Nissan has identified a market for ultra-affordable new cars and come out with a sub-$9,000 version of its Versa that is entirely no frills.

The 2009 Nissan Versa 1.6 Base has a smaller engine than the standard version; no power windows; no radio; no anything in the way of modern accoutrements! But it will seat 4 people comfortably and even 5 uncomfortably.

In a similar realm, Hyundai and its discount brand Kia recently rolled out fully equipped discount cars starting at $11,000.

But the real king of ultra-cheap transportation at the moment is an Indian vehicle called the Nano. This four-door car -- available only in the Indian market -- sells for around $2,100 in U.S. dollars. Clark believes it's a template of what could become a new standard for ultra-cheap transportation around the world.

Estimates suggest if the Nano were to make it stateside, it would probably sell for around $5,000. That includes factoring in the cost of making the required safety and emissions tweaks required by our government.

In another example, the Logan by Renault is a fully equipped 4-door sedan that was originally sold in Eastern Europe for $6,000-8,000. But Western Europeans have really embraced this vehicle and brought it over to their countries. That's proof positive that economies similar to ours are looking for cheapo cars.

The typical wisdom about cars is that it's smarter to buy a used car than a new car. But if the industry can deliver reliable transportation for a 4-digit price tag with an original manufacturer's warranty, then there would be less reason not to buy new.