Currently, the most affordable EVs on the market include the Nissan Leaf, the Hyundai Kona Electric, and the Chevrolet Bolt EV. Although these are the EVs with the most affordable new prices, there are several other options for around or under $40,000, including the Chevrolet Equinox EV, the Mini Cooper SE, and the Volkswagen ID 4.

How To Choose An Affordable EV

If you’re hoping to get into the EV game for a budget price, you do have a few options. You might just need an efficient secondary vehicle for driving around town and don’t want to spend a fortune on a replacement for your ICE vehicle. With this in mind, it’s usually adequate to have around 200 miles of range.

The prices for affordable EVs generally do not include any state or federal credits. It’s possible that if you qualify for any of these credits that you can reduce any new prices. Also, it’s worth considering a used EV as they depreciate faster than ICE vehicles in most cases.

Affordable EV Options Around $30,000

Although it’s no secret that EV models are still quite a bit more expensive than gas-powered models, there are still some fairly affordable EVs available. The target price range for affordable EVs is usually around or under $30,000. One of the lowest priced EVs available is the Chevy Bolt EV and EUV. The starting price is around $27,000. The EUV has a range of 247 miles and has more space than the EV.

Another top option for an affordable EV is the Nissan Leaf. It starts at around $29,280 and has a range between 149 and 212 miles, depending on the model. The Leaf has long been one of the most affordable EVs out there despite having a lower range than some rivals. It’s a good choice for those who need something economical to drive around town or as a secondary vehicle.

The Hyundai Kona Electric costs a bit more than the above two options at around $34,000. However, it does offer a good range, between 200 and 261 miles. The Kona Electric delivers a nice balance of range, features, and an affordable price tag.

Mid-Range EV Options Around $40,000

If you can move into the $40,000 range for EVs, you’ll have even more options to choose from. The Chevrolet Equinox EV is the electric version of Chevy’s popular compact crossover. It’s roomy with plenty of features, and starts at around $35,000. If you need something bigger, the VW ID 4 is a more spacious option for families, with a starting price of around $40,000.

Hyundai and Kia both have options in the $40,000 range with the Hyundai Ioniq 6 and the Kia Niro EV. Both models are stylish and efficient, with plenty of features for the price. Tesla’s Model 3 checks in at around $40,000 for the base RWD model. At the higher end of the range is the Volvo EX30, with a starting price just under $45,000. This is Volvo’s cheapest EV.

It’s likely that EV prices will eventually get lower in the future, so it makes sense not to break the bank on something unduly expensive.