Limited Options for Affordable New Cars in 2023

There are only three new cars available for less than $20,000 in the US market, and automakers are ignoring people who don't have a lot of money to spend on a car. The average price of a new car is down about $500, to $48,008, but there are still a tiny handful of affordable options out there, including the Mitsubishi Mirage, Kia Rio/Rio5, and Nissan Versa. However, none of these are selling particularly well, and it's hard to imagine a future for cheap subcompact cars like these in America.