10.) 2009 Kia Spectra

MSRP: $14,200
Crazy Incentive: $1,500 cash back in select areas
Pros: Five star crash rating, it comes in red to match the bow
Cons: Dinky cloth seats, fear of everything else on the road
How You Sell It: "This is the fifth nicest car Kia makes"

9.) 2008 Hyundai Elantra

MSRP: $13,970
Crazy Incentive: 0% financing or $1,000 cash back
Pros: It has four doors, America's best warranty, good mileage
Cons: It looks like a toy car
How You Sell It: "A Hyundai is practically a Honda, right? I mean, come on, both have an H on the front."

8.) 2008 Suzuki Reno

MSRP: $13,299
Crazy Incentive: 3.6% financing, $250 loyalty cash for qualified buyers
Pros: Good warranty, sharp-looking and a stereo with a cassette player!
Cons: A stereo with a cassette player, small, sounds like a city best known for the parody police show
How You Sell It: "You'll be the only one in the neighborhood with one of these."

7.) 2008 GEM E6

MSRP: $12,995
Crazy Incentive: $500/$1000 cash back
Pros: Seats six comfortably, uses no gas, different
Cons: Can only drive on streets with a 35 mph or less speed limit, 40-mile range, doors cost extra
How You Sell It: "Look Ma, I bought you a futuristic electric car."

6.) 2009 Chevy Aveo/Aveo5

MSRP: $12,625
Crazy Incentive: Red Tag MSRP $11,797
Pros: Your choice of sedan or hatch, it's an American car
Cons: It's an American car designed and built by Daewoo, small
How You Sell It: "You're partially supporting America with this car"

5.) 2009 Toyota Yaris

MSRP: $12,205
Crazy Incentive: $500 customer cash
Pros: 36 MPG highway fuel economy
Cons: Small enough to be flattened by a Corolla
How You Sell It: "Our love is as reliable as a Toyota!"

4.) 2009 Kia Rio

MSRP: $12,145
Crazy Incentive: 0.0%financing/$500 cash back
Pros: Standard Sirius AM/FM/CD/MP3 audio system, full-length airbags
Cons: Drum brakes, 14-inch steel wheels, plastic body trim
How You Sell It: "This car's name is Rio and it dances in the sand."

3.) 2008 Smart fortwo Pure Coupe

MSRP: $11,900
Crazy Incentive: $99 to reserve a spot
Pros: Fun European design, easy to park, trendy
Cons: A two-seater, no a/c, power steering or radio standard
How You Sell It: "It's European!"

2.) 2009 Nissan Versa 1.6S

MSRP: $9,990
Crazy Incentive: 0% financing
Pros: Roomy for its class, good mileage
Cons: No a/c, no radio, no anything even hinting at convenience
How You Sell It: "Don't worry about the mortgage, I didn't spend more than $10K on on this..."

1.) 2009 Hyundai Accent GS

MSRP: $9,970
Crazy Incentive: 0% financing or $1,000 cash back
Pros: It's the cheapest car in America, good mileage, four whole speakers
Cons: No a/c, no radio, automatic transmission a $2,100 premium
How You Sell It: "I just bought you a car, okay. Don't be ungrateful"

[Photo Credit: Yahoo! Autos, Manufacturers, Alex Wong / Getty Images]

According to Automotive News, there will be an economy version of the 2009 Nissan Versa that will have an MSRP of $9,990, more than $2,000 off the base price of the lowest level model Versa. The cheapest cars currently are the 2009 Chevy Aveo ($12,625), 2008 Kia Rio ($12,145) and 2009 Hyundai Accent ($11,070), putting the Versa well below these competitive models.

UPDATE: Nissan has revealed the details of their new Versa sedan, which explains how it will be the cheapest car in America. The new Versa sedan will be offered with a 1.6-liter DOHC four-cylinder engine as opposed to the 1.8-liter currently found in the Versa sedan and hatchback. This model will come equipped with a five-speed manual transmission that, combined with the new engine, will help it achieve 34 mpg highway. We assume there will also be some cutbacks inside, though we haven't seen the details of that yet.

Update #2: From Nissan USA, we're hearing that when the new, cheaper Versa comes out on November 18th here you can expect to see some more changes in addition to the new transmission and engine: different seat cloth, 14-inch wheels w/ wheel covers and less chrome accents.

As for the 0% financing, Nissan joins Toyota among Japanese automakers offering nil financing to get people to actually buy a car. The deal applies to the Rogue, Altima, Sentra, Versa and Murano (sorry Maxima buyers). The company will also offer attractive lease deals and extend their $399-a-month lease offer on the new Maxima. We like the Versa and for $9,999 it seems like a nicer choice than a Rio or an Aveo.

Nissan Announces Lowest-Priced New Car in the U.S.*

- New, 2009 Versa Sedan 1.6 Features $,9,990 MSRP, Excellent Fuel Economy, Design, Quality and Reliability; Available at Dealers November 18 -

FRANKLIN, Tenn. (October 31, 2008) – Nissan North America, Inc. (NNA) today announced a new 2009 Nissan Versa Sedan 1.6 model, which features a starting Manufacturer's Suggested Retail Price (MSRP)* of $9,990* (excluding Destination and Handling). The new Versa focuses squarely on value and fuel economy, with its standard 107-horsepower DOHC 16-valve 1.6-liter inline 4-cylinder engine delivering responsive performance and a 34 mpg highway fuel economy rating (with the 5-speed manual transmission).

The Versa Sedan 1.6 goes on sale at Nissan dealers nationwide beginning November 18, 2008.

"Starting under $10,000, this new Versa Sedan 1.6 has the lowest new-car MSRP in the United States," said Brian Carolin, senior vice president, Sales and Marketing, NNA. "It combines the low price of a used car with the dependability, high quality and full factory warranty of every new Nissan. It's our way of saying that in tough economic times, Nissan is here to help."

Since its introduction in 2006, Nissan Versa has enjoyed strong appeal in the marketplace among buyers seeking fuel efficiency without sacrificing performance or roominess. Versa offers one of the highest standard horsepower/torque ratings and the largest interior in the entry-level segment – along with excellent quality, reliability and durability.

The new high-value Versa Sedan 1.6 model features a smaller displacement 1.6-liter engine (versus the standard 1.8-liter), standard 5-speed manual transmission and simplified content. It is also available with a 4-speed automatic transmission. Fuel economy is rated at 26 mpg city/34 mpg highway with the 5-speed manual and 26 mpg city/33 mpg highway with the 4-speed automatic.

"The new Versa Sedan 1.6 is another way in which Nissan is taking a leadership role in reassuring consumers that now is a great time to consider a new car," said Carolin.

* Based on Manufacturer's Suggested Retail Price (MSRP) of $9,990 for the new, 2009 model year Versa 1.6 Sedan. Claim based on competitive MSRP's in the Lower-Small segment for new, model year 2009 vehicles. MSRP excludes applicable tax, title and license fees. Dealer sets actual price. Prices and specs are subject to change without notice. Destination and Handling $695.

Source: Automotive News (subs. req) via eGMCarTech, Nissan]

"I don't have anything specific I want to talk about at this point," he said. "There may be ways (to help a merger) ... but I better leave it at that."

Levin obviously has his own ideas about how to facilitate a GM/Chrysler deal. Whether he's thinking low-interest loans — more of them — or something more akin to the recent banking deal that saw the federal government gain minor stakes in the companies themselves remains to be seen. But at this point, we're not sure the federal government is in any better shape than GM or Chrysler. [Detroit News]