What Are The Cheapest EVs In 2024?

The high purchase price of new electric cars is one of the biggest pain points for wannabe buyers, despite the fact that EVs have become more and more affordable in recent years. So what are your options if you have less than $40,000 to spend on a new car and don’t like leasing?

Well, you’ve come to the right place because this article lists all the battery-powered cars in the United States that adhere to the aforementioned criteria (plus three that don’t.) 

Before we begin, it’s worth noting that all prices include the destination charge, except specified otherwise. The tax credit bullet point refers to purchasing, not leasing, as you can get the $7,500 cut when leasing any EV, not just those that are made in the U.S.

Next, note that this list excludes what used to be the cheapest EV you could buy in the U.S.: the Chevrolet Bolt. While some Bolt EVs and EUVs are still available at various dealerships and  appear on other InsideEVs price guides, they were discontinued in December 2023 and thus will not be listed here.

Also, most of the cars you see listed below are available in more expensive versions that usually offer more range, so keep that in mind when shopping around.

  • Range: 149 miles
  • Tax credit: No

With the retirement of the venerable Bolt EV and Bolt EUV duo, the Nissan Leaf is now America’s cheapest new all-electric car, with a starting price of $29,235 including destination charge.

This amount of money gets you the smallest battery capacity available on the Leaf–40 kilowatt-hours–and a front-mounted electric motor that makes 110 kW (147 horsepower). The EPA-estimated combined range is 147 miles on a full charge, and the standard features include Apple CarPlay and Android Auto.

Speaking of charging, the Leaf doesn’t come with a CCS1 fast-charging port that’s used by just about every other EV maker in the U.S. (except Tesla). Instead, it has the slightly outdated CHAdeMO connector that isn’t as widely used, at least in the U.S. That means you may have a harder time finding fast charging than with other EVs, and long-term, the CHAdeMO standard likely won’t be around forever.

On the entry-level Leaf, the battery can be topped up from a DC fast charger at up to 50 kW, while the onboard AC charger can accept up to 6.6 kW.

2. 2024 Mini Cooper SE Hardtop 2 door: $31,895

  • Range: 114 miles
  • Tax credit: No

The outgoing all-electric Mini is almost out of the picture as its replacement–which offers more of everything–is on the way. But until that happens, the previous-gen Mini EV takes the spot as the second most affordable battery-powered car in the United States, with a starting price of $31,895 including destination charge.

All models come with an EPA-estimated range of 114 miles, a single electric motor that makes 181 hp, and a 32.6 kWh (gross) high-voltage battery. Charging can be done at a DC fast charger at up to 50 kW or from a Level 2 AC charger at up to 7.4 kW.

Keep in mind that the current-generation electric Mini will soon be retired, with the company stating on its U.S. website that the production of 2024 models is extremely limited.

  • Range: 200 miles
  • Tax credit: No

The refreshed electric Kona features a single, 133-hp electric motor that draws juice from a 48.6-kWh battery in the entry-level SE trim. (If you want more power, pay up for the higher-trim SE and Limited models, which pack 201 hp.) It may not be as feature-packed as something like a Hyundai Ioniq 5, but it’s much cheaper and has plenty of great tech on its own, including V2L charging

Fast charging can be done at up to 100 kW, replenishing the battery from 10-80% in about 45 minutes, while the onboard charger can accept up to 11 kW from an AC source, resulting in a 10-100% top-up in a smidge under five hours.

The SE doesn’t have heated seats but comes with wireless Android Auto and Apple CarPlay connectivity and a 12.3-inch touchscreen for the infotainment system.

4. 2024 Fiat 500e INSPI(RED): $34,095

  • Range: 149 miles
  • Tax credit: No

The latest generation of the stylish, Italian-made diminutive EV is a massive improvement compared to its predecessor, boasting a 75% larger battery (42 kWh compared to 24 kWh before), leading to an almost double EPA driving range of 149 miles on a full charge (compared to just 84 miles on the previous-gen model.) It’s not on sale yet as of this writing but will be later this year.

Charging the two-door city hatchback can be done at up to 85 kW from a DC stall, resulting in a 35-minute stop for a 0-80% top-up. Alternatively, the 11 kW on-board AC charger can replenish the battery in four hours and 15 minutes.

The Fiat 500e comes with a 7-inch color display for the driver and a 10.25-inch touchscreen on the center console for the infotainment, as well as hardware buttons (remember those?) for the automatic climate control.

5. 2024 Chevrolet Equinox EV 1LT FWD: $34,995 (excluding destination tax)

  • Range: 319 miles
  • Tax credit: No

This is a bit of an odd one because the all-new Equinox EV isn’t in production yet, although General Motors claims that will change in the first quarter of 2024. That said, GM already has an EPA rating for the new entry-level electric crossover and a price, so it’s far from being vaporware.

That said, according to GM, the most affordable Equinox EV, which carries the 1LT badge, will be available in mid-2024 after the more expensive Launch Edition lays the groundwork.

We still don’t know how big the battery of the Equinox EV will be, but we know that owners will be able to recharge it at up to 150 kW from a DC fast charger and up to 11.5 kW from a Level 2 source; the top 3RS trim comes with a more powerful 19.2-kW on-board charger.

6. 2025 Volvo EX30 Single Motor Core RWD: $36,245

  • Range: 275 miles
  • Tax credit: No

Volvo’s cheapest car, the small EX30 electric crossover, will make its way stateside later this year. The entry-level version comes with a decent (estimated) range of 275 miles on a full charge thanks to a 69-kWh battery pack that can accept up to 153 kW of power when hooked up to a compatible DC fast charger. The on-board AC charger is rated at 11 kW and can replenish the battery from 10-90% in about 8 hours.

Because it’s Volvo’s cheapest car, it’s also the most basic, so don’t expect too many bells and whistles; the interior adheres to the Tesla school of minimalist design. There’s only one display in the car–the 12.3-inch center touchscreen– and there are few if any buttons throughout the cabin, meaning that most functions are accessed via the aforementioned display.

7. 2023 Fisker Ocean Sport: $38,999 (excluding destination charge)

  • Range: 231 miles
  • Tax credit: No

The most affordable Fisker Ocean crossover is powered by a lithium-iron-phosphate (LFP) battery pack that enables a manufacturer-estimated driving range of 231 miles. But that’s about all we know about the battery of the cheapest Ocean on sale now–charging speeds and capacity are yet to be published.

What we do know is that the Ocean Sport has a single front electric motor that makes 275 hp and comes with 20-inch wheels as standard. Fisker’s signature 17.1-inch rotating center touchscreen is also part of the package, as well as a digital rearview mirror, front heated seats, and a power liftgate.

  • Range: 209 miles
  • Tax credit: $7,500

Volkswagen’s U.S.-built electric crossover is a direct competitor to the Tesla Model Y. Compared to its rival, the entry-level version of the ID.4 offers less range but it’s also cheaper, at least when looking at the MSRP (dealers might offer additional savings, but don’t count on it).

The Standard version of the German EV has a single, 201 hp electric motor, a 12-inch central touchscreen, heated front seats, dual-zone automatic climate control, a 62-kWh battery pack, and adaptive cruise control.

  • Range: 272 miles
  • Tax credit: No

Just like the ID.4 before it, the refreshed Tesla Model 3 goes over the $40,000 psychological limit when the delivery fee is factored in, and the fact that the $7,500 tax credit doesn’t apply when purchasing it doesn’t help too much.

That said, the Model 3 can’t be ignored. It’s a solid choice for anyone who’s looking for a decent, all-encompassing EV that has access to the best charging infrastructure in the country.

  • Range: 253 miles
  • Tax credit: No

The Niro EV from Kia is now in its second generation and offers a bit more range than its predecessor. With a 64.8-kWh battery and a front-mounted electric motor that makes 201 hp and 188 pound-feet of torque, the 2024 Niro EV can travel up to 253 miles on a full charge, according to the EPA estimate. 

The base Wind model comes with 17-inch alloy wheels, a power tailgate, dual-zone automatic climate control, Apple CarPlay and Android Auto connectivity, a 10.25-inch digital instrument cluster and a 10.25-inch touchscreen for the infotainment system, and smart cruise control with stop-and-go.

The battery can be recharged from a DC stall at up to 85 kW, while the on-board AC charger can accept up to 11 kW.

The Cheapest EVs In 2024

Rank Model Price
1 Nissan Leaf S $29,235
2 Mini Cooper SE $31,895
3 Hyundai Kona Electric SE $34,010
4 Fiat 500e INSPI(RED) $34,095
5 Chevrolet Equinox EV 1LT FWD $34,995 (excl. dest. fee)
6 Volvo EX30 Single Motor Core RWD $36,245
7 Fisker Ocean Sport $38,999 (excl. dest. fee)
8 Volkswagen ID.4 Standard $40,290
9 Tesla Model 3 RWD $40,380
10 Kia Niro EV $40,975

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