Recent college grads with new job in hand may have a problem on their hands. Unless they can take mass transit to work, virtually everyone will need to have access to a car. Your college ride may have been sufficient, but after four years of slogging back and forth to campus, your hand me down from Grandma is about through. Besides, you no doubt realize that a 1999 Buick LeSabre just won’t impress anyone…perhaps it is time for you to shop for a new car?

Equipped, Not Stripped

There is plenty of good news for today’s car shopper, particularly the recent college grad who can’t afford a BMW, but can find a well equipped car for under $20,000, with several models retailing for thousands less, but still offering air-conditioning, an automatic transmission and even a navigation system. Cars are today are better equipped than when you first set off for college and they’ve got many of the safety amenities you want including traction control, side curtain airbags and anti-lock brakes.

The following is our list of some of today’s current affordable favorites, cars that offer maximum value for a minimum price:

Hyundai Elantra — All new for 2011, the Elantra has raised the bar in the compact car segment by offering class leading fuel economy of 29 mpg city, 40 mpg highway, across all model lines. Whether you choose an Elantra equipped with a 6-speed manual or 6-speed automatic transmission, you’ll get the same gas mileage. Moreover, the Elantra is stylish, offers many amenities and optional equipment such as rear heated seats not found in any other cars in this segment. Priced from about $15,000, you can drive a well equipped Elantra for under $19,000. New this fall is the Hyundai Accent, a subcompact that will lead that segment in price.

Chevrolet Cruze — Who would have thunk that Chevrolet would ever have a player in the ultra-competitive compact car segment? After years of Cavalier and Cobalt sales, good as they were for some years, the Cruze demonstrates that GM can build a car that competes well and offers plenty of sedan for the money. A large cabin, excellent fuel economy and five trim levels allows the buyer to choose a car ranging in price from about $16,000 to just over $23,000. Even base trim models are nicely equipped. Choose the optional 1.4-liter turbocharged four paired with a manual transmission and you’ll get 42 mpg highway. New this fall is the Chevy Sonic, a high mileage, low-price subcompact model and successor to the Aveo.

Ford Focus — One of the better styled small cars is the 2012 Focus, a European designed small car that is big on looks, but small on price. This Focus makes the previous generation model look absolutely drab inside and out, a vehicle offering seating for five passengers, 40 mpg highway fuel economy and several technology features including SYNC. Fully equipped, you’ll pay under $20,000 for the Focus.

Ford Fiesta — The Focus occupies the compact car slot, with the Ford Fiesta positioned as a subcompact. Powered by the same 1.6-liter four cylinder engine found in the Focus, the Fiesta is budget pleaser, with a base sticker price of under $15,000. You get 10 airbags, 40 mpg highway and your choice of hatchback or sedan. Most well equipped Fiestas can be had for under $18,000, offering one of the best bargains on the market.

Honda Civic — All new for 2012, the Honda Civic is one of the higher priced compact cars in its class, but base models can still be had for under $20,000. Rock solid Civic quality brings buyers back year after year and, with an HF model now available, the Civic gets 41 mpg on the highway. Alternatively, consider the subcompact Honda Fit, which is priced thousands of dollars less and competes against the likes of the Ford Fiesta and Hyundai Accent.

Other Models

Several other models are worth considering although some aren’t new. The Toyota Corolla is the perennial sales leader and the Nissan Altima is also a strong seller. The Mazda3 competes well with the Ford Focus as does the Mazda2 with the Ford Fiesta. The Volkswagen Golf offers German engineering and value, providing a competitive option for people who want to drive something different. Scion’s line presents a reasonably priced alternative to Toyota.

Lastly, most manufacturers offer a “recent college graduate” rebate on top of whatever other deals they have going. Rebates generally range from $400 to as much as $1,000 on select Scion models. Speak up too — your sales associate may not know that you recently finished college.

Resources

SayLending: Auto Loan Tools

Auto Trends Magazine: 2011 Hyundai Elantra Specs & Overview

CNET; 2011 Ford Fiesta Review; Wayne Cunningham; July 28, 2010

AutoWeek; 2012 Ford Focus SE 5-Door, an AW Drivers Log Car Review; May 12, 2011

Car and Driver; 2012 Honda Civic Sedan and Coupe – First Drive Review; Tony
Quiroga; April 2011

The Auto Writer; First Drive: 2011 Chevrolet Cruze; July 31, 2010

I wasn’t particularly found of the Echo, Toyota’s earlier entry-level car which predated the current Yaris. Its design made it look like it had been pancaked from the side — the dimensions seemed all wrong in my eyes. Apparently, consumers felt the same way as Toyota pulled the car from the market within a few years time.

Leave it to Toyota that if they don’t get it right the first time they will soon thereafter. The Yaris, Toyota’s current value model, is both an eye-pleaser and a wallet saver — With a sticker price starting at just $11,350 the Yaris is one of best values available today. If you are in the market for a new car, please read on — the Toyota Yaris could turn out to be the right ride for you.

The Yaris is a front-wheel drive, three door hatchback powered by an economical 1.5L I4 engine. It is also available as a four door sedan, but for this article we’ll explore the hatchback which is likely to appeal to college students the most.

What sets the Yaris apart from other cars, particularly Toyota’s other small cars (Corolla and Scion, for example) is the price. Fuel savings-wise you’ll do just about as well with the Corolla, but you’ll also pay about $3000 more for one. Thus, the Yaris is aimed squarely at budget pleasing individuals who need a new ride but aren’t wanting to be strapped with high monthly auto payments.

Paired with a five-speed manual transmission, the Yaris produces 106 h.p. not a lot of horses, but enough for a car of this size. Sitting on a 97 inch wheelbase, the Yaris hatchback seats four adults. The Yaris employs electric steering, a feature that helps save gas, and the suspension uses MacPherson struts in the front, with torsion beam rear suspension with front stabilizer bar. The ride isn’t cozy, but we’re talking entry level economy not Avalon luxury.

The base Yaris isn’t very well equipped, but it does have a few notables included in the price. Intermittent wipers are, of course, standard on any car today, but air-conditioning usually is extra. With the Yaris, you get a/c without having to shell out an extra $900 or so that you would if you chose a comparable Kia or Hyundai model. A covered rear storage deck box and liftback storage are standard, but surprisingly the rear window defroster is only available when purchasing an options package. Any kind of sound system you want is an extra item too. Still, to have included a/c at this price, I’m sure that many people will opt for the sound package of their choice.

The rear seat folds down as needed, stretching 9 cubic feet of cargo room to about 26 feet, a good amount of space when transporting stuff back and forth to college.

By electing various comfort and safety packages as well as opting for an automatic transmission, the Yaris’ final price approaches the base Corolla. Delivering 29 mpg city and 36 mpg highway, the Yaris’ fuel numbers are average, though the Corolla with a slightly larger 1.8L engine curiously gets 37 mpg. Therefore, if you are looking for a well equipped Yaris, the Corolla might be a better choice. Also, compare the Yaris with the Honda Fit and the Nissan Versa before making your purchase.

One final note: you may be able to shave an additional $500 or so off the price of Yaris depending on what rebates are available in your area. US auto sales are down this year across the board and Toyota is doing its part to give you an additional incentive to buy a Yaris.

Photo courtesy Toyota Motor Sales, USA.

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