Bargain hunters, rejoice!

Automakers are again competing to claim the lowest price on a new car.

And plummeting pump prices make these high-mileage models even more affordable.

Unlike some consumer goods, the economy cars are high quality, built to last 200,000 miles or more, with durable paint and state-of-the-art safety systems.

That's not to say you won't make sacrifices. The low-ball base price typically means a puny power plant matched with a manual transmission. You can save some money by skipping power windows and locks, remote keyless entry and cruise control if you can live without them.

But for a college student or young professional who puts a lot of miles on a car and needs reliability, the new econo-models are a real opportunity.

My top choice is the 2009 Nisan Versa 1.6, whose maker advertises it as the lowest-priced new car in the United States.

"It combines the low price of a used car with the dependability, high quality and full factory warranty of every new Nissan," says Brian Carolin, senior vice president for Nissan North America. "It's our way of saying that in tough economic times, Nissan is here to help."

The Versa 1.6 is an even more affordable version of the entry-level model that went on sale in 2006. The front-drive Versa family is fairly large, covering a price range of roughly $10,000 to $17,000, including sedans and hatchbacks in S and SL trim.

The 1.6-liter engine in the bargain basement Versa is 15 horses shy of the 122 in the 1.8-liter versions of the car. But the engine is well engineered with double overhead cams and 16 valves. With a six-speed stick, the Versa 1.6 travels 26 city and 34 highway miles per gallon. With the continuously variable automatic transmission, mileage is slightly better.

Before the 1.6 arrived in November, Nissan sold Versas only with the 1.8-liter, 122 horsepower engine, which is surprisingly zippy. The hatchback version with the 1.8 liter engine costs $16,210 with the continuously variable transmission (CVT).

All 2009 Versas are equipped with an independent MacPherson strut front suspension and torsion beam rear suspension, with front and rear stabilizer bars. Other standard equipment includes electric power steering, power-assist front disc/rear drum brakes and 15-inch wheels with P185/65HR15 tires.

Versa's top rival in the category is Toyota's Yaris, which retails for $12,796 as a coupe and comes with a 1.5-liter, 106-horsepower 4-cylinder engine harnessed to a stick. The mileage is slightly better than Versa's at 29 city mpg and 36 highway.

The Honda Fit, sold only as a hatchback, is the most potent of the entry-level crowd, and arguably, the most stylish. But it's also the priciest at $15,220. Fit's 1.5-liter, VTEC 4-cylinder engine is rated at 117 horsepower. Harnessed to a stick, the car covers 27 city and 33 highway miles per gallon.

Chevrolet's Aveo, sold in sedan or hatchback, is comparable in price and power to the Yaris. The Chevy also has a 106-horsepower, 4-cylinder engine and a five-speed manual transmission, allowing it to cover 27 city and 34 highway miles per gallon. The sedan version is base priced at $12,625.

Kia's Rio, sedan or hatchback, edges out Chevy and Toyota with a base price of $12,145 for a base model with a 1.6-liter, 110-horsepower 4-cylinder engine matched with a five-speed stick. The combo allows Rio to cover 27 city and 33 highway miles per gallon. Kia also claims an edge with its five-year warranty.

Unless you live in California's coastal climate, you're going to want to include air conditioning on your option list for any of these cars.

Safety options include anti-lock braking system with electronic brake force distribution, brake assist and 15-inch 6-spoke aluminum-alloy wheels.

Versa earned the top 5-Star safety rating from the National Highway Traffic Safety Administration and a rating of "good" from the private Insurance Institute for Highway Safety. Features that contributed to the ratings include the front supplemental air bags and front seat side-impact supplemental air bags for chest protection, along with optional roof-mounted curtain side-impact air bags for front and rear outboard occupant head protection.

Additional safety features on 2009 Versas include standard LATCH (Lower Anchors and Tethers for Children) system, child safety rear door locks, child seat upper tether anchors, front seat Active Head Restraints and standard Tire Pressure Monitoring System.