Ultra-Cheap Cars Are Coming - Even to the U.S.
The average price of a new car has been climbing for years. Thanks to technological advances, better gas mileage, new features for comfort and safety, and higher production costs due to wage increases, inflation, and a host of other reasons, a typical new car today is selling for over $2,000 more than a year ago. Even as the mid-market vehicle creeps upward in price, competition at the far low end is heating up, especially in developing countries: Some new cars are expected to sell for under $5,000.
Before getting your hopes up, it looks like the cheapest of the world’s cheap cars won’t be sold in the U.S. anytime soon. Not too far off in the future, though, American drivers may get to test-drive and buy a car with a sticker price under $10,000.
Here are three automakers making news with plans to dramatically reshape the low-price car market: