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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…

Car keys being handed from one person to another.

Getty Images/shironosov

Getty Images/shironosov

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.

Anne Erickson started her radio career shortly after graduating from Michigan State University and has worked on-air in Detroit, Flint, Toledo, Lansing and beyond. As someone who absolutely loves rock, metal and alt music, she instantly fell in love with radio and hasn’t looked back. When she’s not working, Anne makes her own music with her band, Upon Wings, and she also loves cheering on her favorite Detroit and Michigan sports teams, especially Lions and MSU football. Anne is also an award-winning journalist, and her byline has run in a variety of national publications. You can also hear her weekends on WRIF.