Volkswagen has unveiled their 2012 Passat, set to debut in the fall, and it appears that the vehicle will be selling at a much cheaper price point than its predecessor.

With an expected MSRP of around $20,000, the new Passat represents a major change for the German automaker – the midsize sedan is nearly $7,000 less expensive than the previous version. This should help the car compete in the highly-competitive midsize segment, which includes best-sellers like the Toyota Camary, Ford Fusion, Honda Accord and Hyundai Sonata.

In addition, Volkswagen has also made the car quite a bit bigger, taking into account the criticism leveled at the previous model for being a bit too snug. The car is now three inches longer, with the wheelbase sporting an extra four inches (presumably they shortened the front or rear end to get to three inches total). The result is an extra six cubic feet on the interior, making the car quite roomy.

"The 2012 Passat is a true Volkswagen, offering German engineering, class-leading standard features, and superior fuel economy, all for a remarkable value," said Jonathan Browning, President and CEO of Volkswagen's American branch.

The new Passat might be cheaper than its predecessor, but drivers who are really looking for value would do well to wait until the model hits the used car market. In the meantime, New Jersey State Auto Auction offers a wide variety of cars for sale at reasonable prices.