NEW YORK – Frugality often gets misunderstood as a result of financial limitation, but in reality, it represents smart money management. Being frugal means carefully spending money rather than splurging impulsively. Many wealthy individuals, including business tycoons, adhere to frugality when purchasing vehicles. The late Sam Walton, founder of retail giant Walmart, drove a 1979 Ford F-150 pickup while heading a multi-billion dollar company. Amazon’s Jeff Bezos stuck with his trusty Honda Accord long after he became a billionaire.
Frugal people share financial prudence despite their economic status. They aim to spend the minimum amount necessary on any given item, especially big-ticket ones like cars. While buying new goes against frugality, looking at new car prices gives the best standard comparison to find the most economical options which frugal drivers would consider.
The Ten Least Expensive Brand New Cars
According to October 2023 data from Cars.com, the ten cheapest newly available vehicles fall well below the $47,936 average spent by American car buyers. While low prices appeal to frugal-minded people, other factors like good gas mileage also attract careful spenders looking to save at the pump.
Here are the ten most affordable 2023 and 2024 model year vehicles based on starting manufacturer’s suggested retail price including destination charge but excluding any incentives or fees. All come standard with automatic transmissions:
- 2023 Mitsubishi Mirage ES – $17,790
- 2023 Kia Rio LX – $17,875
- 2023 Nissan Versa S – $18,745
- 2023 Kia Forte LX – $20,815
- 2023 Hyundai Venue SE – $20,985
- 2023 Kia Soul LX – $21,215
- 2024 Chevrolet Trax LS – $21,495
- 2023 Nissan Sentra S – $21,725
- 2023 Nissan Kicks S – $21,925
- 2023 Hyundai Elantra SE – $22,065
The Virtues of Restraint
While the vehicles seem basic compared to the technological wonders introduced at recent auto shows, their simplicity and low ownership costs appeal tremendously to economically-minded drivers. By applying sound personal finance principles to vehicle purchases, frugal people position themselves to achieve long-term financial stability rather than fall prey to materialism and overspending. Just as successful business leaders pride themselves on efficient operations and lean staffing, prudent car buyers take pride in no-frills, back-to-basics transportation free of expensive monthly payments which only depreciate in value. Rather than flashy status symbols which quickly go out of style, these humble and reliable people-movers focus purely on practical mobility. What the vehicles lack in thrills, they provide in flexibility for drivers to apply funds toward more meaningful investments like education, housing, retirement, travel and philanthropy where money gets more purposefully spent.
