Now There’s Only One New Car for Under $20,000

I remember buying my first car, and I did all the wrong things. I bought a brand new car, which was silly for someone so young. But, thankfully, that car lasted me 225,000 miles with very few problems until the very end. It was a Pontiac Grand Prix, and I loved that car. It will always be my first car love. I had two cars before it, two Pontiac Sunfires, but they were leased vehicles, so this was my first real car. Well, if you want to buy a new car now, you sadly only have one option if you want a new car for under $20,000.

What's interesting is that before the pandemic, you could find a handful of new cards for under $20,000. But, the chip shortage and pandemic have caused both new and used car prices to go way up. I'm so glad I purchased my certified pre-owned vehicle in December of 2019. It was really a blessing, because the cost of that car went up several thousand dollars just a few months later.

So, what's your only option if you want a new car for under $20,000? The Mitsubishi Mirage. And it appears that vehicle may no longer be around much longer, either. According to Cox Automotive, the Mirage sold for an average of $19,205 in July. Also, looking through the data, there are some other cards with starting prices under $20,000, but their actual purchase prices were higher.

So, how much does a new car usually cost these days? According to Kelley Blue Book, the average cost of a new car at $48,008 as of March 2023. Of course, that's just for a normal vehicle, so it would go up for a luxury vehicle. All I can say is that I hope my car lasts forever. Best of luck if you are car shopping.