As electric vehicles (EVs) become more mainstream, one of the most common questions for prospective buyers is: What is the cheapest electric car available today? With a growing variety of budget-friendly EVs hitting the market, the dream of driving electric on a tight budget is more accessible than ever. In this article, we’ll break down the most affordable electric cars in 2024 in the U.S., what factors to consider when choosing a budget EV, and whether buying a cheaper EV is right for your lifestyle.
Why Go Electric on a Budget?
Before diving into models, it’s essential to understand why someone might choose an affordable electric car. For many consumers, driving electric offers significant savings in fuel and maintenance costs. Unlike gasoline vehicles, EVs do not require oil changes, have fewer moving parts, and often come with government incentives to reduce the final price.
However, budget buyers must balance affordability with performance, range, features, and charging infrastructure. A sub-$30,000 EV could be ideal if you’re focused on minimizing initial costs while still reducing emissions and fuel expenses.
Defining the Cheapest Electric Car
There are a few key categories when defining the cheapest electric car:
- Brand-new EVs under $30,000
- Previous-year models or discounted variants under $25,000
- Used EVs under $20,000
This article primarily focuses on new EVs, as used markets can vary widely in availability and condition.
Overview of the Current Market
EVs have become increasingly affordable, with automakers competing to deliver electric mobility at scale. While luxury brands still dominate headlines with long-range SUVs and sedans, some manufacturers are betting on compact, budget-friendly EVs that appeal to urban drivers and first-time buyers.
Top Affordable Electric Cars for 2024
Here are the top five cheapest electric cars available in the U.S. in 2024, based on manufacturer suggested retail price (MSRP), value for money, and real-world driving experience.
1. Chevrolet Bolt EV – Starting at $26,500
After a battery recall and overhaul that boosted its reliability, the Chevrolet Bolt EV makes a strong comeback in the affordable EV space. Offering a range of around 259 miles per full charge, it’s still impressively efficient for its price.
- Miles of Range: 259 miles
- Seating: 5 passengers
- Charging: 55 kW DC fast charge
With an MSRP starting at $26,500 (before incentives), and a federal tax credit of up to $7,500 for a limited time, the Bolt EV is an easy contender for one of the cheapest and best electric cars of 2024.
2. Kia e-Niro – Starting at $29,000 (international; unavailable in the U.S. as of now)
While not currently sold in the U.S., the Kia e-Niro was once heralded as one of the best budget EVs on the global market, with up to 282 miles of real-world range and a cozy interior. If and when it returns to North America or inspired a cheaper Niro variant, it could give U.S. buyers more EV value.
3. Chevrolet Bolt EUV – Starting at $28,500
Slightly larger and more SUV-like than the standard Bolt EV, the Bolt EUV starts at $28,500. It offers a slightly shorter range of 247 miles but adds standard Super Cruise hands-free driving tech—an impressive feature at its price point.
4. Honda e – Starting at $33,100 (limited availability; import model)
The Honda e is not officially sold in the U.S. but has created waves in Europe. Known for its compact design, retro-modern styling, and intuitive tech (like rear-view cameras replacing mirrors), it starts at around $33,100. Enthusiasts import it occasionally, but costs may rise due to conversion and compliance measures in the U.S.
5. Hyundai Kona Electric – Starting at $33,550
Once a front-runner in the budget EV space, the Kona Electric has increased in price slightly in 2024 due to redesigns and feature upgrades. Its base model now starts around $33,550, making it just north of the $30,000 benchmark, though still an extremely good value for 258 miles of EPA-rated range.
Used Electric Car Deals: What to Consider
For buyers prioritizing even greater budget flexibility, used electric cars offer solid choices under $20,000. However, it’s essential to be cautious and evaluate:
- Battery health reports
- Federal and state tax credits (often not applicable to used EVs)
- Certified Pre-Owned (CPO) programs
Some great used options include:
| Vehicle | MSRP (when new) | Avg. Used Price (2024) | Avg. Range |
|---|---|---|---|
| Nissan Leaf SV (2021) | $33,835 | $16,000–$19,000 | 149 miles |
| BMW i3s (2019–2020) | $46,850 | $18,000–$22,000 | 126 miles (with optional range extender) |
| Kia Niro EV (2019–2020) | $39,145 | $20,000–$24,000 | 239 miles |
Always have a pre-purchase inspection performed by a certified EV mechanic before committing.
Federal and State Incentives for Budget EV Buyers
One often-overlooked aspect of buying an affordable electric car is the tax credits and incentives available at state and federal levels. While many full-size or luxury EVs previously qualified for generous rebates, new 2023 laws under the Inflation Reduction Act have changed the criteria for eligibility.
Eligibility Tips for 2024
Here’s what the average buyer should know:
- Federal EV Tax Credit: Up to $7,500, but now based on income and price caps. Vehicles must be assembled in North America, cost less than $25,000 (for pickups and SUVs), or $21,000 for compacts. Only limited models like the Chevrolet Bolt line currently qualify.
- State Rebates: States like California, New York, Oregon, and Colorado offer additional rebates of $1,000–$4,000. Some offer even greater value to low-income buyers.
- Income Restrictions: Buyers must earn less than $150,000 (single) or $300,000 (joint) to qualify for new credits.
To determine your eligibility, visit the U.S. Department of Energy’s Alternative Fuel Data Center or talk to your local EV dealership.
Do the Cheapest EVs Meet the Needs of Most Drivers?
The next question is whether these budget electric cars meet the usual demands of daily driving:
Daily Commute
The average American commute is about 30–40 minutes or 15–20 miles. Even the lowest-range EVs are sufficient for this, especially with overnight charging.
Family Use
Smaller EVs such as the Chevrolet Bolt offer compact rear seats, making them less suitable for larger families. Buyers who need more space should consider a slightly more expensive EV like the Hyundai Kona Electric, which offers similar pricing with better family utility.
Charging Access
Urban and suburban buyers often find that Level 2 home charging is enough to replenish range overnight. However, rural areas or renters may struggle to install EVSE units. Always ensure charging is accessible prior to purchasing.
Cost of Charging
Even without incentives, EV electricity costs are substantially lower than gasoline. At $0.15 per kWh, a 250-mile EV can cost as little as $10–$15 to fully charge.
How to Choose the Right Affordable EV for You
When shopping for the cheapest electric car, it’s important to evaluate a few essential personal factors:
Consider Your Commute Type
Are you a city driver with regular charging access? Then a compact EV with 150–200 miles of range is probably enough. Are you a rural commuter or take road trips? Look for at least 250+ miles of range.
Think About Charging Options
If you have a garage or dedicated parking spot, installing a home charger is ideal. If not, public Level 2 charging and fast-charging networks like ChargePoint, Electrify America, and Tesla (in non-Tesla vehicles after 2024) should cover most needs.
Determine Your Need for Features
Cheaper EVs often trim interior luxury or advanced tech. Safety features like lane-keeping assist, automatic emergency braking, or adaptive cruise control may be limited or optional—so be sure to know your must-haves.
Conclusion: Affordable EVs Are a Great Entry Point
While some budget electric cars may lack the range or luxury of pricier EVs, they offer a practical and cost-effective way to transition into eco-friendly transportation. The Chevrolet Bolt EV currently stands out as the most affordable new EV in the U.S., with strong range, government incentives, and user-friendly technology.
If you’re looking to go electric without breaking the bank, do your research, prioritize what matters most (range, space, charging, etc.), and be sure to test drive multiple options. With more automakers jumping into the affordable EV market, 2024 might be the best time to make the switch.
The future of driving is electric—and it’s now more affordable than ever.
What factors determine the cheapest electric car in 2024?
In 2024, the cheapest electric car is determined by a combination of factors including manufacturer pricing, available federal and local incentives, and trim configurations. Automakers like Nissan, Chevrolet, and Hyundai offer budget-friendly EV models, often with base trims that cut costs by limiting features such as infotainment systems, driver-assistance technologies, and interior materials. Buyers looking for the lowest upfront price usually opt for models with lower battery capacity and range, which significantly affect cost.
In addition to the Manufacturer’s Suggested Retail Price (MSRP), cost considerations include total ownership expenses, such as battery longevity, insurance, and maintenance, though these aren’t typically factored into the “cheapest” label. In many cases, government incentives, including the federal EV tax credit, can reduce the purchase price by thousands of dollars. Therefore, the actual cheapest electric car for a buyer may vary based on regional and personal factors such as local rebates, tax benefits, and individual driving needs.
Which electric car is the most affordable in 2024?
As of 2024, the most affordable electric car in the U.S. market is the Nissan Leaf SV or base models of the Chevrolet Bolt EV, depending on incentives. The Leaf, with a smaller battery pack, offers a more budget-friendly entry point compared to models with extended range. The Chevrolet Bolt EV has returned post-recall and is offered again at a competitive price point, positioning it near the bottom of the electric vehicle pricing spectrum.
These vehicles benefit from years of production experience and established supply chains, allowing manufacturers to keep prices low without sacrificing essential EV technology. While compact and entry-level EVs tend to dominate the “cheapest” category, buyers should consider battery life, charging speed, and interior space before making a decision. Though price is a major factor, the lowest-cost EVs also need to meet the buyer’s daily use cases, climate conditions, and access to charging infrastructure.
Are there any federal or state incentives that make electric cars cheaper?
Yes, in 2024, several federal and state incentives can reduce the effective price of electric vehicles. The federal EV tax credit offers up to $7,500 for qualifying vehicles, provided the buyer meets income and vehicle assembly requirements. These requirements include limits on the buyer’s adjusted gross income and the vehicle being assembled in North America with a battery sourced from approved countries and suppliers.
In addition, many states offer their own incentives such as rebates, tax credits, and reduced registration fees. For instance, California and New York have additional rebate programs for low- and moderate-income buyers. Some areas also offer access to carpool lanes or free public charging to further reduce the cost of EV ownership. Prospective buyers should research local programs and eligibility criteria to maximize savings when purchasing one of the cheapest electric cars on the market.
How do electric car prices compare to traditional gas-powered cars in 2024?
While the cheapest electric cars in 2024 may have a higher MSRP compared to similar gas-powered compact sedans, total cost of ownership over time often evens—or even tips in favor of—electric vehicles. Maintenance expenses for EVs are significantly lower due to fewer moving parts, no oil changes, and regenerative braking that reduces wear on brake pads. Charging costs are also generally less volatile and cheaper per mile than gasoline, especially in areas with low electricity rates.
However, the initial purchase price of an EV can still pose a barrier for budget-conscious buyers. That said, with growing competition and the expansion of more affordable EV lineups from manufacturers, the price gap is shrinking. For buyers with access to charging infrastructure and predictable daily commute needs, electric vehicles are becoming more cost-competitive, especially when considering long-term savings and fuel stability.
Do the cheapest electric cars have good driving range and performance?
The cheapest electric cars in 2024 typically offer adequate, though limited, driving range and modest performance. Entry-level EVs often feature battery capacities between 30 and 50 kWh, translating into a driving range that ranges from 100 to 250 miles per charge. While this is generally enough for city commuters, longer trips may require careful planning or alternative transportation for longer journeys.
Performance varies across models, with most lower-priced EVs prioritizing efficiency and affordability over acceleration or handling. However, even these budget EVs often offer smooth, quiet rides and adequate power for urban environments. Buyers should consider their driving routine, charging access, and daily needs when evaluating if the range and performance of the cheapest electric cars will meet their requirements without compromise.
How do the charging options for budget electric cars compare to more expensive models?
Charging options for the cheapest electric cars in 2024 are generally robust but often more basic than those of luxury EVs. Most affordable EVs are equipped with standard Level 2 (240V) home charging compatibility and support DC fast charging at public stations, although some may offer slower charging speeds or exclude DC fast charging on base trims. For instance, a base Nissan Leaf may charge at a slower rate compared to a higher-end model like the Leaf Plus.
While these budget models may lack support for ultra-fast Level 3 (350 kW) charging found in premium EVs, they can still achieve a 30 to 80% charge in 30 to 45 minutes using commonly available DC fast chargers. Accessibility to fast charging also depends on the region and distribution of networks such as Electrify America or ChargePoint. Overall, for most daily drivers, the charging options of lower-priced EVs are more than sufficient, especially when paired with a Level 2 home charger.
Is buying a used electric car a better value than a new, entry-level model in 2024?
Purchasing a used electric car can offer excellent value in 2024, particularly for buyers with limited budgets. Used EVs from prior model years, like the 2020 or 2021 Chevy Bolt or Nissan Leaf, can be found at significantly reduced prices compared to their new counterparts, while still offering reliable performance and adequate range for city commuting. These vehicles may also include features that are absent in new budget models, such as better infotainment systems or more interior space.
However, buyers must consider the battery warranty, service history, and remaining battery health when purchasing a used EV. Many automakers offer battery replacements or coverage under the federal 8-year/100,000-mile EV battery warranty, which can protect buyers against the high cost of battery degradation or failure. For savvy buyers willing to research and inspect used vehicles carefully, a well-maintained used electric car can outperform a brand-new budget model in both cost savings and feature inclusion.