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New car shoppers looking for a low-cost option are about to find it a little harder.<\/p>\n
Mitsubishi<\/a> plans to discontinue to the Mitsubishi<\/a> Mirage in the U.S. market, which ends the vehicle\u2019s 46-year run. The company will instead focus on other core models.<\/p>\n Mitsubishi confirmed the news to Car & Driver<\/i><\/a>, saying \u201cProduction will cease late this year, and we expect to have sufficient dealer stock to last into the summer of 2025.\u201d<\/p>\n The Mirage was one of a very small number of new vehicles that carried a sticker price below $20,000 for new models: The Mirage hatchback started at $18,015 and the Mirage G4 sedan cost $19,115. As those disappear, only Nissan<\/a> will have a sub-$20,000 car for sale\u2014the Versa.<\/p>\n Sales of the Mirage have been falling off for some time, as shoppers have opted to pay more for cars with more horsepower under the hood and bolder body styles.<\/p>\n The decision to discontinue the Mirage<\/a> in the U.S. comes a little over a year after Mitsubishi took a similar action in Japan. The company is likely to bring over new models that better resonate with buyers, including, perhaps, a hybrid.<\/p>\n The end of the low-cost option, though, comes as the average price of a new vehicle is on the rise. In the first quarter of 2024, the average new car cost $48,510<\/a>, according to Cox Automotive and Kelly Blue Book. That\u2019s a more than 50% increase in the past decade.<\/p>\n Detroit\u2019s Big Three automakers\u2014General Motors<\/a>,\u00a0Stellantis<\/a>\u00a0and Ford\u2014began doing away with compact and subcompact cars roughly six years ago, citing low profit margins and consumers\u2019 increasing shift to SUVs and trucks.<\/p>\n<\/div>\nRecommended Newsletter: <\/strong>CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n<\/div>\n