The Kia Rio Discontinuation Shake-up: Only One New Car Below $20K Left in the US
The Kia Rio, a long-standing budget-friendly option, is reportedly facing discontinuation in the US market, potentially leaving only the Nissan Versa as the last new car option priced below $20,000.
Reports on Kia Rio Discontinuation
According to Automotive News, the Kia Rio is rumored to be discontinued in 2023, with no official confirmation from Kia yet. The Hyundai Accent, sharing a platform with the Rio, saw a similar fate in 2022, suggesting a trend in the subcompact segment.
Price Squeeze and Market Trends
The Rio’s low price point, significant at just under $20,000, hasn’t translated into high sales figures. In 2022, sales were reported at 26,996 and dropped further in the first half of 2023, reflecting the shift in consumer preferences towards light trucks and the fading popularity of subcompact cars.
The Last Stand: Nissan Versa
If the Kia Rio bids farewell, the Nissan Versa would stand out as the sole new car under $20,000. Despite other models boasting lower MSRPs, additional charges push them past the mark, making the Versa the last sedan in this price bracket, contrasting with the Rio’s availability as a hatchback.
What Lies Ahead
While the market landscape shifts towards crossovers, a potential resurgence of Korean subcompacts might hinge on the return of a new generation Hyundai Accent. However, Hyundai’s plans for reintroducing the Accent in the US remain unclear.
Conclusion
With the imminent discontinuation of the Kia Rio, the realm of affordable new cars below $20,000 may soon see a significant change. As consumers await official announcements, the Nissan Versa stands alone in a segment witnessing a gradual shift towards higher-priced alternatives.
FAQ
What is causing the discontinuation of the Kia Rio in the US?
The discontinuation of the Kia Rio is attributed to low sales figures amidst a market trend favoring light trucks over subcompact cars, signaling a shift in consumer preferences.
Will there be any successor to the Kia Rio in the US market?
While the possibility of a successor model remains uncertain, the market may witness a void in the subcompact segment below $20,000 with the potential departure of the Kia Rio.
Which car stands as the last option under $20,000 if the Kia Rio is discontinued?
If the Kia Rio exits the market, the Nissan Versa emerges as the sole new car priced below $20,000, offering consumers a sedan choice in a diminishing price range.
Are there any alternatives to the Kia Rio and Nissan Versa in the subcompact car segment?
While the subcompact car segment is transitioning towards crossovers, the Mini Hardtop remains a competitor, albeit at a higher price point, posing limited alternatives to the Rio and Versa in this price range.