Every car manufacturer has announced that they will be making electrics models of their popular vehicles. In the next decade, electric cars will become mainstream. If you are in the market for a car, you should seriously consider an electric car. Despite the high initial costs, you will come out ahead because maintenance costs are lower for electric cars because they have fewer moving parts. An electric car costs about 40% less to maintain compared to an ICE car. Then there are cost savings from not having to buy gas at the pump. Charging is much cheaper. Most electric vehicles still qualify for the $7,500 federal tax credit. Many states offer incentives, which further reduce the cost of electric vehicles.
Batteries that come with electric cars have gotten better over the years. Lithium-ion electric vehicle batteries now easily last over 100,000 miles. Let’s take a look at the cheapest electric cars on the market. Depending on your driving needs, your range needs may vary. But our list covers electric cars that have a range of over 250 miles.
Cheapest Electric Vehicles
Nissan Leaf
- Base Model – Nissan Leaf S (40 kWh battery)
- MSRP – $28,895
- Federal tax credit – $7,500
- Effective Price (after subtracting federal tax credit from MSRP) – $21,395
- Range – 149 miles
- Overview – the most basic from Nissan is the Nissan Leaf S (40 kWh). The interior doesn’t offer any bells and whistles but has Apple Carplay and Android Auto. It has a 147-hp electric motor, which is modest but not surprising given the car’s price point. Nissan Leaf SV Plus has a 62 kWh battery and a range of 212 miles
Mini Cooper SE Hardtop
- Base Model – Mini Cooper SE Hardtop
- MSRP – $30,750
- Federal tax credit – $7,500
- Effective Price (after subtracting federal tax credit from MSRP) – $23,250
- Range – 114 miles
- Overview – the base Mini Cooper SE Hardtop offers a modest range of 114 miles. The car comes with a 181-hp motor and has a trendy look. The battery can be charged in 4 hours with a level 2 home charger (240V electric supply similar to the one used by your electric dryer)
Mazda MX-30
- Base Model – Mazda MX-30
- MSRP -$34,695
- Federal tax credit – $7,500
- Effective Price (after subtracting federal tax credit from MSRP) – $27,195
- Range – 100 miles
- Overview – Mazda MX-30’s range of 100 miles is disappointing given its price point. The car comes with $500 in credits that can be used towards installing a level 2 charger at home or for public charging
Hyundai Kona Electric
- Base Model – Hyundai Kona Electric
- MSRP – $35,245
- Federal tax credit – $7,500
- Effective Price (after subtracting federal tax credit from MSRP) – $$27,745
- Range – 258 miles
- Overview – Of all the cheap electric cars on the list, the Hyundai Kona Electric is the most practical car and offers the best value. It’s range of 258 miles competes well with cars on the luxury end of the electric car spectrum.
Chevrolet Bolt EUV
- Base Model – Chevrolet Bolt EV
- MSRP – $34,995
- Federal tax credit – $7,500
- Effective Price (after subtracting federal tax credit from MSRP) – $27,495
- Range – 247 miles
- Overview – Chevy is offering steep discounts on Bolts. The 2023 MSRPs will be reduced by $6,000. With a 247-mile range and a great price, this is a great value for an electric car.
Hyundai Kona Electric
- Base Model – Hyundai Kona Electric
- MSRP – $35,295
- Federal tax credit – $7,500
- Effective Price (after subtracting federal tax credit from MSRP) – $$27,795
- Range – 258 miles
- Overview – Only sold in 12 states (California, Colorado, Connecticut, Maine, Massachusetts, Maryland, New Jersey, New York, Oregon, Rhode Island, Vermont, and Washington). It comes with Apple CarPlay and Android Auto.
Hyundai Ioniq 5
- Base Model – Hyundai Ioniq 5
- MSRP – $41,245
- Federal tax credit – $7,500
- Effective Price (after subtracting federal tax credit from MSRP) – $$33,745
- Range – 220
- Overview – The base model comes with a 58.0-kWh battery pack but you can upgrade to a 77.4-kWh battery pack in the higher-end models
Bottom Line
Electric cars will be mainstream in the next 10 years. The prices of these cars have come down so much that they are now competitive with ICE cars. Depending on your driving needs, there are many electric cars on our list that will be a good fit for you.
