cars you can afford
Saving Money

Here Are The Cars You Can Afford Right Now

It’s no secret that new vehicles have been in short supply for quite some time now. Even with auto experts top predictions for 2023, we’re still prepping for several more months of low inventory setbacks before the car market can return to a state of normalcy. Fortunately, consumers are well aware that this reality translates to higher price tags. Expectations of a great deal are pretty low at this point in time, regardless of who you ask or what dealership you go to. If you want to buy a new vehicle nowadays, you most certainly will pay the price, and then some. However, after further digging and a whole lot of research from the bottom up, we’ve come to the conclusion that there are actual cars you can afford right now (only if you’re willing to downsize).

In this money-saving guide, we’ll break down the current obstacles pegging the average consumer in 2023, as well as the new cars that are fairly marketed across a sea of high-priced SUVs.

A historically different car market

The semi-conductor shortage resulting from the COVID-19 pandemic had one of the greatest impacts to date on the automotive market. Nearly three years later, automakers are still desperately sourcing car parts to try and keep up with consumer demands. Ultimately, this situation continues to have the biggest affect on the drivers themselves. Not only are new cars limited in inventory, the prices are astronomically expensive compared to just a few years ago.

The worst part: there are very few incentives. You simply get what you pay for, in every category, from luxury models to low-cost crossovers. The deals are far and few. Some might admit there are none at all. To drive a new vehicle, fresh off the lot, you’ll need enough savings to make the deal happen. Reports suggest the average consumer must be willing to offer a down payment of at least $5,000. In some cases, even more. A down payment of 20% on a new car purchase is not uncommon in these conflicting times. In fact, it’s recommended.

With the average new car costing $48,681, according to Kelley Blue Book, you’re looking at a down payment of $9,736.20 (with the 20% suggestion). Seem pretty bad? It gets worst. Further research by KBB suggests new car buyers have been paying over MSRP since July of 2021. Therefore, not only are drivers having to pay more to get a deal done, they are also purchasing a vehicle above the manufacturers baseline. It’s record-breaking and untoward turn of events for a once deal-driven market.

So what are the cars you can afford in 2023?

With consideration of the average consumer and what they can afford, we took an in-depth look at the range of makes and models currently available on the automotive market. Between emerging electric vehicles and tried-and-true favorites, like mid-size sedans, it was no easy feat finding fair-priced models with the same features that consumers desire the most. Though SUVs tend to be the most sought-after models on the market due to their size and capability, it was clear rather fast that sport utilities of any brand would not be making our list of cars you can afford. To stay within budget and get the standard features drivers love, it turned into a case of downsizing. In other words, may sooner be shifting back to the sedan lifestyle.

Luckily, we found some pretty awesome picks that we hope our readers will appreciate! If you’re gearing up for a test drive soon in a new make and model , consider the following list of acceptably priced and highly valued vehicles in 2023:

  • Mazda3 S
  • Toyota Corolla LE
  • Hyundai Elantra SE
  • Subaru Impreza
  • Kia Forte LX
  • Nissan Versa S

These six vehicles come well-equipped with the comfort, safety, and even efficiency standards that equate to a good purchase in recent times. With most of the MSRP’s falling below $30,000, these models are arguably the cheapest new cars on the market as well as the ones with the biggest bang for your buck when opting for something brand new versus used. Although a sedan might not be what you envisioned for yourself or your family, models like the Mazda3 and Hyundai Elantra provide a relatively spacious interior cabin, one that is more comparable to a small SUV or crossover.

Settling on size for price is the best solution

Can you handle downsizing? That answer is likely the determining factor on whether you can afford a newer yet desirable vehicle on the market, mainly without completely overspending. We know buyers gravitate toward the extensive range of SUV options. However, the sedan market is proving to be the niche place to send your money if you’re on a budget. Granted size is not a deal-breaker, you’d be better off spending your savings on a new vehicle such as the ones mentioned above.

What are your thoughts on downsizing to stay within budget in 2023? Comment and share your opinion with the Headlights.com community! 

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Linzi Martin
Linzi Martin has worked as a content manager, consultant, and writer for the past six years. She's handled everything from blogs and articles to e-books and social media content. Her work has been featured in various publications including Apartment Guide, The Startup, and Voyage Magazine. Outside of work, Linzi enjoys staying active, frequenting new restaurants around South Florida, and spending time with her family.

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