If you have been considering an EV, you’ll want to see the cheapest new ones you can buy.
So you’ve been wondering if an EV would be a good choice for you. But all of the cool ones seem to cost $100k or more. Well luckily prices have been coming down and there are five EVs you can buy in the U.S. for $40k. They are:
| Model | Average Sale Price | Average Listed Price |
|---|---|---|
| Nissan Leaf | $27,956 | $34,706 |
| Nissan Ariaya | $35,556 | $51,438 |
| Hyundai Ioniq 6 | $36,506 | $46,917 |
| Tesla Model 3 | $40,547 | $43,649 |
| Toyota bZ4X | $40,646 | $48,087 |
Why two columns? That “average listed price” is before any automaker discounts, federal tax credits, or local tax breaks. One big difference for the federal EV tax credit in 2024 is that it is applied at the point of sale, so you don’t need to wait until you file your taxes to see the cash.
Nissan is one of the oldest names in EVs. The Nissan Leaf, introduced in 2009, is the longest running model on this list. It looks like Nissan is cashing in on this reputation and some dealerships are marking up Leafs. The average Leaf is currently going for 6% above MSRP, so you’ll want to shop around.
Experts worry that these EV prices won’t stay so low. But Tesla’s recent stock woes have driven it to slash prices. And other automakers are doing the same to compete. The Model 3 is by far its cheapest model. While it is a little outdated by the quick charging speeds of competitors, the Model 3 still benefits from Tesla’s comprehensive “Supercharger” network.
While Toyota’s bZ4X (and its Subaru Solterra twin, MSRP $44,995) are getting mixed reviews, the Hyundai Ioniq 6 is getting rave reviews. With this first generation of EVs, everything is about the numbers and Hyundai is leading its segment with 800-volt charging speeds. Because you can charge the Ioniq 6 for 20-30 minutes, then drive for several hours, it is one of the only EVs you can roadtrip indefinitely.