No cheap new cars under $20,000 from 2025, says report

Nissan and Mitsubishi both confirmed that production of its Versa and Mirage.

According to media reports, by the end of 2025, there could be no new cars on offer priced below $20,000.

The reports mention how most automakers are slowly cancelling their low-margin budget models and concentrating on the premium segment which has high-profit margins.

Among the most recent are carmakers like Nissan, Mitsubishi and Kia. Japanese brands Nissan and Mitsubishi both confirmed that production of its Versa and Mirage offerings, respectively, will end in early-2025. Kia has also announced the discontinuation of its entry-level model, the Rio sedan and hatchback at the end of this year.

The report also states the market trends favour larger and cars loaded with features and tech, which results in them having a higher retail price.

Source: TheCarConnection