2012 Nissan Versa the Cheapest Car in America, Priced from $10,990

Nissan is taking a calculated gamble with its all new 2012 Versa sub-compact. Rather than style it up and pile on the options like every other automaker seems to be doing, the Versa promises solid fuel economy and a spacious cabin, wrapped in a sea of beige stolen from Toyota.

How does Nissan plan to stay on top in the B-class segment when compared to flashy new rivals like the Ford Fiesta? Easy. They’ll price it so low you simply won’t be able to say no. The numbers have just been released, and the new 2012 Versa sedan will start from just $10,990. For those doing a little cross-shopping, that’s over $2,000 less than a base Fiesta sedan. If you’re looking for an automatic transmission (a CVT in Nissan’s case) you’ll have to step up slightly to $12,760.

The good news is, the base Versa isn’t as stripped-down as the previous bargain basement model offered and does include air conditioning, as well as an AM/FM/CD/Aux audio system. All Versa models come equipped with a new 1.6-liter 4-cylinder engine that makes 109-hp and 1-7 lb-ft of torque. And thanks to a new dual injector system it gets 30/38-mpg (33-mpg combined) with the CVT transmission, or 27/36 (30-mpg combined) with the 5-speed manual.

The 2012 Versa will hit dealers in August with a new hatchback model also destined for North America and going on sale in July.

GALLERY: 2012 Nissan Versa

Hit the jump to get the model and price breakdown: