaf was known as the most affordable electric vehicle; however it is now the third most affordable electric option. The Leaf starts at $28,040, and it offers an estimated range of 212 miles.

2023 Mini Cooper SE

The 2023 Mini Cooper is affordable, but it lacks in range. The electric Mini starts at $34,225 and offers an estimated range of 114 miles.

2023 Hyundai Kona Electric

The electric Kona is an SUV that starts at $33,550. It offers an estimated range of 258 miles.

The least expensive electric models start in the mid $20K range and increase in price from there. When shopping for the best value electric vehicle, buyers also might need to look at both the price and vehicle’s estimated range.

For example, while the Leaf is among the most affordable electric vehicles, its range is only 212 miles. The Mini Cooper SE’s range is only 114 miles. Buyers who have longer commutes could focus on vehicles with longer ranges; in addition, a hybrid vehicle also could allow buyers to maximize fuel efficiency and find a car that’s reasonably priced for their budget.

Best Value Car

Shopping on a Tight Budget

For buyers who can only spend less than $20K on a new car, the options could be a bit limited. Unfortunately, the price of new cars is higher, and the most affordable vehicle from 2022 was discontinued for the 2023 model year.

While budget-friendly price tags might be more difficult to find at dealerships, buyers also could discover that as new 2023 models arrive on dealership lots, the 2022 models now offer incentives that help lower the cost. Many dealerships include information on incentives on their websites; buyers who are looking to score the best price could focus on models with these deals.

Although dealerships could offer special promotional APR or lease deals on models, not every buyer will qualify. Buyers can read the details of each promotion to better understand the terms. In addition, credit scores could impact qualification.

Some buyers might not have the budget to purchase a new 2023 model. While 2022 models could offer better prices, buyers also could look into leasing a vehicle or even shopping used models. Take the time to research all the buying options to find the best car for the budget.