New vehicle sales continue to be on pace to set another record in 2016. However, July marked the second time this year where monthly volumes declined as compared to last year with 173,300 new vehicles sold representing a 2.5 per cent drop year over year. Growth in the truck, SUV, and crossover segments has continued, while sales in the car and hatchback segments remain stalled.
As a result, there is a lot of opportunity for buyers seeking budget-friendly rides as auto makers strive to deliver greater affordability . In particular, lower starting prices and strong incentives on entry-level compact vehicles that are now as well-equipped as ever present extremely attractive deals.
We've featured our favourite compacts this week that you could own for less than $250 a month or $8 a day (likely less than your lunch today):

2016 Kia Rio
Standard equipment on the 2016 Rio includes steering wheel-mounted audio controls and Active Eco system, which adjusts the car’s torque and engine idle speed to maximize fuel efficiency. Cash purchasers can take advantage of a $2,500 manufacturer incentive on the 2016 Rio 5-Door LX+ while finance and lease customers are eligible for a $1,000 manufacturer incentive. Financing for up to 84 months is available at zero per cent and leasing for 60 months is available at 0.9 per cent.
2016 Kia Rio 5-Door LX+ Automatic
- MSRP: $17,795
- Manufacturer incentive: $2,500
- Estimated dealer discount: $300
- Freight, PDI, government fees: $1,685
- Cash purchase price before tax: $16,680
- Finance for 84 months at zero per cent interest for $245 per month including tax (includes a $1,000 manufacturer incentive applied before tax and assumes zero down payment)
- Lease for 60 months at 0.9 per cent interest for $243 per month including tax (includes a $1,000 manufacturer incentive, assumes a 20,000 annual kilometre allowance and zero down payment)

2017 Mitsubishi Mirage
Standard equipment on the 2017 Mirage includes Hill Start Assist and 140-watt sound system with CD and MP3 playback capabilities. Cash purchasers can take advantage of a $1,250 manufacturer incentive on the 2017 Mirage ES CVT (as compared to $500 in July) while finance and lease customers are eligible for a $750 rebate (as compared to zero in July). Financing for 84 months is available at 1.99 per cent while leasing for 60 months is available at 2.99 per cent.
2017 Mitsubishi Mirage ES CVT
- MSRP: $13,898
- Manufacturer incentive: $1,250
- Estimated dealer discount: $200
- Freight, PDI, government fees: $1,340
- Cash purchase price before tax: $13,788
- Finance for 84 months at 1.99 per cent interest for $205 per month (includes a $750 manufacturer incentive applied before tax and assumes zero down payment)
- Lease for 60 months at 2.99 per cent interest for $211 per month including tax (includes a $750 manufacturer incentive, assumes a 20,000 annual kilometre allowance and zero down payment)

2016 Hyundai Accent
Standard equipment on the 2016 Accent LE includes a remote starter and dual front and side curtain airbags. Cash purchasers can take advantage of a $4,050 manufacturer incentive on the 2016 Accent LE, while finance customers are eligible for a $2,300 rebate and lease customers qualify for a $2,800 incentive (as compared to $2,500 in July). Financing for up to 84 months is available at zero per cent while leasing for 60 months is available at 0.99 per cent.
2016 Hyundai Accent Hatchback LE Automatic
- MSRP: $16,299
- Manufacturer incentive: $4,050
- Estimated dealer discount: $200
- Freight, PDI, government fees: $1,735
- Cash purchase price before tax: $13,784
- Finance for 84 months at zero per cent interest for $209 per month including tax (includes a $2,300 manufacturer incentive applied before tax and assumes zero down payment)
- Lease for 60 months at 0.99 per cent interest for $211 per month including tax (includes a $2,800 manufacturer incentive, assumes a 20,000 annual kilometre allowance and zero down payment)

2016 Nissan Micra
Standard equipment on the 2016 Micra includes roof-mounted side curtain airbags and audio system with auxiliary audio jack as well as CD and MP3 playback capabilities. Cash purchasers can take advantage of a $1,000 manufacturer incentive on the 2016 Micra S Automatic (as compared to $750 in July) while finance and lease customers qualify for a $1,400 rebate (as compared to zero in July). Financing for 84 months is available at 4.49 per cent and leasing for up to 60 months is available at 3.99 per cent.
2016 Nissan Micra 1.6 S Automatic
- MSRP: $13,448
- Manufacturer incentive: $1,000
- Freight, PDI, government fees: $1,740
- Cash purchase price before tax: $14,188
- Finance for 84 months at 4.49 per cent interest for $216 per month including tax (includes a $1,400 manufacturer incentive applied before tax and assumes zero down payment)
- Lease for 60 months at 3.99 per cent interest for $197 per month including tax (includes a $1,400 manufacturer incentive, assumes a 20,000 annual kilometre allowance and zero down payment)
Andrew Tai is CEO of Unhaggle.
Pricing and calculations are based on Ontario customers and subject to availability of inventory. Please note that while the information above is accurate at the time of publication, pricing, incentives, and discounts may vary and are subject to change or discontinuation at any time. Dealer discounts are estimates and may be given at the discretion of individual dealers. Consult your local dealership for details.
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