The cheapest car I would buy in 2023 is on sale for €11,400, but how much would you really pay for it?

It is increasingly difficult to find cases of new cars that, like the one in question, have not seen their price increase in recent years. Or they have done it minimally. Nor is it easy to find cars for less than €12,000. Even the cheapest Dacia already exceeds that cut figure.

As we have been telling you in recent months, Mitsubishi has the cheapest car and the one that, in my opinion, is the most interesting economic car at the moment and the option that I would recommend for anyone looking for a well-equipped, reliable, urban car, but above all economical, being cheaper than a Dacia Sandero, a Hyundai i10 or a Kia Picanto.

But today we will go further. The Cheap car that I would buy in 2023 is the Mitsubishi Space Star and part of a price on offer of €11,400 financing the purchase, about €500 more expensive than the price it had until just a few weeks ago, which stood at €10,900. However, how much will we actually pay for it?

It’s probably the best budget car right now, but the financing offer means that what we’ll actually pay for it is much more than the advertised price.

This is the economic car that I would buy in 2023

The Mitsubishi Space Star has a list price of €14,650, which with current discounts is reduced to €13,650 if we pay in cash. As it’s usual, Mitsubishi offers additional discounts if the purchase is financed (minimum €8,000 in 60 months), so that the Mitsubishi Space Star price would stay at €11,400.

For €11,400 we can access the Mitsubishi Space Star 120 MPI Spirit, the most economical. It has 14″ alloy wheels, rain sensor, automatic light sensor, rear windows with privacy treatment, hill start system and manual air conditioning. It does not have a screen for the entertainment system but it does have a computer sound system with Bluetooth connectivity and steering wheel controls.The only color available as standard is white, although it can also be configured in yellow, grey, black, blue or red, paying an extra €300.

The Mitsubishi Space Star is only available with an engine, called 120 MPI, a three-cylinder gasoline engine with 71 HP of power which, in its most economical version, is associated with a 5-speed manual transmission (in the Kaiteki version it is combined with a “automatic” change of continuous variator type).

There is a second offer that is also really interesting, that of a Space Star with a Motion finish for €14,400 in cash and €12,150 financing, which Mitsubishi promotes for its monthly fee of €110/month. The Motion version adds more equipment, making it more attractive. Quality and aesthetic details, such as a leather-covered steering wheel and gear knob, cruise control, electric rear windows, a sound system with 4 speakers and, above all, an entertainment system with touch screen and compatibility with Apple CarPlay and Android Auto.

How much will I really pay for the car?

The reality of most of the offers on new cars, and the best prices that we can find in the market, is that they usually require financing the purchase with the brand itself and with its own financial institution.. Most of the new cars purchased by individuals in Spain are financed. But the financing implies that the real price that the client will pay will be much higher than the one announced, due to the commissions and financing interests, which always depend on the particular conditions in which it is financed.

Mitsubishi provides us with two examples of financing that will give us a much more precise idea of ​​what we will really pay for a Mitsubishi Space Star with these offers and financing:

  • Space Star Spirit (€11,400 financing): With a credit of €8,500 that would imply an entry of €2,900, financed over 60 months, 1 installment of €173.12, 59 installments of €181.44, we would end up paying €14,101.88 (3.8% opening commission , fixed borrowing rate 10.2%, APR 12.62%). With these conditions, financing it would cost us €451.88 more than paying in cash and €2701.88 more than the advertised price (24% more).
  • Space Star Motion (€12,150 financing): With a credit of €8,536.45 that would imply an entry of €3,613.55, financed over 48 months, with 1 installment of €105.33, 46 installments of €110 and 1 final installment of €6,253.92, we would end up paying €15,357.19 (3.8% opening commission, 9.7% fixed borrowing rate, 11.66% APR). With these conditions, financing it would cost us €957.19 more than paying in cash and €3,207.19 more than the advertised price (26% more).

About Alicia Peters

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