The Best Electric Cars and SUVs Under $40,000 in 2023 or 2024

Electric vehicles (EVs) are becoming more affordable than ever, with new EV prices dropping by almost 20% since June 2022, according to research from Kelley Blue Book. This has made going electric a more viable option for car buyers, especially considering the clear environmental and ownership benefits of EVs.

EVs produce fewer emissions over their lifespan compared to internal combustion cars, and they are also less expensive to own and maintain, thanks to fewer moving parts and no dirty combustion. However, the cost of new EVs remains a barrier for many consumers. To help out, we’ve compiled a list of the best electric cars and SUVs available for under $40,000 in 2023 or 2024.

One top contender is the 2023 Chevy Bolt EV, with a starting price of $26,500. It qualifies for an EV tax credit of up to $7,500 and has a range of 259 miles. The Bolt is known for its affordability and efficiency. Another option is the 2024 Nissan Leaf, starting at $29,235 for the small battery version and $36,190 for the large battery version. While the range is shorter at 149 miles/212 miles, the Leaf is still an economical choice.

The 2024 Chevy Equinox EV is a spacious midsize SUV with a starting price of around $30,000. It qualifies for the EV tax credit and offers a range of 250 miles/300 miles. The 2024 Electric Mini Cooper, starting at $29,900, may have a smaller range of 110 miles, but it is stylish and perfect for commuting and everyday trips.

The 2024 Hyundai Kona Electric is worth considering with its longer range of around 260 miles and a price of around $35,000. Lastly, the 2024 Volkswagen ID.4 is a budget-friendly option starting at around $40,000. With a range of 209 miles and the qualification for the EV tax credit, it offers a good balance of affordability and features.

It’s important to note that EVs from Ford, GM, Tesla, Rivian, and Volkswagen all qualify for the $7,500 EV tax credit, while vehicles from Kia, Hyundai, Nissan, and Toyota do not meet the criteria. Additionally, the EV must be assembled in North America, meet certain requirements, and the buyer’s income must be below the specified threshold to qualify for the tax credit.

In conclusion, the market for affordable electric cars and SUVs is expanding rapidly. With more options available and falling prices, it’s now easier than ever to make the switch to electric and enjoy the benefits of environmentally friendly transportation.

– Kelley Blue Book: Research on new EV prices and EV tax credits
– Information on specific electric vehicles from their respective manufacturers