Cheapest SUV of 2023 and 2024

There is no doubt that cost is the number one decision maker when it comes to purchasing a vehicle. As prices continue to climb, affordable choices are getting harder to find, so we dug through what’s available to find the least expensive SUVs in the most popular classes. 

These prices are current as of October 2023, using available manufacturer suggested retail prices for both 2023 and 2024 models wherever possible. The prices include destination fees, but not dealer markups or incentives.

Cheapest small SUV: 2023 Hyundai Venue

Not surprisingly, the most affordable SUVs are the smallest. One of the first introductions to the subcompact SUV class came in the form of the funky Scion xB, followed years later by a host of newcomers that included the Nissan Juke, Mini Countryman and Kia Soul. Back then, these micro utes were marketed to empty nesters and first-time buyers, but nowadays they represent an alternative to the conventional sedan and have been increasing market share ever since.

Profit margins in this class are narrow and popularity is high, which means the entrants are competitively priced. The top choices in the class are only a couple thousand dollars more than the most affordable alternatives below, so it may make sense to consider our favorites that include the Mazda CX-30, Volkswagen Taos and Chevrolet Trailblazer.

2023 Hyundai Venue: $20,985

The Hyundai Venue debuted in 2020 and earned praise for its overall value. You get a ton of features for the money as well as a very generous warranty. Holding it back is its rather weak engine and its generic styling.

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Cheapest midsize SUV: 2024 Chevrolet Equinox

Compact SUVs have the broadest appeal thanks to a very diverse group. It seems as though there’s a great pick for nearly every taste, whether you’re seeking something sporty, rugged or luxurious. They’re a great pick for small families with one child and/or a dog. The class is led by vehicles that include the Honda CR-V, Kia Sportage and Mazda CX-50, which are still within reach of most shoppers’ budgets.

2024 Chevrolet Equinox: $27,995

The Equinox debuted back in 2005 and this current third-generation was last redesigned in 2018. While this model may be showing its age, it still deserves your consideration for its comfortable ride quality, confident cornering and roomy passenger space. The Equinox’s cargo space is on the small side and interior materials are rather downmarket though, and the most affordable model will likely have to be special ordered.

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Cheapest 3rd row SUV: 2024 Mitsubishi Outlander

Three-row SUVs are the go-to choice for growing families. If you have two or three kids, the third row comes in handy when they have friends on a road trip or on the morning carpool. In many ways, these SUVs have replaced the minivan and deliver better driving dynamics and off-road capabilities. The class has been dominated by the Kia Telluride in recent years, but it costs about $7,000 more than the most affordable SUV in the class.

2024 Mitsubishi Outlander: $30,015

Mitsubishi has been out of the picture for a while, but recent partnerships may signal a recovery of sorts. The Outlander has been in production since 2003, and the current model was introduced in 2022. It shares some of its platform with the Nissan Rogue, and we like it for its smooth ride, comfortable seats and lengthy warranty, but it could do with more power. 

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Cheapest large SUV: 2023 Nissan Armada

Full-size SUVs also have three rows of seats and are quite a bit larger than the midsize class. Capabilities are the name of the game here as these SUVs have greater towing and hauling limits and often are available in off-road versions. Comfort and refinement often take a hit, though, as these are generally based on pickup truck platforms.

2023 Nissan Armada: $52,495

The Armada has been in the U.S. for two decades and the current second-generation model was last redesigned in 2017. It gets high marks for its interior quality and potent power but is hamstrung by its thirsty engine, limited third-row space and outdated technology. You can certainly do better, but not at this price.

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Cheapest electric SUV: 2023 Chevrolet Bolt EUV

We’re sorry to say that the current Chevrolet Bolt and Bolt EUV are going out of production. They will be replaced by new versions powered by General Motors’ latest battery technology, otherwise known as Ultium. We doubt they will be priced as low as the Chevy Bolt EUV, though. For those who find one of these small electric vehicles at a dealership, the regular Bolt EV is a bit smaller than the Bolt EUV, which is what we’ve chosen to include here.

2023 Chevy Bolt EUV: $28,795

Note that the Bolt and Bolt EUV are front-wheel drive. If you want the type of traction provided by all-wheel drive, you’ll have to shop elsewhere. The Bolt EUV is eligible for the $7,500 federal EV tax credit, making this an even cheaper choice. Like we said, both of the current versions are on their way out, and we don’t know when their replacements will arrive. So here are a couple alternatives (both of which offer optional all-wheel drive) that are currently for sale.

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