The Versa has a “refreshing design” with an “upscale look.” We’re not entirely inclined to agree, but the model features jewel-like headlights, chrome accents, and 15-inch alloy wheels. Inside, the cabin is sparsely equipped and material quality seems subpar. Despite this, Nissan says the Versa has more rear legroom than “luxury cars such as the Lexus LS460, BMW 5-series and Mercedes E-Class.”

Power comes from a 1.6-liter four-cylinder that develops 109 hp and 107 lb-ft of torque. It is paired to a five-speed manual transmission which enables the car to have an EPA-estimated fuel economy rating of 27 mpg city / 36 mpg highway (30 mpg city / 37 mpg highway with the optional Xtronic CVT gearbox).

Set to arrive at U.S. dealerships later this summer, the 2012 Versa will be priced from $10,990.

“Cheap” isn’t the best term to use in marketing, they say you should replace it with “inexpensive” or “cost effective.” But when it comes to Nissan, they aren’t afraid of “cheap” as long as it means pricing and not manufacturing. In this time of financial purgatory, the Japanese auto maker has announced beginning November 18th dealerships across the nation will stock a base-model 2009 Nissan Versa starting at $9,990 MSRP.

Currently, the most “inexpensive” vehicles in the US are the base Hyundai Accent ($11K approx.), Kia Rio ($12K) and Chevrolet Aveo ($12,600K). This base price Nissan Versa blows them all away. And the quality of a Nissan far surpasses that of a GM product, which the other “cheap” vehicles are made by. This particular Versa will include a 5 speed manual or 4 speed automatic with its 1.6-liter engine. Fuel economy is rated 26 mpg city/34 mpg highway with the 5-speed manual, 26 mpg/33 mpg with the 4-speed.