If you want an EV but can’t afford to spend your kid’s college fund on one of the fanciest models, there are plenty of options. Thanks to advances in manufacturing, lower raw material costs and more efficient energy use, electric cars are becoming less expensive to own than gasoline vehicles. And federal and state incentives further reduce prices, making these green machines more accessible to a wider range of car buyers.
The most affordable new EVs come in several shapes and sizes, from sleek city commuters to roomy family SUVs. Some offer as much as 400 miles of driving range, while others can be driven from coast to coast on a single charge. And, unlike their gas-powered counterparts, most have low operating and maintenance costs.
Nevertheless, EVs tend to cost more up front than conventional vehicles, and the upfront investment is especially steep in cases where you need to buy or lease your battery, charger and Level 2 home charging station. For that reason, the most Affordable EVs typically fall into the sub-$40,000 range, with some even closer to $10,000 after subsidies.
The Chevrolet Bolt EV is among the most popular of these EVs, and it also happens to be one of the cheapest. You can get the base model with a 149-mile range for just $31,500 after federal and state rebates, which is more than $500 less than a comparable gas-powered model. The Hyundai Kona Electric is another budget-friendly choice; it’s based on an existing ICE vehicle, so it can’t offer the benefits of electrification like more interior space, but its spirited performance and 200-mile range still make it a solid value.
If you’re willing to skip a few bells and whistles, there are also Chinese-made models that cost significantly less. The curvaceous BYD Atto 3, for example, is packed with eye-catching features like a Tesla-style dashboard that can swivel vertically or horizontally and fun quirks including pseudo-guitar strings over the door pockets that passengers can play to make music.
While no EV currently meets the industry’s gold standard for mass affordability — that is, a vehicle with a price tag below $30,000 after government credits — it may not be long before that point is reached. As the market grows, we’re seeing more and more manufacturers introducing affordable EVs at a rapid pace. And if you’re patient, by the time your next car lease or loan expires, there could be even more options to choose from. Sign up for Bloomberg’s Hyperdrive newsletter to stay on top of the latest in climate news, zero-emission tech and green finance. By submitting, I agree to the Terms of Service and Privacy Policy and to receive offers and promotions from Bloomberg. You can unsubscribe at any time. Copyright 2024 Bloomberg L.P. All rights reserved.