Rising food, housing, and fuel costs are likely driving many Canadians to cut spending where they can. This includes vehicle payments, as downsizing from an SUV or a luxury vehicle to a smaller, more affordable alternative can free up a significant portion of someone’s monthly income. That’s not to mention all the other potential savings surrounding fuel costs, insurance, maintenance, and repairs.
This list provides a quick breakdown of the 10 cheapest cars on sale in Canada today – along with an honourable mention that occupies a very important spot in the market. Our ranking lists vehicles in order from most expensive to least expensive while factoring in the mandatory freight charge. We didn’t include other associated purchase fees for simplicity’s sake, like taxes and the air conditioning levy, for example, but these would not have changed the ranking order. We’ve also included each vehicle’s fuel economy rating, as well as its estimated yearly fuel cost.
Here are the 10 most affordable new vehicles in the country for 2022.
10. 2022 Nissan Kicks
The Nissan Kicks is a sensibly-styled, no-nonsense subcompact crossover that comes standard with a naturally aspirated 1.6-litre four-cylinder engine that produces 122 horsepower, along with a continuously variable transmission (CVT) and front-wheel-drive. Unlike many crossovers, the Kicks cannot be equipped with all-wheel drive, a factor that helps keep its price so low.
Price: $21,928 ($20,098 MSRP + $1,830 freight charge)
Fuel economy: 7.7 / 6.6 / 7.2 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,440
9. 2022 Nissan Sentra
Many Canadians will be familiar with the compact Nissan Sentra four-door sedan, as it’s been a popular choice for drivers on a budget for decades. For 2022, this sedan features a standard 2.0-litre engine rated at 149 horsepower, along with a six-speed manual transmission, and front-wheel drive. There may be more adept compact cars on the market at the moment, like the Honda Civic and Toyota Corolla, for example, but the Sentra shines in regard to affordability.
Price: $21,308 ($19,598 MSRP + $1,1710 freight charge)
Fuel economy (with manual transmission): 8.0 / 6.0 / 7.1 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,420
8. 2022 Toyota Corolla Sedan
The Toyota Corolla is a dependable option for those in the market for an affordable everyday driver. The 2022 Corolla comes standard with a 1.8-litre engine rated at 139 horsepower, along with a standard six-speed manual transmission. The vast majority of Corollas on Toyota lots in the country will be equipped with a CVT, but if Canadians can find a manual-equipped model, they’ll be getting a sub-$20k bargain. Also, Corollas have a reputation for efficiency, reliability, and providing an easy ownership experience.
Price: $21,170 ($19,450 MSRP + $1,720 freight charge)
Fuel economy (with manual transmission): 8.0 / 6.0 / 7.1 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,420
7. 2022 Hyundai Venue
The most affordable crossover on sale in Canada is the 2022 Hyundai Venue. This little city crossover comes standard with a 1.6-litre engine rated at 122 horsepower, along with a standard six-speed manual transmission. While only available with front-wheel drive, the Venue offers some added usability over a hatchback or sedan thanks to its spacious cabin and (marginally) higher ride height. It’s also available in some fun colours.
Price: $20,124 ($18,299 MSRP + $1,825 freight charge)
Fuel economy (with manual transmission): 8.6 / 6.8 / 7.5 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,500
6. 2022 Kia Forte
The Kia Forte is a solid option for those in the market for an affordable compact sedan. It comes standard with a 2.0-litre engine rated at 147 horsepower, along with a six-speed manual transmission and front-wheel drive. Our experts have praised the Kia Forte for feeling more expensive than it actually is. It also comes with some standard features that are rare to find in a car with such an affordable price.
Price: $19,995 ($18,295 MSRP + $1,700 freight charge)
Fuel economy (with manual transmission): 8.8 / 6.1 / 7.6 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,520
5. 2022 Hyundai Elantra
The Hyundai Elantra is closely related to the Kia Forte mentioned previously. As such, it features the same 2.0-litre engine, which makes the same power output at 147 horsepower. The Kia gets marginally better fuel economy ratings, but they are otherwise extremely similar. How would you pick one over the other? It might just come down to which one you like the look of better or which brand has a dealership closer to your home.
Price: $19,824 ($18,099 MSRP + $1,725 freight charge)
Fuel economy (with manual transmission): 9.1 / 6.3 / 7.8 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,560
4. 2022 Kia Rio 5-Door
The Kia Rio 5-Door is an ultra-affordable subcompact hatchback that comes standard with a 1.6-litre four-cylinder engine rated at 122 horsepower, along with a six-speed manual transmission and front-wheel drive. The Rio is a bit smaller and also less powerful than the Forte or Elantra, but makes up for these shortcomings with a slightly lower base price and a more economical base powertrain. Again, our experts were impressed by how it feels high-quality despite its affordable price.
Price: $19,095 ($17,395 MSRP + $1,700 freight charge)
Fuel economy (with manual transmission): 7.7 / 6.1 / 7.0 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,400
3. 2022 Nissan Versa
A direct competitor to the Kia Rio, the Nissan Versa just undercuts its Korean competitor. It also comes standard with a very similar powertrain: a 1.6-litre engine rated at 122 horsepower and a five-speed manual transmission powering the front wheels only. Thanks to its bargain-basement five-speed transmission, the Versa gets slightly worse fuel economy than the Rio.
Price: $18,608 ($16,898 + $1,710 freight charge)
Fuel economy (with manual transmission): 8.6 / 6.7 / 7.7 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,540
2. 2022 Mitsubishi Mirage
The Mitsubishi Mirage is notoriously cheap, and while this tiny subcompact hatchback won’t be winning any awards for its performance or build quality, it’s an affordable, efficient, and straightforward city runabout with an honest work ethic. It comes standard with a 1.2-litre three-cylinder engine producing 72 horsepower, along with a five-speed manual transmission and front-wheel drive. Despite its humble powertrain, it can actually be quite fun and cheerful to drive.
Price: $15,673 ($14,098 MSRP + $1,575 freight charge)
Fuel economy (with manual transmission): 7.1 / 5.8 / 6.5 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,300
1. 2022 Chevrolet Spark
Completing our list is the ultra-affordable and surprisingly pleasant Chevrolet Spark. A direct competitor to the Mirage, it comes standard with a 1.4-litre engine rated at 98 horsepower, along with a six-speed manual transmission. While the Spark represents great value for money, it’s unfortunately not long for this world, with GM set to put this affordable hatch to pasture at the conclusion of the 2022 model year.
Price: $12,198 ($10,398 + $1,800 freight charge)
Fuel economy (with manual transmission): 8.0 / 6.2 / 7.2 L/100 km cty/hwy/cmb
Estimated yearly fuel costs: $1,440
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