Being a student and being a car owner, I am well aware of the costs associated to buying, driving, and maintaining cars. Today I am going to provide a list of the 5 most affordable cars. This list could possibly be quite useful to anyone looking into buying a new vehicle or even a bench marker for used vehicles if this is the route you decide to go. This list will focus on the most affordable base models of cars that are readily available in Canada. Throughout the word there are micro manufacturers that produce and sell cars for less, but these are not of any relevance to us. Lets start with number 5:
Coming in at the fifth most affordable car for us Canadians is the Smart fortwo, prevalently known as the "SmartCar". The base model of the fortwo is very simple, almost too simple, however it is said to be one of the safest vehicles on road today. Unfortunately for the fortwo many people have not fully accepted this vehicle as being practical nor stylish. Many consumers still view this car as unsafe due to the small size, despite Smart's remarks. With all this said, the Smart fortwo comes in at a base price of $11,590 brand new. If financed this means $195/month with a term of 72 months and 6.9%APR. Not entirely bad for an incredibly efficient vehicle built by the makers of Mercedes-Benz.
The fourth place spot is taken by the Japanese inspired Toyota Yaris hatchback. The Yaris is a step up from the Smart fortwo as it comes with more gadgets and accessories, however remains incredibly simple at it's base form. One definite gain it has on the Smart fortwo is 3 additional seats hidden in the back despite being a two-door hatchback like the fortwo. The problem that lays within this model is again the acceptance and practicality, some love the small micro cars, however many other prefer something with a little more storage space. The Toyota Yaris hatchback comes in it's base form for $11,350 which could still mean $195 a month with an APR of 7.2% over 72 months.
Third place goes to a domestic friend, the Chevrolet Aveo. This car being Chevrolet comes from North America for the most part which can be seen as a negative or a positive depending on who you are. Personally speaking and many car enthusiast may agree, domestic vehicles don't always promise re
liability and quality as their European and Japanese competitors do. In contrast to this, the Aveo is a step up from the Yaris and the fortwo when it comes to accessories and features in the car. It does come with additional power options that the previous two contenders didn't offer, however thats where the line is drawn, aside from an extra few buttons and gadgets the Aveo still offers a small or micro feeling that seats 5 snug. This car comes in at $10,895 for good reason. Which is $185/month with 72 months at 6.2% APR.
Second place for affordability goes to the European inspired Kia Rio. The Rio is similar to the past cars, it comes with the basics, not including power anything however the Kia Rio unlike the rest so far does have 4 passenger doors! Aside from this it is not a hatchback which allows for additional trunk space and can be seen as a more practical car to many buyers. The Rio also has looks on it's side, for being a smaller vehicle the appearance presents an overall neutral feel that can be seen as masculine or feminine which is pretty unique for the car. The Kia Rio comes off the lot in it's base form for $10,890 which translated into payments is $183/month for 72 months at 6.9%APR.
The most affordable car available to Canadians in the Hyundai Accent. The Hyundai Accent base mode is another coupe hatchback that seats 5 and surprisingly with a decent amount of comfort. The surprising fact about this being the most affordable is that's Hyundai didn't cut any of the car's value
to accommodate the pricing. The Accent base model comes standard with tire pressure monitoring which means that the 14 inch wheels are able to handle much better in tight corners. Along with this the Accent comes with some power options depending on which area you are in, again just added value to the price. One of the most attracting features of this car are the six standard airbags covering such a small area. Overall this car can been seen as the most affordable car to Canadians, but arguably the car to carry the most value given the price point. With this said, the Accent sells off the lot for $10,775 which over 72 months is $182/month with 6.9%APR.
One side note I might add is this information will vary depending on your area, APR, dealer and so on. This meaning the values given are true to an extent however some of these cars can be found cheaper, or more expensive. Again this is dependent on many factors.