Cheapest Electric Cars and EVs in 2024

Electric vehicles are among the most sought-after vehicles in today’s crazy automotive market. Automotive media and social media are full of stories about flashy new Hummers and Lucid Airs that cost well over $100K. However, most of the American car-buying market spends less than $40K on the vehicle they purchase. In fact, the most popular automotive segment is the compact, five-passenger crossover SUV which typically ranges in price from about $30K to about $35K for the most popular trims.

Some excellent affordable electric cars are now available. The term “affordable” is relative. It has no definite meaning, particularly in an economy with 9% annual inflation. You know what affordable means, we know what it means, and hopefully, our list will help you to find an EV that suits your budget. We will run down all of the least expensive EVs for sale in America heading into 2024 and tell you a little bit about what makes each one special.

Why You Can Trust Car Talk

Car Talk experts have been testing EVs since 2010. Over the past two years, we have tested most of the available EVs on sale in our country. Car Talk’s staff tests electric vehicles every week. If a vehicle you have heard great things about is missing from our list, it could be that the manufacturer has not made that vehicle available to the media for testing or that its production volume is so small we don’t yet consider it a viable purchase for most shoppers. Or it could be that the vehicle is so outrageously priced, we would not even consider mentioning it on a page with the words 'cheap' and 'affordable' in the opening paragraphs.

What Is An Electric Vehicle? BEVs vs. PHEVs

An electric vehicle is any vehicle that can operate using only electricity during a commute at both city and highway speeds and has a plug that allows a driver to input electricity as an energy source. Some electric vehicles are battery-only. EV fans call these “battery-electric vehicles,” or BEVs.

The second type of electric vehicle is a hybrid with a larger battery enabling it to operate for dozens of miles per charge on EV power before reverting to hybrid operation. Called “plug-in hybrid-electric vehicles,” or PHEVs, these EVs work great around town as all-electric commuter vehicles and offer the flexibility to operate as a hybrid on long uninterrupted trips. A study by Consumer Reports looking at the cost of maintenance for both types of EVs found that PHEVs had a lower cost at 50K miles, at 100K miles, and even the lifetime maintenance costs were lower than BEVs. Among the most proven-reliable EVs overall are Toyota PHEVs.

What About Electric Vehicle Tax Incentives?

When EV tax incentives changed in the second half of 2022, the program became more confusing, and fewer vehicles were included in the plan. Heading into 2024, the rules shift again, and more qualifications are going to be required for most models. Some models excluded under the old plan will now be included again.

The government has set up a website that attempts to tell us which cars qualify and which don't. It’s an abject failure at its mission. At the end of the long explanation is a vehicle identification number (VIN) lookup, which is the only way to really know if the exact vehicle you are taking home might qualify for full credit. Once you know if the vehicle qualifies, you need to determine by checking with your tax professional if you qualify. There are income limits on the tax incentives.

What About State EV Rebates?

Local incentives are very common for affordable EVs. Many states that follow California’s zero-emission vehicle rules offer rebates ranging from a few hundred to a few thousand dollars. Check your state's DMV website to see which models may qualify, and again, verify that your income doesn't leave you outside the boundaries for qualification.

About Our Most Affordable EV Chart

Our chart below lists the base price of each model shown. We have included the destination and delivery fee charged by the manufacturer because that is part of the price you pay to the dealer. The price you see here is what the manufacturer listed on their website when this story was published. Not included in the price are the following:

• Manufacturer’s incentives (discounts and promotions)
• Added options or special paint (can add many thousands to the price)
• Dealer documentation fees - typically $200 to $500 added to your cost
• Dealer market price adjustments (markups) - currently averaging about $3,000
• Overpriced added dealer rubbish like paint protection, wheel locks, and unnecessary aftermarket junk
• State or local sales or excise taxes
• Your DMV’s fees to register the vehicle
• Insurance
• The cost of a home Level 2 charger
• The cost to upgrade your electrical system to accommodate a Level 2 charger

Battery-Electric vs. Plug-in Hybrid-Electric - Energy Costs

Our chart offers the prices for both battery-electric and plug-in hybrid-electric vehicles. Depending on the cost of electricity versus gas where you reside, these vehicles may have similar annual fuel costs, or the battery-electric vehicles may have an edge in this regard. Your use of a PHEV will also play a role. If you charge up each night and drive locally, your cost will be about the same as that of a battery-only vehicle. If you take frequent long trips, your energy cost may be higher, but bear in mind that public charging costs are rapidly rising.

Consider Warranty and Included Maintenance

Budget-conscious shoppers should carefully consider the warranty and included maintenance of the electric vehicle they purchase. Hyundai and Kia offer the longest warranties on this list. Hyundai also offers three years of included maintenance. Toyota offers two years of included maintenance.

While EVs have lower costs for maintenance, the costs are not zero. Tire rotations, filter changes, and brake fluid changes are still part of the routine. And tire costs can be significantly higher for battery-electric vehicles than similarly-sized conventional vehicles or plug-in hybrids.

The Future of Affordable EV Models

We reached out to Autonomy, an electric vehicle subscription service that provides an easier and more affordable way to get access to an electric vehicle through a smartphone app to find out what models the company is looking forward to adding to its fleet. Scott Painter, Founder, and CEO of Autonomy, told us, “I like the Chevrolet Equinox, as well as the VF8 and VF9 from VinFast. They are very nice looking well-priced vehicles coming to market.”

Most Affordable EV

1. Chevy Bolt 1LT BEV

Cost: $26,595

The Chevy Bolt starts off our list as the most affordable battery-electric vehicle in America. The Bolt is a five-door hatchback smaller-than-compact vehicle that is fun and very refined for its price point. The Bolt is an overall great EV with a lot to offer any commuter.

Pros and Cons

2. Chevy Bolt EUV LT BEV

Cost: $28,195

As much as we love the Chevy Bolt, the Bolt EUV is the way to go. Chevy added three inches to the vehicle’s interior length, and it makes a world of difference. The Bolt EUV is just as fun to drive, but the added interior length makes it seem more like a “real car.” The EUV can also be purchased in its more expensive trims with GM’s hands-free Super Cruise driver assist technology. We tested it and found it to be surprisingly satisfying to use.

Pros and Cons

3. Prius Prime LE PHEV

Cost: $29,865

The Prius line has the longest run of perfect scores based on Consumer Report reliability surveys. For three decades, the Prius has always led the green vehicle affordable car market in sales. The Prime adds the ability to drive about 25 miles on electricity alone. When operated as a hybrid it still averages about 50 MPG, and still operates on EV power alone at low speeds even when the battery is “at zero.” The Prius is the practical shopper's affordable EV. Don't believe the naysayers who trash talk the Prius for not being fun to drive. It can hang with a lot of affordable base crossovers and even some diesel trucks in a stoplight race.

Pros and Cons

4. Nissan Leaf S BEV

Cost: $29,135

The Leaf S is a short-range EV that we find makes little sense. With just 149 miles of range, and a price tag higher than the Bolt EUV which offers nearly 100 more range miles, it leaves us scratching our heads as to why anyone would opt for the Leaf S. Sales have dwindled to the lowest levels since its early years on the market.

Pros and Cons

5. Nissan Leaf Plus BEV

Cost: $37,135

The Nissan Leaf Plus has decent range, but also has a price problem. At nearly $40K, there are much better values in the EV market today.

Pros and Cons

6. Kia Niro LXS PHEV

Cost: $30,885

The Niro from Kia is a roomy five-door wagon-like vehicle that is very practical. We like every version of the Kia Niro, but the Niro EV is now priced in the $40Ks. For ten grand less, you can buy the plug-in hybrid version. The Niro PHEV is a screaming value. If you love the Niro, as we do, consider paying the extra money for the battery-electric version, but also cross-shop the other vehicles in its higher-than-$40K price point.

Pros and Cons

7. MINI Cooper SE Signature BEV

Cost: $35,050

The Cooper SE from MINI is hands-down the most enjoyable vehicle on this list, and one of our all-time favorite vehicles to drive. It has great torque, and when drag-raced against its other MINI siblings is usually the winner. It handles like a MINI, looks like a MINI, and is even priced as one of MINI’s lowest-cost vehicles. So what’s the bad news? 100 miles of range. That relegates this car to a short-range commuter or weekend fun car. Not that there’s anything wrong with that!

Pros and Cons

8. Hyundai Kona BEV SEL

Cost: $35,550

If you want this author’s pick from the list, it’s the Kona EV. We drove the Kona EV again just this past month, and it still holds its own against all of the newer offerings in the sub-$40K price range. The Kona is a small crossover, but not so small it feels like a sacrifice. The Kona is sporty, quick, and practical. It’s only offered in front-wheel drive, but if you can live with that, get on the order list for a Kona today. We suspect Hyundai will produce very few in 2024 and begin to shift resources to its newer, and much more expensive, Ioniq 5 going forward.

Pros and Cons

9. Hyundai Tucson PHEV

Cost: $35,550

Those shoppers who want to drive an EV around town but who also like the flexibility to take long road trips and not worry about having to charge will find that the new Tucson plug-in hybrid from Hyundai is a well-rounded crossover. With 33 miles of EV range, most owners will use the Tucson as an EV most of the time.

Pros and Cons

10. VW ID.4 Standard BEV

Cost: $38,790

The Volkswagen ID.4 is the best BEV on our list on paper. However, its base model lacks many amenities found in other crossovers at this price point, and it is only two-wheel drive. The ID.4 wins over many consumers who are thrilled at first. However, there is a growing list of EV fans who later find they are unhappy with their ID.4 ownership experience. We would suggest that shoppers wait until its production is moved to America to capture more of the available EV credits. That could happen in late 2023 or 2024.

Pros and Cons

11. Kia Sportage PHEV

Cost: $39,785

The Sportage from Kia is a lot like the Tucson from Hyundai. It offers 34 miles of EV range before reverting to hybrid operation.

Pros and Cons

12. Ford Escape PHEV

Cost: $39,995

Ford’s Escape PHEV sneaks in at just under the $40K price point. The Escape is a great crossover with many features, notably a 38-mile EV range. In Europe, Ford sells a lot of Escapes called Kugas. The PHEV technology Ford uses is well-proven, and studies have shown that most drivers operate their Escape and Kuga PHEVs using EV mode most of the time. Fun fact; The Escape’s eCVT transmission actually has gears.

Pros and Cons