The electric car market has exploded in recent years. And with gasoline prices at record highs, many consumers are considering purchasing an all-electric vehicle. Today there are more electric cars on the market than ever, and among them are relatively affordable options for consumers who want a zero-emission vehicle that won’t break the bank.
While there are more new electric cars to choose from because many of these cars just came to market, there are also several used electric cars to choose from to provide even greater savings.
The Cheapest Electric Cars: New CarsThere are currently 15 electric cars on the market that have starting MSRPs less than $50,000. Here is a list of the cheapest EVs:
|The Cheapest Electric Cars: New Cars - iSeeCars|
|Rank||Electric Vehicle||Max EV Range||Min EV Range||Starting MSRP|
|2||MINI Hardtop 2 Door||114||114||$29,900|
|3||Chevrolet Bolt EV||259||259||$31,000|
|4||Chevrolet Bolt EUV||250||250||$33,000|
|5||Mazda MX-30 EV||100||100||$33,470|
|6||Hyundai KONA Electric||258||258||$34,000|
|7||Ford F-150 Lightning||320||230||$39,974|
|8||Kia Niro EV||239||239||$39,990|
|11||Hyundai IONIQ 5||303||256||$43,650|
|12||Ford Mustang Mach-E||300||210||$43,895|
|14||Tesla Model 3||358||272||$46,490|
|15||Audi Q4 e-tron||250||250||$49,900|
A pair of electric Chevy models earn the third and fourth spots, the Chevrolet Bolt hatchback, and its new-for-2022 crossover version the Chevrolet Bolt EUV. Both the Chevy Bolt hatchback and the Bolt EUV earn respectable range and are praised for their driving dynamics and affordability. The Bolt offers DC fast charging capability and offers infotainment features including a 10.2-inch touch screen, Apple CarPlay, and Android Auto.
Hyundai and Kia models are well-represented on the list, including the Hyundai Kona Electric, the Kia Niro EV, the Kia EV6, and the Hyundai IONIQ 5. The mechanically similar Hyundai Kona and Kia Niro have been available as all-electric vehicles since 2019, while the EV6 and IONIQ 5 electric SUVs just entered the market in 2022. The Kona and Niro are subcompact SUVs, while the EV6 and IONIQ 5 are compact electric SUVs offering more cargo and passenger space. Rear-wheel-drive (RWD) Ioniq 5 models feature a single electric motor with 225 horsepower, while all-wheel-drive (AWD) models feature two electric motors with a combined output of 320 horsepower. The Kia offers more powertrain options including a base engine with a 58-kWh battery pack and a single 167-horsepower electric motor. The upper trims feature a 77.4-kWh battery with the same output as the IONIQ 5. Though not luxury vehicles, the IONIQ 5 and the EV6 are critically acclaimed and draw comparisons to the Tesla Model Y.
The highly anticipated Ford F-150 Lightning all-electric pickup truck makes the list with its starting price falling just under $40,000. The Lightning offers an EPA-estimated 230 miles of driving range on a full charge in its entry-level base form with its 98-kWh Standard Range battery pack. ??The base Ford F-150 Lightning can tow 5,000 pounds when paired with its Standard Range battery and up to 7,700 pounds when paired with the Extended Range battery. A towing package can be added to improve these ratings to 7,700 and 10,000 pounds. The F-150 Lightning also comes with a suite of driver-assist features including blind spot monitoring, lane departure warning, forward collision warning, forward automatic emergency braking, and adaptive headlights.
The Cheapest Electric Cars: Used Cars
For drivers who want even more affordable electric cars, there are many used versions to choose from. However, these vehicles were among the first EVs on the market, and do not benefit from the technological advances in battery range. Here are the cheapest five-year-old used electric cars you can buy:
|The Cheapest Electric Cars: Used Cars|
|Rank||Electric Vehicle||Max EV Range||Min EV Range||Average 5-Year Old Used Car Price|
|4||Kia Soul EV||93||93||$18,862|
|6||Hyundai IONIQ Electric||124||124||$21,514|
|8||Chevrolet Bolt EV||238||238||$23,503|
With the exception of the Nissan LEAF and the Chevrolet Bolt EV, each model on the list has been discontinued. The 2017 Nissan LEAF has about half the battery range of its newest version, and 2017 is the last model year for the previous generation. Used car buyers seeking longer ranges should consider LEAFs from the 2018 model year and newer. The 2017 Chevy Bolt has the longest range of 238 miles and boasts a price tag of under $25,000 on average.
The price of used electric cars can also vary by geographic area, so buyers should refer to the best and worst cities to buy used electric cars.
Other Considerations: Federal Tax CreditAnother consideration for buyers of new EVs is the federal tax credit. The EV tax credit is a federal incentive that encourages drivers to purchase a plug-in electric vehicle. This credit applies to all-electric and plug-in vehicles, but it phases out once an automaker reaches 200,000 sales of the qualifying vehicle. All Tesla models and the Chevrolet Bolt EV and EUV are no longer eligible for the tax credit. A list of qualifying vehicles can be found on the U.S. Department of Energy’s website, fueleconomy.org .
Bottom LineWhile electric vehicles tend to be more expensive than their gasoline counterparts, there are affordable EVs on the market for both new and used car shoppers. It’s also worth noting that along with fuel savings, electric vehicles tend to have lower maintenance costs because they don’t require routine maintenance like oil changes, and their regenerative braking improves brake life. Electric cars are also the future of transportation, as most automakers have pledged to fully electrify their fleets and to phase out gasoline cars. Additionally, the charging infrastructure continues to make significant gains and many EVs now offer DC fast-charging ports to allow for faster charging times.
More from iSeeCars:If you’re in the market for a new or used electric vehicle you can search over 4 million used electric cars, SUVs, and trucks with iSeeCars’ award-winning car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars free VIN check report and Best Cars rankings. Filter by vehicle type, front or all-wheel drive, and other parameters in order to narrow down your car search.