- Mirage’s average price in June was $18,484, making it the cheapest new vehicle.
- The Nissan Versa no longer qualifies as a sub-$20K vehicle after trim changes.
- Industry average transaction price in June hit $48,907, up slightly from May.
The end of an automotive era is fast approaching: come the end of this summer, it’ll no longer be possible to buy a new car in the United States for less than $20,000. At a moment when the cost of living is at an all-time high, this is bad news for consumers across the country and will likely force more to look at the used car market.
Recent sales data highlights just how close we are to that threshold. In June, the average transaction price for a new Mitsubishi Mirage came in at $18,484. The automaker ended production of the Mirage last year and has been selling down its inventory ever since. It’s understood that there are fewer than 1,700 units are available at dealerships across the US and once those are sold, the Mirage will officially exit the new car market.
Read: Mitsubishi Refuses To Let The Mirage Die
Cox Automotive says the Mirage remains the last new vehicle transacting for an average of less than $20,000. Up until recently, it was also possible to buy a new Nissan Versa for less than $20,000, but in late May, Nissan scrapped the entry-level five-speed manual base option. That means the cheapest Versa on the market is the CVT-equipped S with an $18,990 MSRP, which rises to $20,130 when you factor in a $1,140 shipping and handling fee.
Buyers have been snapping up the Mirage before it disappears. Last year, the Mirage was Mitsubishi’s second-best-selling car in the United States with 22,766 units sold. This represented a 125 percent increase over 2023.
Average Transaction Prices Rise
Meanwhile, the broader trend continues upward. In June, the average transaction price (ATP) for a new vehicle rose to $48,907. That’s a 0.4 percent increase from May’s adjusted figure.
Several groups saw ATPs increase slightly last month, while a few actually saw them decrease. Vehicles from the Geely Auto Group, which includes the Polestar and Volvo brands, saw the largest increase in June, with ATPs rising 1.7 percent from $58,900 to $59,927. ATPs at General Motors also rose 1.6 percent from $54,051 to $54,909. Among the groups to report declines month-over-month were Tata Motors (-7.7 percent) that includes Land Rover, Tesla (-0.5 percent), and VW (-3.3 percent).
Brand-by-Brand Breakdown
Among individual brands, Chrysler posted the largest monthly gain at 3.4 percent, followed by Mitsubishi at 3.5 percent. MINI, Buick, and Chevrolet also saw modest increases. On the decline side, Land Rover dropped 7.9 percent month-over-month, while Lincoln and Ram posted 2.9 and 2.1 percent drops, respectively.
The charts below offers a detailed view of ATP changes by brand, showing month-over-month and year-over-year shifts.