The Least Expensive Electric Cars In 2024
Learn how to find the cheapest and best electric cars in the US
2024 brings better and more affordable EVs. The price of EVs continues to drop as the cost of batteries continues to plummet with advances in technology. Also, including fuel and maintenance savings, EVs typically save between $6,000 and $10,000 total over the lifetime of the vehicle. Plus, on top of the up to $7,500 federal tax credit, many states offer additional stackable incentives that can total thousands of dollars.
In this article, learn about the cheapest electric car available, how to find EV incentives, the ten cheapest EVs in 2024 and how to search for used EVs and EV lease deals.
Thinking About Switching To An EV?
Use our EV Cost-Savings Calculator to see how much you could save and our EV Savings Checklist to delve into the many ways driving an EV instead of a gas car could save you money.
The Least Expensive New EV In 2024
The least expensive new EV in 2024 is the Nissan Leaf. It has a range of 212 miles and a list price of $28,140. You may be eligible for up to $3,750 as an EV tax credit and other state incentives, which could bring the price down even further.
There are not many left, but you can also still purchase a new 2023 Chevy Bolt with a 259 mile range starting at $26,500. It still qualifies for the $7,500 federal tax credit which could bring the cost down to $19,000 on top of other possible state incentives.
In 2024, the Hyundai Ioniq 6 takes the title of the most budget-friendly new EV with a range surpassing 300 miles. It boasts an impressive range of 361 miles and a price tag of $37,500.
Yet, for those eligible for the federal EV tax credit of $7,500, the Tesla Model Y Long Range RWD offers a tempting alternative. With a range of 330 miles, it starts at just a tad lower, priced at $37,490 (originally $44,990 - $7,500).
Remember that various EV incentives are applicable only to specific vehicles. When computing the total cost of your EV, make sure to incorporate the incentives for which both you and your vehicle qualify.
Looking to Save Money on an EV in 2024?
Our nonprofit has collected some of the best resources on purchasing or leasing an EV in 2024 and put them into an easy-to-use cheat sheet.
It's a must-read for people purchasing or leasing an EV in 2024.
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The Top 10 Least Expensive New 2024 EVs In The US:
- Nissan Leaf - $28,140 (212 mile range)
- Mini Cooper SE - $30,900 (114 mile range)
- Fiat 500e - $32,500 (149 mile range)
- Hyundai Kona Electric - $32,675 (261 mile range)
- Hyundai Ioniq 6 - $37,500 (361 mile range)
- Tesla Model 3 RWD - $38,990 (272 mile range)
- Fisker Ocean Sport - $38,999 (231 mile range)
- Nissan Ariya - $39,590 (304 mile range)
- Volkswagen ID 4 - $39,735 (291 mile range)
- Ford Mustang Mach-E - $39,995 (300 mile range)
The 2024 EV Range and Price Comparison
There are now over 50 EV models available in the US today - and that number keeps growing.
Our nonprofit’s sortable, searchable and easy to digest price list of EVs available in the US has no affiliate links. We link directly to the websites of the manufacturers.
We put it together to ensure consumers like you are well-informed about EVs. Everyone deserves the ability to drive a clean car.
Check out our full EV price and range comparison.
*The Price List Comparison only includes EVs that have official EPA range ratings. Prices may or may not include available incentives or tax breaks. Be sure to check what national and local EV incentives for which you may qualify.
How To Find EV Incentives
Find out which EV rebates and incentives you qualify for based on your income and location, with the potential to stack them up for savings of over $20,000!
Alternatively, choose a concierge service to handle the process and ensure you get the best deal with all available incentives.
Use our EV checklist to help look into the many ways driving an EV instead of a gasoline vehicle can save you money.
The Least Expensive Used EVs in 2024
The most economical options for used EVs boasting over a 200-mile range include the Chevy Bolt or Nissan Leaf. You can typically locate one of these models in your vicinity for approximately $20,000.
For those seeking even greater range, the Tesla Model 3 stands out as the most affordable choice. Aim to find a used Tesla Model 3 in your area for around $25,000.
Search for inexpensive used EVs with over 200 mile range.
Search for inexpensive used EVs with at least a 300 mile range.
You can also search cargurus.com or other used car websites for the EV make and model you want in your zip code. Check out this search for used Nissan Leafs on cargurus.com or check out this general search on myev.com
As more new EVs enter the pipeline, the used EV market is growing. Especially if you don’t need a newer model EV with a longer range, you can find rock-bottom deals. In many areas of the US, used electric vehicles are available for $6,000 or less.
Buying A Used EV Tips:
- The federal tax credit - up to $4,000 is now available for used EVs. You can also often find great deals as the original owner was able to use these incentives.
- Some areas offer incentives for purchasing used EVs. For example, while funds last each year low-income Californians can take $5,000 off the cost of a used electric vehicle plus get free charging installed at home. Residents of San Mateo County that qualify can get $4,000 off the cost of a used plug-in hybrid vehicle, Bay Area residents who qualify for the Clean Cars for All program also get $5,500 to $9,500 off a used EV plus free home charger installation.
- As there's less to break down in an EV than a gas-powered vehicle, you want to focus more on simpler things like checking the tires and windshield wipers
- You should also make sure the battery is running properly. Oftentimes, you can get info on the battery from the dashboard.
- Something to keep in mind is that many used electric cars do not have the same operating ranges as newer options. Some sites such as www.edmunds.com include the estimated range and state of battery health in their listings.
- Check if it is still under warranty. Oftentimes, the battery will still have its warranty.
- You could also consider a "certified" used EV which should get coverage and give you more peace of mind.
- Obtain a title check from a source like Carfax or AutoCheck. Check if there were any accidents.
- You should also ask if the EV has gotten its scheduled maintenance and service.
The Best EV Lease Deals In 2024
EV leases in some states can be found for as little as $10 per day.
Leasing can be a great option while EV technology is improving rapidly. A typical 3-year lease lets you get a new and improved EV after a few years. Range especially is consistently increasing as battery technology improves. There are great lease deals out there as well.
Here is a recently updated list of EV lease deals at electrek.co
Leasing An EV Tips:
- While you won’t qualify for the federal tax credit, the dealership will, so that can really knock a lot off of the lease deal. If you don't need to pay $7,500 in federal taxes anyway for the tax credit, then this can make leasing an even better deal. Ensure your dealership is passing these savings on to you by asking for an itemized price.
- A lease does qualify for certain state and local rebates -- it could result in a refund check for thousands of dollars. For example, Californians can get a state rebate of $2,500 ($4,500 for low-income Californians).
- Make sure to check the lease's mileage limit to avoid getting charged more if you exceed it.
Test Driving An EV
Private EV owners use platforms like Turo to let you drive their car for a day, a weekend or a week. You can charge an EV by plugging into an ordinary 110 volt electrical outlet at home and get 40 to 60 miles of range overnight.
If you need more range, you can charge at a public charging station. Learn how to find nearby EV chargers.
Conclusion
Electric vehicles present a promising landscape for budget-conscious consumers. The market now offers an array of affordable electric cars catering to various needs and preferences.
When considering acquiring any vehicle, thorough research is essential. Reflect on your desired features, budget constraints, and explore various options such as buying new or used, or leasing.
The advantages of electric vehicles are numerous, and the choices available today are more diverse than ever. We appreciate you giving EVs consideration over a gas vehicle. Fewer gasoline vehicles on the road is better for everyone.
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