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Cheapest New Cars in Canada For 2024

Cheapest New Cars in Canada For 2024

With high inflation, rising interest rates, and economic uncertainty on the horizon, affordability has become the number one priority for car shoppers in 2024. New vehicles are more expensive than ever before, with the average transaction price topping $48,000 in Canada last year. For many buyers, dropping nearly $50,000 on a new car is simply out of reach.

Thankfully, even with vehicles getting more high-tech and loaded with features, there are still plenty of brand new options available for under $20,000. For Canadians on a tight budget looking for reliable transportation, an affordable new car delivers peace of mind with the latest safety innovations, fuel efficiency, and manufacturer warranties.

In this comprehensive guide, we’ll outline the absolute cheapest new cars you can buy in Canada for the 2024 model year. Whether you have less than $10,000 to spend or can stretch your budget to $20k, you’ll discover there are great new vehicles to suit your needs and wallet. From the shockingly inexpensive Mitsubishi Mirage to value-packed compacts and small SUVs, these rides prove you don’t need to break the bank to get behind the wheel of a brand new car.

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The Sub-$10k Miracle: Canada’s Least Expensive New Car

The reigning champion for Canada’s cheapest new car is once again the Mitsubishi Mirage. For the 2024 model year, this subcompact hatchback starts at an astoundingly low MSRP of just $16,998. While other automakers have struggled with inflation and supply chain issues driving up prices, the Mirage provides a new vehicle option for under $17k.

The base Mirage ES comes decently equipped even at its bargain price point. Standard features include power windows and locks, a 7-inch touchscreen display, rearview camera, Bluetooth connectivity, and a generous 10-year/160,000km powertrain warranty. Higher Mirage trims add niceties like heated front seats, automatic climate control, proximity keyless entry, and other upgrades.

Powering the Mirage is a tiny 1.2L 3-cylinder engine making a modest 78 horsepower. A 5-speed manual transmission is standard on the base ES, with a CVT automatic optional. Fuel economy is excellent, with the Mirage ES earning city/highway ratings of 7.9/6.5L/100km. Going for the top-trim Mirage GT still keeps the MSRP under $20k while adding more equipment.


Other New Vehicles With Unbeatable Base Prices

In addition to the sub-$10k Mitsubishi Mirage, there are a few other new vehicles with impressively low starting prices under $20,000 in Canada for 2024. Three compact sedans that stand out are the Nissan Versa, Hyundai Accent, and Kia Rio.

The most affordable of the group is the 2024 Nissan Versa with a base MSRP of just $17,498. Even in its most basic S trim, the Versa packs a good amount of features including automatic emergency braking, lane departure warning, high beam assist, and a 7″ touchscreen display. Moving up to the SV trim at $19,598 adds desirable upgrades like 16″ alloy wheels, remote keyless entry, Apple CarPlay/Android Auto integration, blind spot monitoring, and more. Overall, the Versa offers an impressive value for budget-focused buyers.

Priced from $18,997, the 2024 Hyundai Accent is another smart pick in this price bracket. The Accent’s standard equipment list is quite generous with amenities like power windows/locks, a rearview camera, Bluetooth, and a 5″ touchscreen. Plus, active safety tech like forward collision warning and lane keep assist comes standard. The Accent Limited at $21,397 adds luxury touches like leatherette seats, 17″ alloys, LED lighting, and a sunroof. Shoppers get a lot of content for the cash.

Rounding out the trio, the base 2024 Kia Rio LX sedan has an MSRP of $18,995. Even in base form, the Rio contains a solid array of tech like an 8″ touchscreen, wireless Apple CarPlay/Android Auto, lane follow assist, and driver attention warning. Upgrading to the EX Premium trim unlocks extras like 16″ wheels, heated front seats, sunroof, and smart cruise control. Overall, the Rio hits a sweet spot for an affordable, well-equipped compact.

When it comes to the cheapest new cars in Canada, these three compacts prove you don’t need to sacrifice too much. Savvy shoppers can get a brand new vehicle with decent equipment and the latest safety features, all without breaking the bank.


The Best Brand New Cars Under $20k By Category

With so many affordable options to choose from, it helps to narrow down the best picks based on priorities and intended use. Here are top recommendations in popular categories for those shopping on a budget under $20,000.


Small Cars

For an inexpensive commuter car or city runabout, compact sedans and hatchbacks offer the most interior space and features for the money. The 2024 Hyundai Elantra starts at just $17,899 and delivers attractive styling, an efficient 4-cylinder engine, and a nice list of standard equipment even on the base model. Moving up to the Preferred trim at $19,749 adds alloy wheels, proximity keyless entry, a power driver’s seat, heated front seats, and other worthwhile upgrades. Those who prioritize fuel economy can’t go wrong with the 2024 Honda Civic LX at $18,690, providing an EPA-estimated 36 mpg combined.


Small SUVs/Crossovers

Subcompact crossovers bring a slightly higher driving position, available AWD, and cargo versatility. The 2024 Nissan Kicks S is one of the most affordable options at $19,698, offering 33 mpg combined fuel economy and a good array of tech and safety features even in base form. For more cargo room, the 2024 Hyundai Venue starts at $18,349 and provides fold-flat rear seats and up to 31 cubic feet of maximum cargo capacity. The Venue also comes well-equipped in its base SE trim.



Eco-minded buyers can find several hybrids and one EV priced under $20k. The 2024 Hyundai Ioniq Hybrid Blue delivers an EPA-estimated 59 mpg combined for just $19,900. Moving up to the well-equipped SEL at $22,400 remains an excellent value. Another fuel sipper, the 2024 Toyota Corolla Hybrid LE starts at $19,062 with 53 mpg combined ratings. And the 2024 Nissan Leaf S brings the convenience of an electric vehicle to the lowest price point at $19,998 after federal tax incentives.


Options for Going Even More Affordable

For buyers on an extremely tight budget, brand new vehicles may still be out of reach. Fortunately, there are ways to find affordable and reliable transportation while spending even less.

Buying a used vehicle instead of new is one of the best strategies for maximizing savings. The initial depreciation on a new car as soon as it’s driven off the lot means you can often find lightly used models just a few years old for thousands less. With some research, it’s possible to find a high-quality used vehicle with lower miles that still has plenty of life left.

Opting for a certified pre-owned (CPO) model can provide peace of mind. CPO cars go through extensive inspections and reconditioning and come with extended warranty coverage beyond the original new car warranty. While not brand new, CPO vehicles offer warranties, low miles, and significant discounts compared to new.

Another option is buying previous model year vehicles still sitting on dealer lots. With the new model year released, dealers will be eager to sell off remaining inventory from the previous year. This is especially true for vehicles nearing the end of a generation run. Doing your research can help identify outgoing models where sizable discounts may be offered.


Who Wins for Absolute Lowest Cost?

After reviewing all of the most affordable new vehicles available in Canada for 2024, one clear winner emerges for the title of cheapest car you can buy brand new. The Mitsubishi Mirage retains its crown as Canada’s least expensive new car with a base MSRP of just $16,998. For a vehicle with a 10-year/100,000 mile powertrain warranty, the Mirage is an unbeatable value proposition.

Available as a hatchback or sedan, the Mirage offers practical transportation without frills. The interior and driving dynamics are basic, but the Mirage excels at the most important tasks – getting you from point A to point B while sipping fuel. Models equipped with the CVT automatic transmission achieve excellent fuel economy up to 6.4L/100 km on the highway. And with a modest footprint, the Mirage is easy to maneuver and park in crowded cities.

For shoppers on an extremely tight budget who want a brand new vehicle with the latest safety features like forward collision warning and lane departure warning, the 2024 Mitsubishi Mirage is the clear winner. No other new car even comes close to its sub-$17k pricing. The peace of mind from Mitsubishi’s long powertrain warranty sweetens the deal. Drivers who want more refinement can upgrade to the next level Nissan Versa, which starts around $3,000 higher. But those dead set on finding the absolute cheapest way to get a new car should look no further than the 2024 Mitsubishi Mirage.


The Sub-$10k Miracle: Canada’s Least Expensive New Car

The undisputed champion when it comes to low cost of entry is the 2024 Mitsubishi Mirage. With a base MSRP of just $16,998, it’s the only brand new vehicle on sale in Canada that still comes in under $17k. For that rock bottom price, you get a subcompact 4-door hatchback powered by a tiny 1.2L 3-cylinder engine making 78 hp paired to either a 5-speed manual or CVT automatic transmission. Fuel economy is excellent at city/highway ratings of 8.7/6.5 L/100 km. While no one will call the Mirage quick or luxurious, it provides basic, economical transportation.

The Mirage ES 5MT trim comes decently equipped even at its bargain pricing. Features include power windows and locks, auto climate control, a 7″ touchscreen with Bluetooth and Apple CarPlay/Android Auto integration. Upgrading to the SE CVT model adds niceties like keyless entry, push button start, heated seats, and active safety tech. In terms of ownership costs, the Mirage is about as cheap as it gets. Fuel costs are ultra low, while insurance rates are very affordable. Mitsubishi’s 10 year/160,000 km powertrain warranty provides peace of mind. With slow depreciation, the Mirage holds its value well. While resale value is low in absolute terms, you aren’t losing much either.


Other Compacts With Unbeatable Base Prices

In addition to the Mirage, there are a few other compact cars with impressively low starting prices under $20,000 in Canada for the 2024 model year. The top options include the Nissan Versa, Hyundai Accent, and Kia Rio.

The 2024 Nissan Versa has a base MSRP of $16,648 in Canada. Even in the most basic S trim, it comes decently equipped with features like Bluetooth, a 7-inch touchscreen, and forward collision warning. Available active safety features include blind spot monitoring, rear cross traffic alert, and more. Under the hood is a 122-horsepower 4-cylinder engine. Fuel economy is rated at 7.7 L/100 km in the city and 6.0 L/100 km on the highway. The Versa offers ample passenger and cargo space for a compact car.

Starting at $17,599, the 2024 Hyundai Accent is also one of the most affordable brand new cars in Canada. The SE base model includes Apple CarPlay/Android Auto integration, cruise control, and a split-folding rear seat. Drivers get a choice between a 6-speed manual transmission or IVT automatic. Power comes from a 120-horsepower 4-cylinder. Hyundai covers the Accent with a 5-year/100,000 km comprehensive warranty for added peace of mind.

With a starting MSRP of $17,695, the 2024 Kia Rio rounds out the most budget-friendly compacts. Even in LX trim, the Rio contains conveniences like power windows, a rearview camera, height-adjustable driver’s seat, and steering wheel audio controls. The powertrain is a 120-horsepower 4-cylinder paired to a standard 6-speed manual or available automatic. Like other Kia models, the Rio is protected by an extensive 5-year/100,000 km warranty.

These three affordable compacts have slightly different strengths. The Versa leads in interior space, the Accent gets excellent fuel economy, and the Rio has Kia’s long warranty coverage. However, they all represent smart transportation options for shoppers focused on low purchase prices and ownership costs.


Best Subcompact New Cars By Buyer Profile

When shopping for an affordable new subcompact car under $20,000, it’s important to consider your specific needs and priorities as a buyer. Here are some top recommendations for popular buyer profiles:


Recommendations for Commuters

For commuters facing long drives or heavy traffic, fuel efficiency and technology features are key. The 2024 Toyota Yaris and Honda Fit are both excellent commuter cars with great MPG, nimble handling, and standard infotainment like Bluetooth connectivity. The Yaris LE Eco trim starts at only $17,250 and gets an EPA-estimated 40 mpg highway. Meanwhile, the Honda Fit LX at $17,160 offers versatile folding rear seats to accommodate gear and a nifty “Magic Seat” for fitting larger items.



Students on a tight budget should consider the no-frills 2024 Nissan Versa S at just $16,675 or the 2024 Hyundai Accent SE at $17,740. Both offer low starting prices and excellent warranties – 5 years/100,000 miles for the Versa and 10 years/100,000 miles for the Accent. Hatchback versions increase practicality for moving in and out of dorms. These cars lack premium features but deliver excellent value transportation from point A to point B.


Young Families

Growing families need space for strollers, car seats, and other kid gear. The 2024 Kia Rio 5-door hatchback pairs an affordable $17,545 starting price with ample cargo room and a 60/40 split folding rear seat. Higher trim Rio S models add desirable safety tech like forward collision warning and lane keep assist. For more space, the 2024 Hyundai Venue SE tops out at $19,249 and offers SUV-like headroom plus a 121.9 cubic ft. cabin and fold-flat front passenger seat to fit lengthy items inside.


Hatchbacks vs. Sedans

Hatchbacks offer more versatile cargo space thanks to the lifted rear hatch, rather than a trunk. This makes loading bulky, odd-shaped items much easier. However, sedans tend to offer a more upscale, sleek styling and slightly better fuel economy from their aerodynamic designs. Ultimately, choosing a hatchback or sedan depends on your priorities – maximum practicality or a more premium driving experience.


Top Affordable Small SUVs & Crossovers

For Canadian buyers seeking a versatile small SUV or crossover under $20,000, there are some surprisingly affordable options. While these models may forgo some luxury features, they provide excellent utility and fuel efficiency.

One of the most affordable subcompact SUVs is the Hyundai Venue. With a starting MSRP of just $18,499, the Venue packs a lot of value. It has modern styling and an easy-to-use infotainment system. The Venue offers up to 1,054 liters of cargo space with the rear seats folded down. All-wheel drive is available for improved winter traction. Active safety features like forward collision warning and lane keep assist come standard.

The Chevrolet Trax is another budget-friendly subcompact crossover choice. Priced from $19,595, the Trax comes well-equipped even in its base LS trim. All models get a 7-inch touchscreen with Apple CarPlay and Android Auto. Cargo room is generous at 1,550 liters with the rear seats folded. The Trax is exclusively front-wheel drive, but traction control aids grip in slippery conditions. Available active safety features include blind spot monitoring and rear cross traffic alert.

While these small crossovers are affordable to buy, they do not skimp on modern tech and convenience features. Value-focused buyers can get an economical SUV without sacrificing utility or comfort.


The Best Brand New Hybrids/EVs Under $30k

As environmental awareness grows, more Canadian drivers are considering hybrids and electric vehicles. While EVs used to be quite expensive, increased model availability means there are now some surprisingly affordable options. For eco-conscious buyers who want excellent fuel efficiency without the steep price tag of a luxury EV, here are some of the best hybrids and electric vehicles available for under $30,000.

The Hyundai Ioniq Hybrid starts at just $24,999 and offers excellent fuel economy of 4.5L/100km combined. This stylish hatchback has a decent EV range of about 50km before the gas engine kicks in. Interior space is a bit tight, but the value for money is hard to beat. Upgrading to the Ioniq Plug-In Hybrid for $32,999 gets you an extended EV range of 47km. However, most daily driving should be possible on electric power alone.

For a little more space, the Toyota Corolla Hybrid is one of the most affordable ways to get Toyota’s proven hybrid technology. It starts at $25,390 and has a very frugal 4.4L/100km fuel consumption rating. The compact Corolla Hybrid can drive short distances solely on electric power but doesn’t plug-in to recharge. Front-wheel drive and comfortable seating provide a very pleasant driving experience.

On the fully electric side, the Nissan Leaf S starts at just $37,498. While not under $30k, it’s one of the most affordable EVs with no gas engine. This hatchback provides up to 363km of range on a full charge, which takes about 8 hours on a home Level 2 charger. Zippy acceleration and high-tech features like ProPilot Assist make the Leaf S feel far more expensive than its price tag.

For frugal shoppers who want maximum fuel efficiency without the high EV prices, compact hybrids like the Ioniq and Corolla present excellent value. But the growing selection of affordable electric vehicles means going fully electric is more viable than ever before in Canada.


How To Get A Reliable Used Car on a Tight Budget

If buying brand new is still out of reach, purchasing a used vehicle can be a smart way to get affordable transportation while staying under a $20,000 budget. Here are some tips for finding a high-quality pre-owned car that won’t break the bank:

Look for certified pre-owned (CPO) models still under manufacturer warranty. Many automakers like Toyota and Honda have rigorous inspection programs and will extend the original factory warranty on CPO vehicles. Buying from a franchised dealer often means higher quality.

Carefully examine the used car’s history report for any red flags. Check records for the number of previous owners, accident history, odometer verification, and maintenance records. Multiple owners, major damage, or gaps in servicing can indicate issues down the road.

Haggle aggressively when buying from a used car lot. Do your research ahead of time on fair market value and don’t be afraid to make multiple offers and walk away if you can’t get the price down. Private party sales may have more room for negotiation as well.


Weighing New vs Used

When shopping for an affordable vehicle on a budget, buyers often debate between purchasing new or used. There are pros and cons to both options that are important to weigh.

New vehicles provide the benefits of the latest features, full warranty coverage, no previous wear and custom configuration. However, new cars suffer from steep depreciation. A typical new car can lose 10-30% of its value in the first year alone. This makes buying new one of the most expensive ways to get a vehicle.

In contrast, a 2-3 year old used car has already taken the big depreciation hit, but can still offer modern amenities and many years of life left. The major downsides are no factory warranty, potential for higher maintenance costs, and not knowing the full history of the vehicle.

Reliability depends greatly on the specific model, but consumer data shows most new cars will go 100,000 miles or more without major issues, especially with proper maintenance. Used cars tend to be less reliable on average, but buying a certified pre-owned model can provide peace of mind.

When it comes to features, low-end new car models focus on basic necessities like air conditioning and Bluetooth connectivity. Higher trims offer options like leather seats, premium audio and driver aids. Used cars in the same price bracket often have these upgrades already equipped.

Overall, new cars provide predictability and customization for those who can afford the higher monthly costs. For budget-focused buyers willing to compromise on being the first owner, a 2-3 year old used vehicle delivers excellent value and can be the smarter financial move.


Final Verdict: The Best Sub-$20k New Car Value

After reviewing all of the most affordable new vehicles available in Canada for under $20,000, one clear winner stands out – the 2024 Nissan Versa. While the Mitsubishi Mirage has the absolute lowest starting price, the Versa beats it out with a combination of value, practicality, and ownership experience.

With a starting MSRP of just $16,498, the Versa undercuts every other car except the Mirage. However, it offers much more interior space and cargo room than the tiny Mitsubishi hatchback. The Versa sedan has one of the most spacious cabins in its class, with plenty of legroom and headroom for passengers. Its large trunk can easily fit multiple suitcases or a week’s worth of groceries.

The Versa also comes well-equipped even in base form, with standard features like Bluetooth, remote keyless entry, lane departure warning, and automatic emergency braking. Upgraded SV and SR trim levels add desirable options like a 7-inch touchscreen, Apple CarPlay/Android Auto integration, heated front seats, and 17-inch alloy wheels. Overall, the Versa packs impressive value compared to rivals.

In terms of reliability, the Versa has proven very dependable over multiple generations. Long-term owner reviews praise its durability and low maintenance costs. Fuel economy is another strength, with EPA ratings up to 40 mpg highway. The advanced safety tech standard across the lineup provides peace of mind.

For shoppers focused on the lowest purchase price and operating costs, the 2024 Nissan Versa is our top recommendation for a new car under $20,000 in Canada. It simply checks the most boxes when it comes to space, features, efficiency, and overall value. The Versa offers an unmatched new car experience on a very tight budget.

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Questions About Cheap New Cars In Canada

The cheapest new car in Canada for 2024 is the Mitsubishi Mirage ES 5MT with a starting price of $16,998. It comes with a 1.2L 3-cylinder engine and a 5-speed manual transmission. The Mirage is a subcompact hatchback that offers high fuel efficiency and an affordable price, perfect for budget-conscious buyers.

The base 2024 Mitsubishi Mirage ES 5MT in Canada comes equipped with manual windows, black door handles and side mirrors, halogen headlights, 14-inch steel wheels, a rear spoiler, and front ventilated disc & rear drum brakes. Interior features include fabric seating, a split folding rear seat, analog instrumentation, manual air conditioning, a 2-DIN audio system with Bluetooth connectivity, and a tilt steering column. It seats 5 passengers in total.

The next cheapest new car in Canada after the 2024 Mitsubishi Mirage is the 2024 Nissan Versa S 5MT with a starting MSRP of $20,298. The Versa is a subcompact sedan that offers more interior room and standard features compared to the tiny Mirage hatchback.

Some affordable compact sedans in Canada for under $25,000 in 2024 include:


– Nissan Sentra: Starts at $22,548

– Hyundai Elantra: Starts at $22,849

– Honda Civic Sedan: Starts at $24,300

– Toyota Corolla: Starts at $24,490

– Mazda3 Sport: Starts at $24,550


These compact sedans offer good value with attractive styling, decent performance and fuel economy, ample safety tech and interior room for the price point.

There are a handful of new vehicles available in Canada for under $20,000 in 2024:


– Mitsubishi Mirage Hatchback: Starts at $16,998

– Nissan Versa Sedan: Starts at $20,298

– Chevrolet Spark Hatchback: Starts at $20,398


So if you’re looking for the most affordable new cars in 2024, these subcompact models can get you behind the wheel without breaking the bank. Just don’t expect many bells and whistles.


As of now, the only 2024 model year vehicle in Canada with a starting MSRP around $15,000 or less is the Mitsubishi Mirage 5-door hatchback. The base Mirage ES 5MT is Canada’s most affordable new car with a price tag of just $16,998 before fees and taxes. No other new vehicles are currently projected to have starting prices at $15,000 or below in Canada for the 2024 model year.


The new SUV models with the lowest prices in Canada for the 2024 model year include:


– Nissan Kicks: Starts at $23,648

– Hyundai Venue: Starts at $24,249

– Chevrolet Trax: Starts at $27,398


The Nissan Kicks subcompact crossover and Hyundai Venue subcompact SUV offer the most affordability in the SUV segment for Canada in 2024 for buyers on a tight budget looking for a small crossover.

Unfortunately there are currently no new 2024 model year electric vehicles available in Canada with MSRPs below $30,000 before incentives or rebates. The cheapest EV in Canada for 2024 is expected to be the Nissan Leaf S starting at $40,698. Other affordable options can potentially dip below $30k with government rebates factored in, but none start quite that low before any discounts or credits at this time.

The only new minivan in Canada for 2024 with a starting MSRP under $35,000 is:


– Chrysler Voyager L: $34,995


The budget-friendly Voyager L is a no-frills minivan but comes nicely equipped for the price with seating for 7, Apple CarPlay/Android Auto connectivity, blind spot monitoring and a backup camera.


Unfortunately, there are no new full-size pickup trucks from major brands that are available for under $30,000 in Canada for the 2024 model year. Even midsize trucks like the Ford Ranger, Jeep Gladiator, Nissan Frontier and GMC Canyon have starting prices well above $30k. Shoppers looking spend less than $30,000 on a new pickup in 2024 may need to explore commercial work-oriented trucks.

According to auto industry analysts, the average price for a new vehicle purchased in Canada is expected to reach around $48,000 in 2024. This represents about a 3-4% increase over 2023’s estimated average new car transaction price of $46,500. Strong consumer demand, low inventories and steady pricing increases for vehicles and features are contributing to rising new car costs.


Some of the best family vehicles in Canada with 2024 MSRPs available under $35,000 include:


– Kia Forte5: $23,295 starting price

– Volkswagen Jetta: $25,995 starting price

– Hyundai Tucson: $31,849 starting price

– Subaru Crosstrek: $33,495 starting price


These models offer good passenger and cargo space, important family features and strong reliability reputations at relatively affordable price points for new vehicles.

Unfortunately, hybrid cars are not expected to be cheaper than gas cars in Canada for the 2024 model year in most cases. While falling battery costs and government incentives help make hybrid ownership more accessible, base hybrid models still command a few thousand dollar premium over their gas counterparts in many lineups. However, the fuel efficiency gains hybrids offer can offset some of their higher sticker prices over time.


Some mainstream new 2024 models offering adaptive cruise control for less than $40,000 in Canada include:


– Hyundai Sonata: Starts at $33,999

– Honda Civic Touring: Starts at $35,300

– Subaru Legacy Limited: Starts at $38,295

– Toyota Camry XLE: Starts at $38,390


This advanced safety feature maintains speed and distance from cars ahead, providing added comfort and security without breaking the bank.


While most mainstream vehicles sell for well under $100,000 in Canada, several high-end luxury and exotic models have base prices exceeding that lofty figure for the 2024 model year, including:


– Lamborghini Huracan: $229,043+

– Ferrari Portofino M: $244,613+

– McLaren GT: $283,500+

– Porsche 911 Turbo S: $294,000+

– Bentley Bentayga EWB: $322,100+


These ultra premium rides offer elite levels of performance, comfort and prestige befitting their quarter-million dollar-plus MSRPs.


The new vehicles expected to be the cheapest to insure in Canada for 2024 are:


– Nissan Micra

– Hyundai Accent

– Kia Rio

– Toyota Corolla

– Honda Fit


These models score well in affordability and safety testing and have lower rates of injury claims and vehicle thefts, making them economical picks for car insurance too.

According to recent rate analysis, average car insurance premiums on a new vehicle in Canada in 2024 are estimated to be around $1,300 annually. However, rates can vary significantly based on factors like driver age and history, location, chosen coverage limits and the particular vehicle insured. Expect to pay several hundred dollars more or less than this average national benchmark depending on your specific circumstances.


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