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.

There are many factors to consider when deciding to purchase a new car. Insurance rates have fluctuated, and the automobile industry constantly introduces new features, especially in electric vehicles. Forbes recently published a report detailing the five most popular cars in America.

They state that car ownership increased by 3.66% between 2017 - 2021. Furthermore, "Most U.S. households (91.7%) had at least one vehicle in 2021 (the latest data available), and 22.1% of households had three or more vehicles," the Forbes piece explains.

But what cars are people buying most? Forbes detailed the sales figures for the top 10 purchased cars in 2022. The number one selling vehicle in the country was the Ford F series, with 653,957 units sold.

Two additional pickup trucks claimed the second and third spot as well. There were 513,354 Chevrolet Silverados sold in 2022, and  468,344 Ram Pickups. Then, the list gets more into the small and mid-size space. Toyota had two high sellers with their practical RAV4 and Camry.

The compact SUV Tesla, the Model Y claimed the sixth best-selling spot on the most popular cars list. This fully electric vehicle has a starting price of approximately $47,500. The only mid-sized SUV with a larger footprint to make the list was the Jeep Grand Cherokee at number 10.

GMC and Toyota's pickup truck offerings joined the list as well. This means five out of the top ten best-selling cars in America are pickup trucks. The GMC Sierra was seventh, and the Toyota Tacoma was 9th.

This fascinating subject has many angles in which you can continue to break down the details. For example, Forbes shows that white is the most popular color of U.S. cars bought. Yellow was the least popular color.

Starting with the Ford F series truck, let's take a further look at the five most popular cars in America.

The F Series has been manufactured by Ford since 1948. Currently, Ford offers a F150, F250, and F350. The increased number reflects a larger framed pickup truck. The 150 had eight different models available.

The Silverado prides itself on performance and durability. It contains a powerful engine that has a higher level of torque than most comparable Ford models. Another appealing component to this pickup truck is that Chevrolet offers various ways to customize. Starting with nine different exterior colors to pick from, including a harvest bronze and glacier blue metallic.

Although Ram offers six different pickup options, including one with a cab, the 1500 series is most similar to the Ford F150 and Chevy Silverado. The Ram also has a favorable price point, with some 1500s starting as low as $30,000.

The RAV4 is considered to be the first compact crossover SUV. It was introduced in America in 1995 and available in 1996. Currently, there are an array of models including a sport package, premium, and hybrid electric. Furthermore, the city and highway gas miles per gallon numbers are great with a RAV4. They are typically in a 27/35 range.

The price difference between a standard Camry and a hybrid can be as low as $2,500. 2023 marks 40 years of the Camry being a reliable sedan in America. While there have not been many complete makeovers, Toyota consistently improves the technology options in each Camry model. Lastly, the Camry now has four different two-tone color options.