Since the European market shows no sign of recovery and the oil and gas prices continue to increase, small, fuel-efficient cars are more appealing than ever.

The number of cars priced $15,000 and under has increased by 17%, and the percentage is increasing, according to auto analysts. Of course the small price comes with fewer options and lack of luxury, but this is not a time to be picky.

The list of America’s 12 Cheapest Cars includes models such as the Honda’s Fit, the Chevrolet Aveo at $11,460; the Toyota Yaris at $11,550, the Kia Spectra at $12,895, which although cheap can easily compete with the higher-end, inexpensive used cars. The cheapest new car available in the US is the Kia Rio, at $10,890, which features a five-speed manual transmission with a 1.6-liter, four-cylinder engine.

“Generation Y buyers have grown up with technology, conveniences and luxury,” says Kim. “They don’t want to earn things; they want them now, and they expect them now. Automakers are scrambling to get high-end features into small vehicles.”

Here is the list with America’s 12 Cheapest Cars

10. 2008 Mazda 3 – $13,895
Combined EPA MPG: 27 manual/26 automatic
Engine: 2.0-liter, 4 cylinders

9. 2008 Hyundai Elantra – $13,625
Combined EPA MPG: 27 manual/ 28 automatic
Engine: 2.0-liter, 4 cylinders

8. 2008 Suzuki Reno – $13,599
Combined EPA MPG: 23 manual/22 automatic
Engine: 2.0-liter, 4 cylinders

7. 2009 Nissan Versa – $12,990
Combined EPA MPG: 28 manual/27 automatic
Engine: 1.8-liter, 4 cylinders

6. 2008 Hyundai Accent – $12,925
Combined EPA MPG: 29 manual/28 automatic
Engine:1.6-liter, 4 cylinders

5. Kia Spectra – $12,895
Combined EPA MPG: 26 manual/27 automatic
Engine: 2.0-liter, 4 cylinders

4. 2008 Smart Fortwo Pure – $11,590
Combined EPA MPG: 36 manual
Engine: 1.0-liter, 3 cylinders

3. 2008 Toyota Yaris – $11,550
Combined EPA MPG: 32 manual/31 automatic
Engine: 1.5-liter, 4 cylinders

2. 2009 Chevrolet Aveo – $11,460
Combined EPA MPG: 28 automatic
Engine: 1.6-liter, 4 cylinders

1. 2008 Kia Rio- $10,890
Combined EPA MPG: 29 manual
Engine: 1.6-liter, 4 cylinders


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